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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. I=RxV - R=I/V - V=I/R
Jurisdictional Exception
Direct Capitalization
Principle of Anticipation
Types of Value
2. 43 - 560 square feet
acre
Principle of Decreasing Returns
Leasehold Estate
Appraisal Practice
3. Recognizes that supply and demand are in constant flux.
Cost
Real Property
Intended User
Principle of Change
4. An interest in real estate that does not include possessory rights.
Price
Remainder Man
Encumbrance
Appraisal
5. Nonexclusive right to use property of another.
Fee Simple
Easement
Assumption
Site
6. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.
Bias
Fixtures
Principle of Balance
Workfile
7. Value determination based on sales of similar properties.
Sales Comparison Approach
Regression
Principle of Contribution
Principle of Balance
8. All the beneficial rights of ownership.
Types of Data
Bundle of Rights
Price
Principle of Anticipation
9. Property that is much more luxurious than surrounding properties (Decline in value).
Baseline
Site
Regression
Principle of Supply and Demand
10. Other appraisers who have expertise and competency in a similar type of assignment.
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11. 640 acres.
Section
Principle of Contribution
Jurisdictional Exception
Appraisal
12. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.
Business Equity
Valuation Process
Constant Use
Intended User
13. The value determination based on cost to build less depreciation - plus value of the land.
Types of Data
Sales Comparison Approach
Cost Approach
Baseline
14. The right of government to title when an owner dies without a will or heirs.
Deed
Escheat
Reference Point (monument)
Personal Property
15. Cost Approach - Sales Comps - Income Approach (IRV)
Section
Assignment
Appraisal Review
Approaches to Value
16. Money required to create - produce - or obtain a property
Constant Use
Price
Leasehold Estate
Cost
17. The value of an ongoing business or project.
Value
Assignment
Escheat
Going Concern
18. Land that has been prepared for use.
Intended User
Constant Use
acre
Site
19. An identified parcel or tract of land including improvements.
Assignment Results
Principle of Increasing Returns
Real Estate
Ad Valorem Taxes
20. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)
Forces Affecting Value
Topography
Credible
Valuation Process
21. 6x6 mile square piece of land. (36 square miles)
Parcel
Fixtures
Township
Appraisal Practice
22. Legally permitted - Physically possible - Economically Feasible - Maximally Productive Use
Characteristics of Highest and Best Use
Principle of Substitution
Deed
Life Estate
23. Highest and Best Use - Consistent Use - Conformity - Progression & Regression
Effects of Use on Real Estate Value
mile
Principle of Balance
Agents of Production
24. An unbiased opinion of value
Real Property
Forces Affecting Value
Appraisal
Sales Comparison Approach
25. CLLC (MLLM) - Capital - Land - Labor - Coordination
Business Equity
Mass Appraisal
Agents of Production
Principle of Decreasing Returns
26. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Real Estate Cycle
Signature
Liquidation Value
Regression
27. The value is affected by the expectations of buyers regarding the future benefits to be gained.
Leasehold Estate
Encumbrance
Principle of Anticipation
Credible
28. Runs east and west.
Life Estate
Baseline
Meets and Bounds
Principle of Substitution
29. General Data - Specific Date - Primary - Secondary.
Types of Data
Principles of Appraisal
Types of Value
Township
30. 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.
Characteristics of Value
Intended Use
Principle of Change
Life Estate
31. Bundle of Rights - Estate - Encumbrances
Valuation Services
Effects of Use on Real Estate Value
Personal Property
Types of Real Property
32. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.
Constant Use
Three Appraisal Reports
Intangible Property
Appraisal Review
33. Eminent Domain - Taxation - Police Power - Escheat
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34. The interests - benefits - and rights inherent in the ownership of a business enterprise or a part thereof in any form
Business Equity
Assumption
Intended Use
Principle of Balance
35. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)
Reference Point (monument)
Mass Appraisal
Lot - Block and Tract
Report
36. 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).
Easement
Principle of Supply and Demand
Regression
Sales Comparison Approach
37. Proof of ownership.
Appraisal
Meets and Bounds
Easement
Deed
38. Value placed by tax assessing official.
Assessed Value
Market Value
Real Estate Cycle
Principle of Competition
39. A study of the cost-benefit relationship of an economic endeavor
Principle of Contribution
Feasibility Analysis
Value
Baseline
40. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Plottage
Topography
Life Estate
Progression
41. An appraiser's opinions and conclusions developed specific to an assignment.
Ad Valorem Taxes
Credible
Remainder Man
Assignment Results
42. 640 acres
Real Estate
Feasibility Analysis
Report
square mile
43. Worthy of belief
Real Estate
Credible
Scope of Work
Lot - Block and Tract
44. The party or parties who engage an appraiser in a specific assignment.
Client
Principle of Substitution
Fixtures
Legally Nonconforming Uses
45. Runs north and south.
Meridian
Appraisal Consulting
Principle of Decreasing Returns
Principle of Substitution
46. When supply and demand are out of balance. Too much competition
Encumbrance
Assignment Results
Principle of Competition
Intended User
47. Taxes based on property value.
Scope of Work
Parcel
Ad Valorem Taxes
Value
48. When the rate of return continues to increase at a lower rate and begin to decrease.
Appraisal
Principle of Decreasing Returns
Principle of Balance
Reference Point (monument)
49. The type and extent of research and analyses in an assignment.
mile
Deed
Principle of Competition
Scope of Work
50. Complete form of real propert - includes entire bundle of rights.
Reference Point (monument)
Plottage
Fee Simple
Feasibility Analysis