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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. An identified parcel or tract of land including improvements.
Hypothetical Condition
Valuation Process
Real Estate
Bias
2. Economic Concept. The price of a good rises and falls depending on how many people want it (demand) and depending on how much of the good is available (supply).
Reference Point (monument)
Personal Property
Income Approach
Principle of Supply and Demand
3. General Data - Specific Date - Primary - Secondary.
Feasibility Analysis
Types of Data
Valuation Process
Conformity - Progression and Regression
4. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution
Principles of Appraisal
Forces Affecting Value
Real Property
Assignment
5. That which is taken to be true
Principle of Anticipation
Assumption
Site
Business Enterprise
6. The interests - benefits - and rights inherent in the ownership of real estate.
Market Value
Real Property
Regional and Community Data
Conformity - Progression and Regression
7. Person that receives property.
Easement
Infrastructure
Remainder Man
Principle of Contribution
8. The process of providing information - analysis of real estate data and recommendations and/or conclusions
Three Appraisal Reports
Principle of Increasing Returns
Appraisal Consulting
Infrastructure
9. Lay of the land.
Types of Value
Topography
Assumption
Conformity - Progression and Regression
10. 5 - 280 feet
square mile
Valuation Services
Principle of Supply and Demand
mile
11. Self Contained - Summary - Restricted Use
Real Estate
Report
Bias
Three Appraisal Reports
12. 6x6 mile square piece of land. (36 square miles)
Principles of Appraisal
Valuation Process
Escheat
Township
13. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.
Principle of Balance
Market Value
Parcel
Principles of Appraisal
14. Runs east and west.
Baseline
Parcel
Going Concern
Assignment
15. All the beneficial rights of ownership.
Mass Appraisal Model
Bundle of Rights
Reference Point (monument)
Valuation Process
16. Highest and Best Use - Consistent Use - Conformity - Progression & Regression
Forces Affecting Value
Feasibility Analysis
Conformity - Progression and Regression
Effects of Use on Real Estate Value
17. 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.
Real Estate
Liquidation Value
Signature
Bias
18. Services pertaining to aspects of property value.
Types of Data
Valuation Services
Infrastructure
Report
19. Modest property in an expensive neighborhood (Increase in value).
Appraisal Consulting
Township
Excess Land
Progression
20. 640 acres.
Principle of Contribution
Section
Feasibility Analysis
acre
21. Any piece of land.
Bundle of Rights
Parcel
Site
Cost
22. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment
Highest and Best Use
Bias
Characteristics of Highest and Best Use
Scope of Work
23. An interest in real estate that does not include possessory rights.
Appraisal
Assignment Results
Principle of Anticipation
Encumbrance
24. As the amount invested in other agents is incrementally increased - the rate of return on the investment will increase.
Appraiser
Principle of Increasing Returns
Types of Value
Value
25. The right of government to title when an owner dies without a will or heirs.
Conformity - Progression and Regression
Intangible Property
Workfile
Escheat
26. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.
Characteristics of Value
Site
Life Estate
Workfile
27. Money required to create - produce - or obtain a property
Cost
Intended Use
Three Appraisal Reports
Fee Simple
28. An assignment condition that voids the force of a part of USPAP - when compliance with part of USPAP is contrary to law or public policy applicable to the assignment.
Jurisdictional Exception
Real Property
Appraiser
Legally Nonconforming Uses
29. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.
Remainder Man
Constant Use
Characteristics of Value
mile
30. CLLC (MLLM) - Capital - Land - Labor - Coordination
Going Concern
Township
Agents of Production
Metes
31. Cost Approach - Sales Comps - Income Approach (IRV)
Jurisdictional Exception
Principle of Competition
Hypothetical Condition
Approaches to Value
32. Other appraisers who have expertise and competency in a similar type of assignment.
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33. An appraiser's opinions and conclusions developed specific to an assignment.
Regional and Community Data
Assignment Results
Direct Capitalization
square mile
34. The monetary relationship between properties and those who buy - sell - or use those properties.
Value
Escheat
Signature
Principle of Decreasing Returns
35. Value based on sale within a relatively short period of time.
Real Property
Fixtures
Liquidation Value
Plottage
36. That which is contrary to what exists but is supposed for the purpose of analysis.
Sales Comparison Approach
Hypothetical Condition
Price
acre
37. The interests - benefits - and rights inherent in the ownership of a business enterprise or a part thereof in any form
Excess Land
Business Equity
Cost Approach
Parcel
38. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.
Value
Legally Nonconforming Uses
Principle of Change
Principle of Increasing Returns
39. The amount actually paid.
Extraordinary Assumption
Mass Appraisal Model
Price
Real Estate
40. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)
Lot - Block and Tract
Fee Simple
Going Concern
square mile
41. Complete form of real propert - includes entire bundle of rights.
Fee Simple
Plottage
Characteristics of Highest and Best Use
Principle of Supply and Demand
42. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.
Feasibility Analysis
Mass Appraisal Model
Jurisdictional Exception
Intended User
43. When supply and demand are out of balance. Too much competition
Principle of Supply and Demand
Client
Principle of Competition
Appraisal
44. The act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal - appraisal review - or appraisal consulting assignment.
Market Value
Going Concern
Appraisal Review
Signature
45. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Easement
Plottage
Credible
Cost
46. The value of an ongoing business or project.
Going Concern
Mass Appraisal Model
Intangible Property
Highest and Best Use
47. A former item of personal property which has become part o the realty.
Forces Affecting Value
Fixtures
Ad Valorem Taxes
Three Appraisal Reports
48. The party or parties who engage an appraiser in a specific assignment.
Principle of Substitution
Workfile
Client
Escheat
49. Runs north and south.
Valuation Process
Meridian
Appraiser
Remainder Man
50. Proof of ownership.
Real Property
Principle of Balance
Principle of Anticipation
Deed