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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. The party or parties who engage an appraiser in a specific assignment.
Report
Characteristics of Value
Infrastructure
Client
2. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Plottage
Mass Appraisal
Intended User
Regional and Community Data
3. An estate that includes possession without title.
Leasehold Estate
Principle of Increasing Returns
Valuation Process
Principles of Appraisal
4. That which is contrary to what exists but is supposed for the purpose of analysis.
Remainder Man
Regional and Community Data
Hypothetical Condition
Types of Real Property
5. All the beneficial rights of ownership.
Township
Principle of Competition
Infrastructure
Bundle of Rights
6. An appraiser's opinions and conclusions developed specific to an assignment.
Agents of Production
Assignment Results
Forces Affecting Value
Principle of Substitution
7. Valuation services performed by an individual acting as an appraiser - including but not limited to appraisal - appraisal review - or appraisal consulting.
Price
Meridian
Appraisal Practice
Meets and Bounds
8. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.
Real Property
Workfile
Intended User
Mass Appraisal Model
9. A mathematical expression of how supply and demand factors interact in a market.
Mass Appraisal Model
Credible
Progression
Market Value
10. Method of identifying property in relation to its boundaries - distances - and angles from a given point.
Types of Real Property
Cost
Meets and Bounds
Remainder Man
11. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment
Bias
Extraordinary Assumption
Mass Appraisal
Appraiser's Peers
12. Runs north and south.
Business Equity
Principle of Decreasing Returns
Meridian
Appraiser's Peers
13. Money required to create - produce - or obtain a property
Cost
Going Concern
Business Enterprise
Mass Appraisal Model
14. 640 acres.
Income Approach
Life Estate
Feasibility Analysis
Section
15. Value based on sale within a relatively short period of time.
Assumption
Liquidation Value
Constant Use
Feasibility Analysis
16. A valuation service provided as a consequence of an agreement between an appraiser and a client
Principle of Balance
Metes
Characteristics of Highest and Best Use
Assignment
17. The right of government to title when an owner dies without a will or heirs.
Escheat
Assessed Value
Mass Appraisal Model
Types of Data
18. The process of providing information - analysis of real estate data and recommendations and/or conclusions
Cost Approach
Appraisal Review
Appraisal Consulting
Principle of Decreasing Returns
19. The type and extent of research and analyses in an assignment.
Principle of Increasing Returns
Scope of Work
Mass Appraisal
mile
20. As the amount invested in other agents is incrementally increased - the rate of return on the investment will increase.
Direct Capitalization
Principle of Increasing Returns
Credible
Meets and Bounds
21. A former item of personal property which has become part o the realty.
Types of Real Property
Regression
Lot - Block and Tract
Fixtures
22. The value of an ongoing business or project.
Meridian
Personal Property
Going Concern
Extraordinary Assumption
23. Identifiable tangible objects that are considered by the general public as being "personal".
Reference Point (monument)
Effects of Use on Real Estate Value
Personal Property
Principle of Anticipation
24. Other appraisers who have expertise and competency in a similar type of assignment.
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25. Bundle of Rights - Estate - Encumbrances
Types of Real Property
Leasehold Estate
Constant Use
Assignment Results
26. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).
Legally Nonconforming Uses
Principle of Substitution
Market Value
Report
27. Value placed by tax assessing official.
Topography
Assessed Value
Bundle of Rights
Infrastructure
28. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report
Valuation Process
Approaches to Value
Market Value
Agents of Production
29. Land that has been prepared for use.
Site
Signature
Fixtures
Principle of Increasing Returns
30. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)
Forces Affecting Value
Appraisal Consulting
Principles of Appraisal
Fixtures
31. Cost Approach - Sales Comps - Income Approach (IRV)
Cost
Life Estate
Approaches to Value
Scope of Work
32. An assumption directly related to a specific assignment - which - if found to be false - could alter the opinions or conclusions of the appraisal.
Plottage
Easement
Extraordinary Assumption
Intended User
33. I=RxV - R=I/V - V=I/R
Three Appraisal Reports
Characteristics of Highest and Best Use
Direct Capitalization
Metes
34. Worthy of belief
Encumbrance
Credible
Conformity - Progression and Regression
Feasibility Analysis
35. The value of a component is equal to the amount of value it adds to the property as a whole.
Principles of Appraisal
Principle of Contribution
Meets and Bounds
Principle of Decreasing Returns
36. An identified parcel or tract of land including improvements.
Bundle of Rights
Real Estate
Appraisal
Site
37. Land that is not needed for the highest and best use of the site
Feasibility Analysis
Excess Land
Progression
Agents of Production
38. 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.
Characteristics of Highest and Best Use
Parcel
Value
Report
39. An identifiable - fixed position from which measurements may be taken.
Appraisal Consulting
Real Property
Appraisal Practice
Reference Point (monument)
40. The process of valuing a universe of properties as of a given date using standard methodology - employing common data and allowing for statistical testing.
Principle of Competition
Mass Appraisal
Report
Metes
41. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Intangible Property
Real Estate
Fee Simple
Business Enterprise
42. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Real Estate Cycle
Baseline
Plottage
Conformity - Progression and Regression
43. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.
Constant Use
Easement
Types of Real Property
Deed
44. Runs east and west.
mile
Value
Baseline
Assignment Results
45. The value is affected by the expectations of buyers regarding the future benefits to be gained.
Principle of Anticipation
Forces Affecting Value
Business Enterprise
Ad Valorem Taxes
46. Property that is much more luxurious than surrounding properties (Decline in value).
Principle of Increasing Returns
Signature
Business Equity
Regression
47. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.
Direct Capitalization
Legally Nonconforming Uses
Parcel
Deed
48. Value determination based on income generated by a property.
Baseline
Income Approach
Fixtures
Fee Simple
49. Reflects the effects of local - social - economic - gov't - and physical forces on value.
Metes
Forces Affecting Value
Regional and Community Data
Types of Value
50. Proof of ownership.
mile
Baseline
Topography
Deed