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Real Estate Appraisal
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Subjects
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business-skills
,
industries
Instructions:
Answer 50 questions in 15 minutes.
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study here
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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. 43 - 560 square feet
acre
Highest and Best Use
Credible
Income Approach
2. General Data - Specific Date - Primary - Secondary.
Personal Property
Business Enterprise
Principle of Anticipation
Types of Data
3. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment
Bias
Appraisal
Intangible Property
Gov't Restrictions
4. When the rate of return continues to increase at a lower rate and begin to decrease.
Sales Comparison Approach
Principle of Decreasing Returns
Bundle of Rights
Report
5. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution
Assumption
Business Enterprise
Principles of Appraisal
Effects of Use on Real Estate Value
6. Runs east and west.
Baseline
Client
Excess Land
Personal Property
7. An estate that includes possession without title.
Signature
Infrastructure
Leasehold Estate
Parcel
8. DUST - Demand - Utility - Scarcity - Transferability
Types of Value
Jurisdictional Exception
Characteristics of Value
Hypothetical Condition
9. Reflects the effects of local - social - economic - gov't - and physical forces on value.
Liquidation Value
Appraisal Review
Reference Point (monument)
Regional and Community Data
10. The process of providing information - analysis of real estate data and recommendations and/or conclusions
Fixtures
Principle of Balance
Appraisal Consulting
Personal Property
11. The value determination based on cost to build less depreciation - plus value of the land.
Cost Approach
Assumption
Report
Assignment
12. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.
Legally Nonconforming Uses
Client
Effects of Use on Real Estate Value
Types of Value
13. A mathematical expression of how supply and demand factors interact in a market.
Characteristics of Value
Appraisal Consulting
Mass Appraisal Model
Principle of Decreasing Returns
14. 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.
Topography
Conformity - Progression and Regression
Report
Easement
15. Runs north and south.
Legally Nonconforming Uses
Conformity - Progression and Regression
Infrastructure
Meridian
16. 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).
Principle of Supply and Demand
Infrastructure
Appraisal Practice
Plottage
17. CLLC (MLLM) - Capital - Land - Labor - Coordination
Principles of Appraisal
Appraiser's Peers
Characteristics of Value
Agents of Production
18. A former item of personal property which has become part o the realty.
Jurisdictional Exception
Fixtures
Three Appraisal Reports
Leasehold Estate
19. Method of identifying property in relation to its boundaries - distances - and angles from a given point.
Section
Workfile
Real Estate Cycle
Meets and Bounds
20. The process of valuing a universe of properties as of a given date using standard methodology - employing common data and allowing for statistical testing.
Agents of Production
Mass Appraisal
Valuation Services
Principle of Supply and Demand
21. Recognizes that supply and demand are in constant flux.
Excess Land
Principle of Change
Scope of Work
Types of Data
22. Describes the direction one moves from the reference point to another and the distant points.
Effects of Use on Real Estate Value
Lot - Block and Tract
Metes
Going Concern
23. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)
Assessed Value
Principle of Contribution
Lot - Block and Tract
Meridian
24. Taxes based on property value.
Ad Valorem Taxes
Assumption
Section
Regression
25. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.
Business Enterprise
Personal Property
Principle of Anticipation
Intended User
26. That which is contrary to what exists but is supposed for the purpose of analysis.
Three Appraisal Reports
Principle of Increasing Returns
Baseline
Hypothetical Condition
27. The party or parties who engage an appraiser in a specific assignment.
Constant Use
Principle of Change
Regression
Client
28. The interests - benefits - and rights inherent in the ownership of a business enterprise or a part thereof in any form
Principle of Supply and Demand
Fee Simple
Business Equity
Parcel
29. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.
Market Value
Types of Value
Principle of Supply and Demand
Township
30. The value of a component is equal to the amount of value it adds to the property as a whole.
Regression
Market Value
Baseline
Principle of Contribution
31. Eminent Domain - Taxation - Police Power - Escheat
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32. An unbiased opinion of value
Market Value
Business Enterprise
Meets and Bounds
Appraisal
33. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Principle of Increasing Returns
Plottage
Client
Price
34. Valuation services performed by an individual acting as an appraiser - including but not limited to appraisal - appraisal review - or appraisal consulting.
Appraisal Review
Feasibility Analysis
Appraisal Practice
Principle of Supply and Demand
35. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Business Enterprise
Progression
Scope of Work
Real Estate Cycle
36. 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.
Excess Land
Deed
Jurisdictional Exception
Easement
37. Value determination based on income generated by a property.
Leasehold Estate
Credible
Lot - Block and Tract
Income Approach
38. 5 - 280 feet
Constant Use
Baseline
mile
Assessed Value
39. Bundle of Rights - Estate - Encumbrances
Principle of Supply and Demand
Types of Real Property
Remainder Man
Appraisal
40. A study of the cost-benefit relationship of an economic endeavor
Mass Appraisal
Feasibility Analysis
Principle of Supply and Demand
Appraiser's Peers
41. Money required to create - produce - or obtain a property
Client
Cost
Principle of Anticipation
Feasibility Analysis
42. The value is affected by the expectations of buyers regarding the future benefits to be gained.
Forces Affecting Value
Section
Price
Principle of Anticipation
43. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.
Types of Real Property
Feasibility Analysis
Conformity - Progression and Regression
Credible
44. Worthy of belief
Appraiser's Peers
Credible
Feasibility Analysis
Client
45. The amount actually paid.
Remainder Man
Price
Jurisdictional Exception
Topography
46. All the beneficial rights of ownership.
Assessed Value
Regional and Community Data
Bundle of Rights
Hypothetical Condition
47. Modest property in an expensive neighborhood (Increase in value).
Direct Capitalization
Topography
Progression
Real Property
48. An identified parcel or tract of land including improvements.
Constant Use
Real Estate
mile
Legally Nonconforming Uses
49. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.
Principle of Balance
Regional and Community Data
Township
Income Approach
50. The interests - benefits - and rights inherent in the ownership of real estate.
Valuation Services
Real Property
Regression
Feasibility Analysis
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