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Test your basic knowledge |
Real Estate Appraisal
Start Test
Study First
Subjects
:
business-skills
,
industries
Instructions:
Answer 50 questions in 15 minutes.
If you are not ready to take this test, you can
study here
.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Other appraisers who have expertise and competency in a similar type of assignment.
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2. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)
Infrastructure
Plottage
Forces Affecting Value
Conformity - Progression and Regression
3. Person that receives property.
Bias
Value
Remainder Man
Principle of Balance
4. When the rate of return continues to increase at a lower rate and begin to decrease.
Extraordinary Assumption
Cost Approach
Principle of Decreasing Returns
Meets and Bounds
5. An estate that ends upon the death of a designated party.
Meridian
Life Estate
Appraiser's Peers
Extraordinary Assumption
6. Self Contained - Summary - Restricted Use
Extraordinary Assumption
Appraiser's Peers
Regression
Three Appraisal Reports
7. Personalized evidence indicating authentication of the work performed by the appraiser and the acceptance of the responsibility for content - analyses - and the conclusions in the report.
Types of Value
Principle of Substitution
Signature
Legally Nonconforming Uses
8. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.
Principle of Decreasing Returns
Valuation Services
Constant Use
Regression
9. A valuation service provided as a consequence of an agreement between an appraiser and a client
Assumption
Conformity - Progression and Regression
Appraisal Review
Assignment
10. Describes the direction one moves from the reference point to another and the distant points.
Metes
Assignment
Approaches to Value
Principle of Increasing Returns
11. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.
Real Estate Cycle
Principle of Balance
Excess Land
Legally Nonconforming Uses
12. A study of the cost-benefit relationship of an economic endeavor
square mile
Feasibility Analysis
Types of Value
Baseline
13. The party or parties who engage an appraiser in a specific assignment.
Excess Land
Reference Point (monument)
Client
Principle of Anticipation
14. 5 - 280 feet
Plottage
mile
Life Estate
Agents of Production
15. Complete form of real propert - includes entire bundle of rights.
Parcel
Principle of Competition
Fee Simple
Escheat
16. An identified parcel or tract of land including improvements.
Signature
Real Estate
Progression
Legally Nonconforming Uses
17. 640 acres.
Regional and Community Data
Characteristics of Highest and Best Use
Section
Business Enterprise
18. CLLC (MLLM) - Capital - Land - Labor - Coordination
Agents of Production
Township
Cost
Valuation Process
19. The value of an ongoing business or project.
Scope of Work
Valuation Services
Principle of Change
Going Concern
20. Nonexclusive right to use property of another.
Bundle of Rights
Workfile
Principle of Anticipation
Easement
21. The value determination based on cost to build less depreciation - plus value of the land.
mile
Deed
Regression
Cost Approach
22. As the amount invested in other agents is incrementally increased - the rate of return on the investment will increase.
Principle of Increasing Returns
Three Appraisal Reports
Progression
Cost Approach
23. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)
Signature
Fixtures
Lot - Block and Tract
Liquidation Value
24. Method of identifying property in relation to its boundaries - distances - and angles from a given point.
Types of Real Property
Meets and Bounds
Signature
Fee Simple
25. Value determination based on sales of similar properties.
Principle of Anticipation
Intended Use
Sales Comparison Approach
Appraisal Review
26. Value based on sale within a relatively short period of time.
Fee Simple
Excess Land
Liquidation Value
Forces Affecting Value
27. The monetary relationship between properties and those who buy - sell - or use those properties.
Scope of Work
Going Concern
Value
Appraisal Review
28. That which is taken to be true
Assumption
Principle of Anticipation
Deed
Legally Nonconforming Uses
29. An appraiser's opinions and conclusions developed specific to an assignment.
Mass Appraisal Model
Highest and Best Use
Principle of Supply and Demand
Assignment Results
30. Legally permitted - Physically possible - Economically Feasible - Maximally Productive Use
Principle of Supply and Demand
Bias
Assumption
Characteristics of Highest and Best Use
31. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Forces Affecting Value
Real Estate Cycle
Approaches to Value
Escheat
32. The value of a component is equal to the amount of value it adds to the property as a whole.
Regional and Community Data
Principle of Contribution
Baseline
Site
33. DUST - Demand - Utility - Scarcity - Transferability
Direct Capitalization
Principle of Competition
Principle of Anticipation
Characteristics of Value
34. The interests - benefits - and rights inherent in the ownership of a business enterprise or a part thereof in any form
Business Equity
Signature
Leasehold Estate
Appraisal Review
35. Money required to create - produce - or obtain a property
Cost
Going Concern
Intended Use
Mass Appraisal Model
36. I=RxV - R=I/V - V=I/R
Principle of Change
Topography
Effects of Use on Real Estate Value
Direct Capitalization
37. Any piece of land.
Highest and Best Use
Liquidation Value
Parcel
Assumption
38. The amount actually paid.
Fixtures
Liquidation Value
Price
Three Appraisal Reports
39. The value of the property is determined by the most profitable use to which the property may be put.
Valuation Services
Types of Data
Highest and Best Use
Types of Value
40. Valuation services performed by an individual acting as an appraiser - including but not limited to appraisal - appraisal review - or appraisal consulting.
Meets and Bounds
Assignment
Appraiser
Appraisal Practice
41. The process of valuing a universe of properties as of a given date using standard methodology - employing common data and allowing for statistical testing.
Valuation Services
Appraisal Review
Mass Appraisal
Easement
42. Property that is much more luxurious than surrounding properties (Decline in value).
Encumbrance
Principles of Appraisal
Regression
Report
43. Any communication - written or oral - of an appraisal - appraisal review - or appraisal consulting service that is transmitted to the client upon completion of an assignment.
Report
Client
Business Enterprise
Characteristics of Value
44. Land that is not needed for the highest and best use of the site
Legally Nonconforming Uses
Constant Use
Excess Land
Infrastructure
45. Recognizes that supply and demand are in constant flux.
Types of Value
Principle of Change
Real Estate
Appraiser's Peers
46. An estate that includes possession without title.
Regional and Community Data
Regression
Infrastructure
Leasehold Estate
47. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment
Forces Affecting Value
Meridian
Assessed Value
Bias
48. The type and extent of research and analyses in an assignment.
Bias
Scope of Work
Characteristics of Value
Approaches to Value
49. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution
Bias
Meets and Bounds
Scope of Work
Principles of Appraisal
50. Runs east and west.
Legally Nonconforming Uses
Baseline
Principle of Balance
Assignment Results