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Real Estate Appraisal
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business-skills
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industries
Instructions:
Answer 50 questions in 15 minutes.
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study here
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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. Modest property in an expensive neighborhood (Increase in value).
Intended Use
Progression
Principle of Contribution
Feasibility Analysis
2. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).
Market Value
Agents of Production
Principle of Substitution
Signature
3. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.
Principle of Balance
Mass Appraisal
Real Property
Easement
4. Highest and Best Use - Consistent Use - Conformity - Progression & Regression
Excess Land
Real Property
Intended Use
Effects of Use on Real Estate Value
5. An estate that ends upon the death of a designated party.
Cost Approach
Metes
Life Estate
Credible
6. When supply and demand are out of balance. Too much competition
Liquidation Value
Baseline
Principle of Competition
Signature
7. One who is expected to perform valuation services competently and in a manner that is independent - impartial - and objective.
Assignment
Three Appraisal Reports
Remainder Man
Appraiser
8. An unbiased opinion of value
Appraisal
Personal Property
Regression
Sales Comparison Approach
9. The interests - benefits - and rights inherent in the ownership of real estate.
Report
Real Property
Principle of Increasing Returns
Jurisdictional Exception
10. 43 - 560 square feet
Mass Appraisal Model
Jurisdictional Exception
Lot - Block and Tract
acre
11. 5 - 280 feet
Meets and Bounds
Business Enterprise
mile
Workfile
12. 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).
Principle of Supply and Demand
Principle of Balance
Principle of Increasing Returns
Market Value
13. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)
Forces Affecting Value
Value
Regression
Cost
14. 640 acres.
Principle of Change
Types of Data
Valuation Services
Section
15. The type and extent of research and analyses in an assignment.
Workfile
Price
mile
Scope of Work
16. The value of a component is equal to the amount of value it adds to the property as a whole.
Principle of Contribution
Principle of Decreasing Returns
Principle of Competition
Gov't Restrictions
17. All the beneficial rights of ownership.
Bundle of Rights
Hypothetical Condition
Deed
Fixtures
18. Reflects the effects of local - social - economic - gov't - and physical forces on value.
Regional and Community Data
Principle of Change
Hypothetical Condition
Principle of Contribution
19. An identified parcel or tract of land including improvements.
Valuation Services
Escheat
Real Estate
Principle of Substitution
20. I=RxV - R=I/V - V=I/R
Signature
Characteristics of Highest and Best Use
Lot - Block and Tract
Direct Capitalization
21. Worthy of belief
Credible
Approaches to Value
Appraisal Review
Topography
22. 6x6 mile square piece of land. (36 square miles)
Township
Assessed Value
Meets and Bounds
Plottage
23. Proof of ownership.
Deed
Meets and Bounds
acre
Workfile
24. Bundle of Rights - Estate - Encumbrances
Principle of Decreasing Returns
Types of Real Property
Hypothetical Condition
Valuation Process
25. Value determination based on sales of similar properties.
Sales Comparison Approach
Extraordinary Assumption
Business Enterprise
Cost Approach
26. An interest in real estate that does not include possessory rights.
Types of Real Property
Progression
Encumbrance
Section
27. Services pertaining to aspects of property value.
Regional and Community Data
Direct Capitalization
Business Enterprise
Valuation Services
28. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.
Valuation Process
Workfile
Credible
Reference Point (monument)
29. An estate that includes possession without title.
Leasehold Estate
Intangible Property
Principle of Decreasing Returns
Intended User
30. An identifiable - fixed position from which measurements may be taken.
Plottage
Price
Reference Point (monument)
Principle of Contribution
31. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.
Intended User
acre
Appraisal
Appraisal Review
32. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.
Feasibility Analysis
Market Value
Regression
Plottage
33. The value determination based on cost to build less depreciation - plus value of the land.
Cost Approach
Principle of Contribution
Direct Capitalization
Metes
34. 640 acres
Infrastructure
square mile
Agents of Production
Conformity - Progression and Regression
35. An assumption directly related to a specific assignment - which - if found to be false - could alter the opinions or conclusions of the appraisal.
Life Estate
Extraordinary Assumption
Leasehold Estate
Principle of Increasing Returns
36. That which is taken to be true
Principles of Appraisal
Meets and Bounds
Assumption
Leasehold Estate
37. Valuation services performed by an individual acting as an appraiser - including but not limited to appraisal - appraisal review - or appraisal consulting.
Appraisal Practice
Signature
Scope of Work
Characteristics of Value
38. 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.
Escheat
Valuation Services
Real Estate Cycle
Signature
39. Value based on sale within a relatively short period of time.
Appraisal Practice
Liquidation Value
square mile
Direct Capitalization
40. The amount actually paid.
Principle of Increasing Returns
Price
Assumption
Valuation Process
41. The value of an ongoing business or project.
Business Enterprise
Going Concern
Types of Value
Section
42. Any piece of land.
Real Estate
Appraiser's Peers
Parcel
Valuation Process
43. Runs north and south.
Meridian
Encumbrance
Cost Approach
Meets and Bounds
44. The monetary relationship between properties and those who buy - sell - or use those properties.
Baseline
Valuation Services
Ad Valorem Taxes
Value
45. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)
Appraisal Review
Forces Affecting Value
Metes
Lot - Block and Tract
46. Legally permitted - Physically possible - Economically Feasible - Maximally Productive Use
Bundle of Rights
Principle of Substitution
Characteristics of Highest and Best Use
Lot - Block and Tract
47. Public improvements that support basic needs - such as transportation and utilities.
Hypothetical Condition
Infrastructure
Effects of Use on Real Estate Value
Real Property
48. Describes the direction one moves from the reference point to another and the distant points.
Highest and Best Use
Metes
Characteristics of Highest and Best Use
Hypothetical Condition
49. Taxes based on property value.
Plottage
Ad Valorem Taxes
Highest and Best Use
Bias
50. Self Contained - Summary - Restricted Use
Principle of Balance
Appraisal
Real Property
Three Appraisal Reports
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