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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. One who is expected to perform valuation services competently and in a manner that is independent - impartial - and objective.
Signature
Appraiser
mile
Business Enterprise
2. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment
Constant Use
Signature
Bias
Easement
3. The value of a component is equal to the amount of value it adds to the property as a whole.
Principle of Contribution
Workfile
Principle of Decreasing Returns
Constant Use
4. Nonexclusive right to use property of another.
Income Approach
Principle of Change
Easement
Conformity - Progression and Regression
5. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.
Bundle of Rights
Types of Real Property
square mile
Conformity - Progression and Regression
6. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)
Regional and Community Data
Forces Affecting Value
Market Value
Real Property
7. Land that is not needed for the highest and best use of the site
Agents of Production
Excess Land
Valuation Process
Direct Capitalization
8. An estate that ends upon the death of a designated party.
Life Estate
Business Equity
Business Enterprise
Gov't Restrictions
9. Money required to create - produce - or obtain a property
Cost
Liquidation Value
Conformity - Progression and Regression
Personal Property
10. Personalized evidence indicating authentication of the work performed by the appraiser and the acceptance of the responsibility for content - analyses - and the conclusions in the report.
Bundle of Rights
Signature
Progression
Remainder Man
11. Person that receives property.
square mile
Report
Characteristics of Value
Remainder Man
12. Taxes based on property value.
Assignment
Real Property
Three Appraisal Reports
Ad Valorem Taxes
13. Land that has been prepared for use.
Site
Characteristics of Highest and Best Use
Progression
Escheat
14. Highest and Best Use - Consistent Use - Conformity - Progression & Regression
Workfile
Approaches to Value
Effects of Use on Real Estate Value
Types of Real Property
15. 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).
Price
Principle of Supply and Demand
Progression
Fixtures
16. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Credible
Agents of Production
Real Estate Cycle
Principle of Change
17. When the rate of return continues to increase at a lower rate and begin to decrease.
Going Concern
Price
Principle of Decreasing Returns
Plottage
18. Modest property in an expensive neighborhood (Increase in value).
Baseline
Valuation Process
Progression
Agents of Production
19. An interest in real estate that does not include possessory rights.
Appraisal Practice
Workfile
Intended Use
Encumbrance
20. Valuation services performed by an individual acting as an appraiser - including but not limited to appraisal - appraisal review - or appraisal consulting.
Appraisal Practice
Highest and Best Use
Mass Appraisal
Appraiser
21. That which is taken to be true
Three Appraisal Reports
Assumption
Intended Use
Appraisal Review
22. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).
Constant Use
Principle of Substitution
Three Appraisal Reports
acre
23. An identifiable - fixed position from which measurements may be taken.
Mass Appraisal Model
Reference Point (monument)
Intended User
Regression
24. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Intangible Property
Parcel
Infrastructure
Principle of Balance
25. Value determination based on sales of similar properties.
Sales Comparison Approach
Liquidation Value
Hypothetical Condition
Encumbrance
26. General Data - Specific Date - Primary - Secondary.
Types of Data
Leasehold Estate
Topography
mile
27. The value of the property is determined by the most profitable use to which the property may be put.
Highest and Best Use
Ad Valorem Taxes
Conformity - Progression and Regression
Topography
28. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.
Income Approach
Mass Appraisal
Intended User
Appraiser
29. 6x6 mile square piece of land. (36 square miles)
Signature
Income Approach
Client
Township
30. Legally permitted - Physically possible - Economically Feasible - Maximally Productive Use
Jurisdictional Exception
Characteristics of Highest and Best Use
Agents of Production
Scope of Work
31. The amount actually paid.
Price
Cost Approach
Meridian
Client
32. The value of an ongoing business or project.
Bias
Going Concern
Appraisal Practice
Reference Point (monument)
33. 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.
Business Enterprise
Credible
Section
Report
34. Value placed by tax assessing official.
Topography
Liquidation Value
Principle of Contribution
Assessed Value
35. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution
Principle of Anticipation
Baseline
Principles of Appraisal
Infrastructure
36. Runs north and south.
Appraisal Review
Forces Affecting Value
Meridian
Metes
37. An estate that includes possession without title.
Leasehold Estate
Credible
Easement
Progression
38. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Types of Value
Liquidation Value
Deed
Parcel
39. When supply and demand are out of balance. Too much competition
Income Approach
Principle of Competition
Principle of Contribution
Infrastructure
40. Any piece of land.
Appraiser's Peers
Parcel
Section
Client
41. Cost Approach - Sales Comps - Income Approach (IRV)
Meridian
Approaches to Value
Valuation Services
Regression
42. Public improvements that support basic needs - such as transportation and utilities.
Infrastructure
Sales Comparison Approach
Cost
Life Estate
43. Recognizes that supply and demand are in constant flux.
Principle of Change
Sales Comparison Approach
Cost Approach
Intended User
44. DUST - Demand - Utility - Scarcity - Transferability
Topography
Mass Appraisal
Price
Characteristics of Value
45. Property that is much more luxurious than surrounding properties (Decline in value).
Site
Meets and Bounds
Appraisal Consulting
Regression
46. The process of providing information - analysis of real estate data and recommendations and/or conclusions
Appraisal Consulting
Feasibility Analysis
Conformity - Progression and Regression
acre
47. Self Contained - Summary - Restricted Use
Real Estate
Personal Property
Infrastructure
Three Appraisal Reports
48. Method of identifying property in relation to its boundaries - distances - and angles from a given point.
Value
Meets and Bounds
Encumbrance
Remainder Man
49. 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.
Assessed Value
Bias
Jurisdictional Exception
Plottage
50. An assumption directly related to a specific assignment - which - if found to be false - could alter the opinions or conclusions of the appraisal.
Mass Appraisal Model
Real Estate Cycle
Extraordinary Assumption
Mass Appraisal