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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. A valuation service provided as a consequence of an agreement between an appraiser and a client
Principle of Increasing Returns
Personal Property
Reference Point (monument)
Assignment
2. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.
Workfile
Principle of Decreasing Returns
Principle of Substitution
Assignment Results
3. A former item of personal property which has become part o the realty.
Valuation Process
square mile
Fixtures
Appraiser's Peers
4. Complete form of real propert - includes entire bundle of rights.
Fee Simple
Characteristics of Highest and Best Use
Principle of Substitution
Cost Approach
5. The value of the property is determined by the most profitable use to which the property may be put.
Appraisal Review
mile
Highest and Best Use
Real Estate
6. An unbiased opinion of value
Appraisal
Site
Appraisal Practice
Signature
7. That which is contrary to what exists but is supposed for the purpose of analysis.
Meridian
Hypothetical Condition
Signature
Plottage
8. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.
Conformity - Progression and Regression
Fixtures
Assignment
Characteristics of Value
9. Value determination based on sales of similar properties.
Valuation Services
Cost
Sales Comparison Approach
Leasehold Estate
10. All the beneficial rights of ownership.
Bundle of Rights
Escheat
Fee Simple
Topography
11. Value based on sale within a relatively short period of time.
Ad Valorem Taxes
Liquidation Value
Assignment
Excess Land
12. The value is affected by the expectations of buyers regarding the future benefits to be gained.
Principle of Anticipation
Market Value
Principle of Substitution
Constant Use
13. 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.
Types of Real Property
Approaches to Value
Regional and Community Data
Appraisal Review
14. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)
Forces Affecting Value
Direct Capitalization
Sales Comparison Approach
Progression
15. 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.
acre
Excess Land
Report
Principle of Supply and Demand
16. Runs east and west.
Baseline
Real Estate Cycle
Parcel
Feasibility Analysis
17. Person that receives property.
Site
Remainder Man
Mass Appraisal Model
Workfile
18. Modest property in an expensive neighborhood (Increase in value).
Effects of Use on Real Estate Value
Progression
Client
Real Estate
19. CLLC (MLLM) - Capital - Land - Labor - Coordination
Appraisal Practice
Agents of Production
Topography
Types of Value
20. The value of an ongoing business or project.
Going Concern
Effects of Use on Real Estate Value
Parcel
Real Estate
21. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.
Fixtures
Sales Comparison Approach
Market Value
Three Appraisal Reports
22. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.
Feasibility Analysis
Remainder Man
Cost
Legally Nonconforming Uses
23. Value determination based on income generated by a property.
Liquidation Value
Intangible Property
Income Approach
Principle of Anticipation
24. 43 - 560 square feet
Value
acre
Going Concern
Income Approach
25. When the rate of return continues to increase at a lower rate and begin to decrease.
Reference Point (monument)
Gov't Restrictions
Real Estate
Principle of Decreasing Returns
26. Highest and Best Use - Consistent Use - Conformity - Progression & Regression
Assumption
Bias
Effects of Use on Real Estate Value
Characteristics of Highest and Best Use
27. Proof of ownership.
Price
Deed
Intended User
Principle of Supply and Demand
28. Land that has been prepared for use.
Site
Approaches to Value
Principle of Change
Intended User
29. Runs north and south.
Site
Business Equity
Mass Appraisal Model
Meridian
30. Property that is much more luxurious than surrounding properties (Decline in value).
Principle of Substitution
Value
Deed
Regression
31. I=RxV - R=I/V - V=I/R
Leasehold Estate
Legally Nonconforming Uses
Direct Capitalization
Bias
32. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Real Property
Intangible Property
Fixtures
Intended Use
33. Services pertaining to aspects of property value.
Valuation Services
Life Estate
Site
Workfile
34. Bundle of Rights - Estate - Encumbrances
Appraisal Consulting
Appraiser
Types of Real Property
Easement
35. Worthy of belief
Highest and Best Use
Deed
Excess Land
Credible
36. Recognizes that supply and demand are in constant flux.
Valuation Services
Business Enterprise
Price
Principle of Change
37. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.
acre
Constant Use
Agents of Production
Intended User
38. Other appraisers who have expertise and competency in a similar type of assignment.
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39. Method of identifying property in relation to its boundaries - distances - and angles from a given point.
Real Property
Business Equity
Meets and Bounds
Principle of Substitution
40. As the amount invested in other agents is incrementally increased - the rate of return on the investment will increase.
Appraisal Practice
Infrastructure
Principle of Increasing Returns
Lot - Block and Tract
41. Cost Approach - Sales Comps - Income Approach (IRV)
Effects of Use on Real Estate Value
Hypothetical Condition
Escheat
Approaches to Value
42. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.
Regional and Community Data
Assessed Value
Intended User
Appraisal Review
43. The right of government to title when an owner dies without a will or heirs.
Principle of Change
Escheat
Assessed Value
Fee Simple
44. Lay of the land.
Business Enterprise
Legally Nonconforming Uses
Agents of Production
Topography
45. Describes the direction one moves from the reference point to another and the distant points.
Metes
Parcel
Assumption
Remainder Man
46. The process of providing information - analysis of real estate data and recommendations and/or conclusions
Scope of Work
Real Estate Cycle
Highest and Best Use
Appraisal Consulting
47. The interests - benefits - and rights inherent in the ownership of real estate.
Real Property
Principle of Change
Scope of Work
Ad Valorem Taxes
48. 640 acres.
Report
Appraisal
Section
Appraisal Practice
49. Public improvements that support basic needs - such as transportation and utilities.
Conformity - Progression and Regression
Forces Affecting Value
Excess Land
Infrastructure
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.
Principle of Anticipation
Jurisdictional Exception
Three Appraisal Reports
Sales Comparison Approach