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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. Other appraisers who have expertise and competency in a similar type of assignment.
2. Runs east and west.
Baseline
acre
Fee Simple
Assumption
3. 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.
Valuation Services
Regression
Intended Use
Appraisal
4. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.
Market Value
Cost
Topography
Real Estate Cycle
5. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.
Real Estate Cycle
Appraisal Practice
Workfile
Intangible Property
6. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment
Appraisal
Bias
Ad Valorem Taxes
Characteristics of Highest and Best Use
7. A study of the cost-benefit relationship of an economic endeavor
Feasibility Analysis
Remainder Man
Liquidation Value
Escheat
8. The value of the property is determined by the most profitable use to which the property may be put.
Bundle of Rights
Highest and Best Use
Baseline
Principle of Contribution
9. 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.
Appraisal Review
Scope of Work
Workfile
Valuation Services
10. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Baseline
Mass Appraisal Model
Types of Value
Principle of Anticipation
11. I=RxV - R=I/V - V=I/R
Infrastructure
Direct Capitalization
Extraordinary Assumption
Characteristics of Highest and Best Use
12. That which is taken to be true
Assumption
Baseline
Going Concern
Deed
13. A valuation service provided as a consequence of an agreement between an appraiser and a client
Assignment
Legally Nonconforming Uses
Direct Capitalization
Assignment Results
14. As the amount invested in other agents is incrementally increased - the rate of return on the investment will increase.
Characteristics of Value
Scope of Work
Client
Principle of Increasing Returns
15. Land that is not needed for the highest and best use of the site
Fixtures
Agents of Production
Excess Land
Life Estate
16. 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.
mile
Jurisdictional Exception
Value
Escheat
17. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Real Estate
Assignment Results
Real Estate Cycle
Cost
18. 5 - 280 feet
square mile
Report
Assignment
mile
19. A mathematical expression of how supply and demand factors interact in a market.
Plottage
Direct Capitalization
Life Estate
Mass Appraisal Model
20. Identifiable tangible objects that are considered by the general public as being "personal".
Personal Property
Regression
Principles of Appraisal
Principle of Supply and Demand
21. Land that has been prepared for use.
Site
Client
Conformity - Progression and Regression
Personal Property
22. Money required to create - produce - or obtain a property
Lot - Block and Tract
Baseline
Infrastructure
Cost
23. CLLC (MLLM) - Capital - Land - Labor - Coordination
Intangible Property
Easement
Regression
Agents of Production
24. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Principle of Balance
Plottage
Leasehold Estate
Conformity - Progression and Regression
25. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.
Intangible Property
Legally Nonconforming Uses
Characteristics of Highest and Best Use
Fee Simple
26. The party or parties who engage an appraiser in a specific assignment.
Principles of Appraisal
Intended Use
Fee Simple
Client
27. Worthy of belief
Jurisdictional Exception
Credible
Direct Capitalization
Deed
28. When supply and demand are out of balance. Too much competition
Real Property
Going Concern
Mass Appraisal Model
Principle of Competition
29. A former item of personal property which has become part o the realty.
Easement
Metes
Life Estate
Fixtures
30. Eminent Domain - Taxation - Police Power - Escheat
31. An unbiased opinion of value
Highest and Best Use
Characteristics of Highest and Best Use
Easement
Appraisal
32. Value determination based on sales of similar properties.
Cost Approach
Sales Comparison Approach
Appraisal Consulting
Appraiser
33. 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 Competition
Highest and Best Use
Credible
34. The value is affected by the expectations of buyers regarding the future benefits to be gained.
Principle of Change
Principle of Anticipation
Hypothetical Condition
Appraisal Consulting
35. Bundle of Rights - Estate - Encumbrances
Topography
Encumbrance
Types of Real Property
Fee Simple
36. General Data - Specific Date - Primary - Secondary.
Types of Data
Excess Land
Effects of Use on Real Estate Value
Business Equity
37. The interests - benefits - and rights inherent in the ownership of real estate.
Hypothetical Condition
Fixtures
Real Property
Types of Value
38. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)
Meets and Bounds
Escheat
Cost
Lot - Block and Tract
39. DUST - Demand - Utility - Scarcity - Transferability
Characteristics of Value
Plottage
Highest and Best Use
Deed
40. Proof of ownership.
Client
Deed
Real Estate
Conformity - Progression and Regression
41. The amount actually paid.
Intended Use
Types of Data
Price
Characteristics of Value
42. An identifiable - fixed position from which measurements may be taken.
Principle of Substitution
Leasehold Estate
Forces Affecting Value
Reference Point (monument)
43. The type and extent of research and analyses in an assignment.
Principle of Increasing Returns
Life Estate
Cost Approach
Scope of Work
44. When the rate of return continues to increase at a lower rate and begin to decrease.
Regression
Valuation Process
Principle of Decreasing Returns
Township
45. The value of a component is equal to the amount of value it adds to the property as a whole.
Principle of Contribution
Personal Property
Forces Affecting Value
Types of Value
46. Value placed by tax assessing official.
Assessed Value
Conformity - Progression and Regression
Going Concern
Assignment Results
47. The process of providing information - analysis of real estate data and recommendations and/or conclusions
Excess Land
Infrastructure
Ad Valorem Taxes
Appraisal Consulting
48. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report
Parcel
Valuation Process
Mass Appraisal
Income Approach
49. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Agents of Production
Intangible Property
Assessed Value
Bundle of Rights
50. An estate that ends upon the death of a designated party.
Principle of Balance
Client
Business Enterprise
Life Estate