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Real Estate Appraisal
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Subjects
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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. An estate that ends upon the death of a designated party.
Three Appraisal Reports
Life Estate
Appraisal
Approaches to Value
2. 640 acres.
Principles of Appraisal
Hypothetical Condition
Section
Principle of Decreasing Returns
3. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.
Income Approach
Fixtures
Market Value
Appraiser's Peers
4. 5 - 280 feet
Appraiser's Peers
Real Property
Types of Data
mile
5. Modest property in an expensive neighborhood (Increase in value).
Excess Land
Principle of Balance
Progression
Principle of Substitution
6. Money required to create - produce - or obtain a property
Cost
Workfile
Types of Real Property
Jurisdictional Exception
7. Value determination based on sales of similar properties.
Escheat
Constant Use
Baseline
Sales Comparison Approach
8. Land that is not needed for the highest and best use of the site
Excess Land
Personal Property
Principle of Decreasing Returns
Appraiser's Peers
9. Taxes based on property value.
Excess Land
Section
Ad Valorem Taxes
Bias
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.
Intended Use
Bias
Cost Approach
Appraisal Review
11. A mathematical expression of how supply and demand factors interact in a market.
Reference Point (monument)
Fixtures
Appraiser
Mass Appraisal Model
12. Valuation services performed by an individual acting as an appraiser - including but not limited to appraisal - appraisal review - or appraisal consulting.
Appraisal Practice
Principle of Supply and Demand
Remainder Man
square mile
13. The process of providing information - analysis of real estate data and recommendations and/or conclusions
Life Estate
Market Value
Real Estate
Appraisal Consulting
14. The monetary relationship between properties and those who buy - sell - or use those properties.
Appraiser
Forces Affecting Value
Value
Meridian
15. General Data - Specific Date - Primary - Secondary.
Types of Data
Excess Land
Baseline
Cost Approach
16. The interests - benefits - and rights inherent in the ownership of real estate.
Infrastructure
Assumption
Principle of Increasing Returns
Real Property
17. When supply and demand are out of balance. Too much competition
Constant Use
Principle of Competition
mile
Value
18. Runs east and west.
Section
Real Property
Bundle of Rights
Baseline
19. 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.
Credible
Principle of Anticipation
Appraisal Review
Reference Point (monument)
20. The right of government to title when an owner dies without a will or heirs.
Escheat
Metes
Direct Capitalization
Meets and Bounds
21. As the amount invested in other agents is incrementally increased - the rate of return on the investment will increase.
Legally Nonconforming Uses
Progression
Principle of Increasing Returns
Plottage
22. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)
Regression
Forces Affecting Value
Types of Data
Meridian
23. The process of valuing a universe of properties as of a given date using standard methodology - employing common data and allowing for statistical testing.
Bias
Mass Appraisal
Site
Plottage
24. Land that has been prepared for use.
Mass Appraisal Model
Site
Cost Approach
Principle of Contribution
25. The amount actually paid.
Business Enterprise
Price
Township
Plottage
26. I=RxV - R=I/V - V=I/R
Plottage
Direct Capitalization
Appraiser
Signature
27. Proof of ownership.
Deed
Principle of Decreasing Returns
Jurisdictional Exception
Three Appraisal Reports
28. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report
Principle of Anticipation
Principle of Change
Fixtures
Valuation Process
29. An identifiable - fixed position from which measurements may be taken.
Market Value
Life Estate
Leasehold Estate
Reference Point (monument)
30. Describes the direction one moves from the reference point to another and the distant points.
Characteristics of Value
Appraisal Review
Metes
Appraisal Consulting
31. A study of the cost-benefit relationship of an economic endeavor
Characteristics of Value
Workfile
Feasibility Analysis
Meridian
32. Services pertaining to aspects of property value.
Valuation Services
Site
Intangible Property
Fee Simple
33. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Cost Approach
Workfile
Principle of Contribution
Plottage
34. When the rate of return continues to increase at a lower rate and begin to decrease.
Appraisal Practice
Parcel
Principle of Decreasing Returns
Types of Data
35. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Principle of Supply and Demand
Scope of Work
Intangible Property
Price
36. Method of identifying property in relation to its boundaries - distances - and angles from a given point.
Feasibility Analysis
Hypothetical Condition
Meets and Bounds
Leasehold Estate
37. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.
Conformity - Progression and Regression
Intended User
Reference Point (monument)
Regression
38. An interest in real estate that does not include possessory rights.
Encumbrance
Leasehold Estate
Principle of Change
Easement
39. 43 - 560 square feet
Principle of Balance
acre
Regional and Community Data
Intangible Property
40. The party or parties who engage an appraiser in a specific assignment.
Regional and Community Data
Real Estate
Client
Constant Use
41. All the beneficial rights of ownership.
Income Approach
Progression
Conformity - Progression and Regression
Bundle of Rights
42. Public improvements that support basic needs - such as transportation and utilities.
Meets and Bounds
Infrastructure
Feasibility Analysis
Principle of Change
43. One who is expected to perform valuation services competently and in a manner that is independent - impartial - and objective.
mile
Progression
Appraiser
Leasehold Estate
44. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.
Constant Use
Real Property
Principle of Balance
Types of Real Property
45. Recognizes that supply and demand are in constant flux.
Remainder Man
Principle of Change
Meets and Bounds
Liquidation Value
46. Bundle of Rights - Estate - Encumbrances
Types of Real Property
Three Appraisal Reports
Real Property
Regression
47. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.
Value
Assumption
Conformity - Progression and Regression
Mass Appraisal Model
48. A former item of personal property which has become part o the realty.
Metes
Principle of Competition
Regression
Fixtures
49. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).
Appraisal Practice
Mass Appraisal
Real Estate
Principle of Substitution
50. An appraiser's opinions and conclusions developed specific to an assignment.
Jurisdictional Exception
Characteristics of Highest and Best Use
Assignment Results
Conformity - Progression and Regression
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