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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. Recognizes that supply and demand are in constant flux.
Effects of Use on Real Estate Value
acre
Conformity - Progression and Regression
Principle of Change
2. An assumption directly related to a specific assignment - which - if found to be false - could alter the opinions or conclusions of the appraisal.
Excess Land
Bundle of Rights
Sales Comparison Approach
Extraordinary Assumption
3. 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.
Report
acre
Principle of Anticipation
Plottage
4. 5 - 280 feet
mile
Conformity - Progression and Regression
Credible
Progression
5. Value based on sale within a relatively short period of time.
Easement
Ad Valorem Taxes
Price
Liquidation Value
6. DUST - Demand - Utility - Scarcity - Transferability
Characteristics of Value
Jurisdictional Exception
Baseline
Principle of Change
7. An identifiable - fixed position from which measurements may be taken.
Fee Simple
Reference Point (monument)
Township
Liquidation Value
8. Self Contained - Summary - Restricted Use
Workfile
Approaches to Value
Three Appraisal Reports
Assessed Value
9. Nonexclusive right to use property of another.
Parcel
Easement
Appraisal Review
Characteristics of Highest and Best Use
10. The value determination based on cost to build less depreciation - plus value of the land.
Cost Approach
Forces Affecting Value
Appraisal
Appraiser's Peers
11. Runs east and west.
Cost
Appraiser's Peers
Principle of Increasing Returns
Baseline
12. Property that is much more luxurious than surrounding properties (Decline in value).
Regression
Bias
Extraordinary Assumption
Signature
13. Services pertaining to aspects of property value.
Report
Valuation Services
Market Value
Hypothetical Condition
14. 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).
Fixtures
Principle of Supply and Demand
Legally Nonconforming Uses
Feasibility Analysis
15. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.
Intended User
Infrastructure
Principle of Supply and Demand
Agents of Production
16. 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.
Plottage
Bundle of Rights
Intended Use
acre
17. The amount actually paid.
Income Approach
Conformity - Progression and Regression
Direct Capitalization
Price
18. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Real Estate Cycle
Encumbrance
Leasehold Estate
Appraiser's Peers
19. Legally permitted - Physically possible - Economically Feasible - Maximally Productive Use
Signature
Three Appraisal Reports
Escheat
Characteristics of Highest and Best Use
20. The type and extent of research and analyses in an assignment.
Lot - Block and Tract
Scope of Work
Meridian
Intended User
21. Bundle of Rights - Estate - Encumbrances
Real Estate Cycle
Types of Real Property
Ad Valorem Taxes
Topography
22. Land that has been prepared for use.
Site
Business Enterprise
Regression
Real Estate
23. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.
Hypothetical Condition
Jurisdictional Exception
Characteristics of Value
Market Value
24. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Principle of Supply and Demand
Liquidation Value
Plottage
Cost Approach
25. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.
Intended User
Legally Nonconforming Uses
Highest and Best Use
Constant Use
26. Value determination based on income generated by a property.
Hypothetical Condition
Income Approach
Topography
Extraordinary Assumption
27. Land that is not needed for the highest and best use of the site
Excess Land
Types of Data
Signature
Bundle of Rights
28. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Intangible Property
Fee Simple
Real Estate Cycle
Leasehold Estate
29. 640 acres.
Appraiser
Constant Use
Section
Baseline
30. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment
Section
Bias
Sales Comparison Approach
Real Estate
31. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Client
Types of Value
Intended Use
Principle of Substitution
32. Value placed by tax assessing official.
Section
Agents of Production
Assessed Value
Valuation Process
33. A mathematical expression of how supply and demand factors interact in a market.
Escheat
Mass Appraisal Model
Life Estate
Price
34. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.
Township
Mass Appraisal
Workfile
Going Concern
35. Any piece of land.
Intended User
Parcel
Ad Valorem Taxes
Business Equity
36. As the amount invested in other agents is incrementally increased - the rate of return on the investment will increase.
Bundle of Rights
Signature
Principle of Increasing Returns
Feasibility Analysis
37. Worthy of belief
Real Estate Cycle
Credible
Forces Affecting Value
Valuation Process
38. 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.
Conformity - Progression and Regression
Value
Appraisal Review
Sales Comparison Approach
39. An appraiser's opinions and conclusions developed specific to an assignment.
Assignment Results
Remainder Man
Principle of Decreasing Returns
Principle of Substitution
40. 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.
acre
Jurisdictional Exception
Characteristics of Value
Signature
41. An interest in real estate that does not include possessory rights.
Infrastructure
Site
Approaches to Value
Encumbrance
42. A study of the cost-benefit relationship of an economic endeavor
Going Concern
Feasibility Analysis
Principles of Appraisal
Principle of Supply and Demand
43. The right of government to title when an owner dies without a will or heirs.
Principle of Substitution
Reference Point (monument)
Price
Escheat
44. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.
Real Estate Cycle
Principle of Supply and Demand
Gov't Restrictions
Legally Nonconforming Uses
45. Method of identifying property in relation to its boundaries - distances - and angles from a given point.
Characteristics of Highest and Best Use
Remainder Man
Appraisal Review
Meets and Bounds
46. Identifiable tangible objects that are considered by the general public as being "personal".
Section
Infrastructure
Assessed Value
Personal Property
47. When the rate of return continues to increase at a lower rate and begin to decrease.
Parcel
Sales Comparison Approach
Regression
Principle of Decreasing Returns
48. Describes the direction one moves from the reference point to another and the distant points.
Price
Life Estate
Real Property
Metes
49. A valuation service provided as a consequence of an agreement between an appraiser and a client
Assignment
Encumbrance
Mass Appraisal
Assessed Value
50. That which is taken to be true
Mass Appraisal Model
Assumption
Fee Simple
Direct Capitalization