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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. 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.
Signature
Life Estate
Meridian
Ad Valorem Taxes
2. Worthy of belief
Credible
Signature
Assignment
Escheat
3. I=RxV - R=I/V - V=I/R
Principles of Appraisal
Encumbrance
Direct Capitalization
Conformity - Progression and Regression
4. An estate that includes possession without title.
Escheat
Leasehold Estate
Assumption
Appraisal
5. Lay of the land.
Topography
Mass Appraisal
Principle of Anticipation
Credible
6. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)
Intangible Property
Forces Affecting Value
Leasehold Estate
Scope of Work
7. The value of the property is determined by the most profitable use to which the property may be put.
Feasibility Analysis
Highest and Best Use
square mile
Value
8. An appraiser's opinions and conclusions developed specific to an assignment.
Appraisal Consulting
Types of Real Property
Assignment Results
Legally Nonconforming Uses
9. Value determination based on sales of similar properties.
Sales Comparison Approach
Client
Value
Personal Property
10. The use of an appraiser's reported appraisal - appraisal review - or appraisal consulting assignment options and conclusions - as identified by the appraiser based on communication with the client at the time of the assignment.
Reference Point (monument)
Principle of Substitution
Bias
Intended Use
11. The value determination based on cost to build less depreciation - plus value of the land.
Valuation Process
Real Estate
Cost Approach
Characteristics of Value
12. Highest and Best Use - Consistent Use - Conformity - Progression & Regression
Principle of Substitution
Intended User
Effects of Use on Real Estate Value
Assumption
13. The monetary relationship between properties and those who buy - sell - or use those properties.
Approaches to Value
Principle of Supply and Demand
Value
Section
14. That which is taken to be true
Scope of Work
Bundle of Rights
Assumption
Income Approach
15. Complete form of real propert - includes entire bundle of rights.
Topography
Extraordinary Assumption
Forces Affecting Value
Fee Simple
16. Recognizes that supply and demand are in constant flux.
Intangible Property
Principle of Change
Mass Appraisal Model
Ad Valorem Taxes
17. General Data - Specific Date - Primary - Secondary.
Types of Data
Highest and Best Use
Assumption
acre
18. An assumption directly related to a specific assignment - which - if found to be false - could alter the opinions or conclusions of the appraisal.
square mile
Site
Assignment
Extraordinary Assumption
19. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Principle of Substitution
Business Equity
Principle of Balance
Intangible Property
20. 640 acres
square mile
Highest and Best Use
Three Appraisal Reports
Credible
21. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Principle of Competition
Ad Valorem Taxes
Types of Value
Liquidation Value
22. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.
Market Value
Principle of Balance
Gov't Restrictions
Infrastructure
23. Services pertaining to aspects of property value.
Valuation Services
Going Concern
Jurisdictional Exception
Meets and Bounds
24. Valuation services performed by an individual acting as an appraiser - including but not limited to appraisal - appraisal review - or appraisal consulting.
Legally Nonconforming Uses
Personal Property
Appraisal Review
Appraisal Practice
25. The interests - benefits - and rights inherent in the ownership of real estate.
acre
Real Property
Meets and Bounds
Appraisal Practice
26. Method of identifying property in relation to its boundaries - distances - and angles from a given point.
Meets and Bounds
Deed
Conformity - Progression and Regression
Going Concern
27. An identified parcel or tract of land including improvements.
Real Estate
Appraiser's Peers
Effects of Use on Real Estate Value
Valuation Process
28. Person that receives property.
Section
Remainder Man
Constant Use
Signature
29. An unbiased opinion of value
Topography
Appraisal
Site
square mile
30. Public improvements that support basic needs - such as transportation and utilities.
Signature
Report
Market Value
Infrastructure
31. 6x6 mile square piece of land. (36 square miles)
Principle of Competition
Lot - Block and Tract
Appraisal Review
Township
32. Value based on sale within a relatively short period of time.
Parcel
Real Estate
Liquidation Value
Sales Comparison Approach
33. An interest in real estate that does not include possessory rights.
Gov't Restrictions
Parcel
Appraisal Consulting
Encumbrance
34. When supply and demand are out of balance. Too much competition
Meets and Bounds
Township
Business Enterprise
Principle of Competition
35. The interests - benefits - and rights inherent in the ownership of a business enterprise or a part thereof in any form
Principles of Appraisal
Principle of Balance
Leasehold Estate
Business Equity
36. 640 acres.
Signature
Real Property
Section
Cost Approach
37. 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.
Principles of Appraisal
Appraiser
Township
Appraisal Review
38. Eminent Domain - Taxation - Police Power - Escheat
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39. A mathematical expression of how supply and demand factors interact in a market.
Deed
Fee Simple
Mass Appraisal Model
Mass Appraisal
40. A valuation service provided as a consequence of an agreement between an appraiser and a client
Cost Approach
Intangible Property
Assignment
Easement
41. Value placed by tax assessing official.
Metes
Assessed Value
Lot - Block and Tract
Topography
42. 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).
Characteristics of Highest and Best Use
Assessed Value
Principle of Supply and Demand
Workfile
43. DUST - Demand - Utility - Scarcity - Transferability
Client
Principle of Contribution
Characteristics of Value
Fixtures
44. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Appraiser's Peers
Site
Types of Value
Real Estate Cycle
45. Cost Approach - Sales Comps - Income Approach (IRV)
Bias
Approaches to Value
Real Property
Site
46. Modest property in an expensive neighborhood (Increase in value).
Progression
Credible
Real Estate
Real Estate Cycle
47. Reflects the effects of local - social - economic - gov't - and physical forces on value.
Reference Point (monument)
Lot - Block and Tract
Agents of Production
Regional and Community Data
48. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment
Bias
Appraisal Consulting
Mass Appraisal
Conformity - Progression and Regression
49. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.
Principle of Balance
Progression
Plottage
Constant Use
50. 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
Assignment Results
Workfile
Regression