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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. An identifiable - fixed position from which measurements may be taken.
Appraisal Consulting
Reference Point (monument)
Meridian
Assessed Value
2. 43 - 560 square feet
acre
Appraisal
Effects of Use on Real Estate Value
Reference Point (monument)
3. A valuation service provided as a consequence of an agreement between an appraiser and a client
Extraordinary Assumption
Assignment
Principle of Decreasing Returns
Jurisdictional Exception
4. Value determination based on sales of similar properties.
Sales Comparison Approach
Meets and Bounds
Leasehold Estate
Personal Property
5. That which is contrary to what exists but is supposed for the purpose of analysis.
Valuation Services
Hypothetical Condition
Mass Appraisal Model
Principle of Substitution
6. Valuation services performed by an individual acting as an appraiser - including but not limited to appraisal - appraisal review - or appraisal consulting.
Appraisal Review
Assignment
Appraisal Practice
Metes
7. Land that is not needed for the highest and best use of the site
Cost Approach
Section
Excess Land
Liquidation Value
8. 640 acres
Intended User
Workfile
square mile
Infrastructure
9. The value of the property is determined by the most profitable use to which the property may be put.
Ad Valorem Taxes
Highest and Best Use
Principle of Anticipation
Bias
10. Describes the direction one moves from the reference point to another and the distant points.
Approaches to Value
Fixtures
acre
Metes
11. The type and extent of research and analyses in an assignment.
Principles of Appraisal
Cost Approach
Scope of Work
Business Equity
12. That which is taken to be true
Regression
Sales Comparison Approach
Assumption
Direct Capitalization
13. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)
Characteristics of Highest and Best Use
Forces Affecting Value
Income Approach
Types of Real Property
14. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report
Real Estate Cycle
Easement
square mile
Valuation Process
15. Taxes based on property value.
Regional and Community Data
Intended User
Real Property
Ad Valorem Taxes
16. Services pertaining to aspects of property value.
Valuation Services
Intangible Property
Effects of Use on Real Estate Value
Market Value
17. Any piece of land.
Intangible Property
Cost
Types of Real Property
Parcel
18. A mathematical expression of how supply and demand factors interact in a market.
Leasehold Estate
Principle of Supply and Demand
Mass Appraisal Model
Ad Valorem Taxes
19. The value is affected by the expectations of buyers regarding the future benefits to be gained.
Assumption
Report
Principle of Anticipation
square mile
20. 5 - 280 feet
Lot - Block and Tract
mile
Assignment Results
Signature
21. An identified parcel or tract of land including improvements.
Principle of Change
Valuation Process
Fee Simple
Real Estate
22. General Data - Specific Date - Primary - Secondary.
mile
Escheat
Fee Simple
Types of Data
23. Property that is much more luxurious than surrounding properties (Decline in value).
Fee Simple
Valuation Services
Bias
Regression
24. An appraiser's opinions and conclusions developed specific to an assignment.
Life Estate
Effects of Use on Real Estate Value
Assignment Results
Extraordinary Assumption
25. Proof of ownership.
Real Estate
Client
Deed
Assessed Value
26. Cost Approach - Sales Comps - Income Approach (IRV)
Market Value
Approaches to Value
Escheat
Intended Use
27. 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
Leasehold Estate
Principle of Competition
Intended Use
28. Runs east and west.
Feasibility Analysis
Appraiser's Peers
Baseline
Topography
29. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.
Client
Site
Assumption
Legally Nonconforming Uses
30. DUST - Demand - Utility - Scarcity - Transferability
Mass Appraisal
Characteristics of Value
Market Value
Assumption
31. Modest property in an expensive neighborhood (Increase in value).
Progression
Gov't Restrictions
Price
Bundle of Rights
32. An entity pursuing an economic activity
Business Enterprise
Escheat
Sales Comparison Approach
Principle of Competition
33. 640 acres.
Principle of Supply and Demand
Credible
Characteristics of Value
Section
34. 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.
Types of Data
Appraisal Practice
Signature
Feasibility Analysis
35. The value determination based on cost to build less depreciation - plus value of the land.
Extraordinary Assumption
Cost Approach
Income Approach
Characteristics of Value
36. Method of identifying property in relation to its boundaries - distances - and angles from a given point.
Appraiser
Forces Affecting Value
Meets and Bounds
Regional and Community Data
37. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.
Conformity - Progression and Regression
Gov't Restrictions
Mass Appraisal
Extraordinary Assumption
38. The amount actually paid.
Client
Valuation Services
Personal Property
Price
39. The right of government to title when an owner dies without a will or heirs.
Life Estate
Principles of Appraisal
Escheat
Lot - Block and Tract
40. Identifiable tangible objects that are considered by the general public as being "personal".
Personal Property
Township
Valuation Process
Price
41. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.
Topography
Constant Use
Section
Regional and Community Data
42. Legally permitted - Physically possible - Economically Feasible - Maximally Productive Use
Baseline
Assumption
Appraiser's Peers
Characteristics of Highest and Best Use
43. The value of an ongoing business or project.
Appraisal
Types of Real Property
Mass Appraisal
Going Concern
44. All the beneficial rights of ownership.
Mass Appraisal
Progression
Easement
Bundle of Rights
45. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).
Parcel
Assignment
Characteristics of Value
Principle of Substitution
46. Money required to create - produce - or obtain a property
Forces Affecting Value
Extraordinary Assumption
Bundle of Rights
Cost
47. Public improvements that support basic needs - such as transportation and utilities.
Infrastructure
Appraiser's Peers
Fee Simple
Progression
48. Value placed by tax assessing official.
Signature
Assessed Value
Principle of Change
Principle of Competition
49. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
mile
Types of Value
Valuation Process
Appraisal Practice
50. The party or parties who engage an appraiser in a specific assignment.
Real Estate
Client
Intended Use
Ad Valorem Taxes