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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. When supply and demand are out of balance. Too much competition
Principle of Competition
Scope of Work
Constant Use
Extraordinary Assumption
2. 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).
Leasehold Estate
Principle of Supply and Demand
acre
Cost Approach
3. Runs north and south.
Valuation Process
Direct Capitalization
Principles of Appraisal
Meridian
4. Identifiable tangible objects that are considered by the general public as being "personal".
Site
Appraisal
Assignment
Personal Property
5. The amount actually paid.
Price
Principle of Decreasing Returns
Metes
Mass Appraisal Model
6. An unbiased opinion of value
Real Property
Principle of Competition
Lot - Block and Tract
Appraisal
7. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment
Client
Report
Bias
Constant Use
8. Runs east and west.
Baseline
Intended Use
Scope of Work
Principle of Decreasing Returns
9. An interest in real estate that does not include possessory rights.
acre
Scope of Work
Signature
Encumbrance
10. The interests - benefits - and rights inherent in the ownership of real estate.
Real Property
Characteristics of Highest and Best Use
Assignment
Baseline
11. 640 acres
Appraisal Practice
square mile
Mass Appraisal
Principle of Competition
12. Nonexclusive right to use property of another.
Principle of Supply and Demand
Market Value
Cost
Easement
13. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Three Appraisal Reports
Characteristics of Highest and Best Use
Scope of Work
Real Estate Cycle
14. Person that receives property.
Encumbrance
Liquidation Value
Remainder Man
Assignment Results
15. Land that has been prepared for use.
Direct Capitalization
Progression
Real Property
Site
16. When the rate of return continues to increase at a lower rate and begin to decrease.
Value
Principle of Decreasing Returns
Appraisal Practice
Meets and Bounds
17. All the beneficial rights of ownership.
Principle of Balance
Bundle of Rights
Remainder Man
Agents of Production
18. The right of government to title when an owner dies without a will or heirs.
Site
Escheat
Appraiser's Peers
Assignment Results
19. Property that is much more luxurious than surrounding properties (Decline in value).
Effects of Use on Real Estate Value
Regression
Bundle of Rights
Principle of Supply and Demand
20. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.
Constant Use
Types of Data
Remainder Man
Personal Property
21. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Progression
Plottage
Section
Hypothetical Condition
22. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report
Intended User
Cost
Mass Appraisal
Valuation Process
23. An entity pursuing an economic activity
Business Enterprise
Valuation Services
Encumbrance
Site
24. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.
Legally Nonconforming Uses
Deed
Gov't Restrictions
Assignment Results
25. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.
Cost Approach
Intended User
Value
Types of Value
26. Value determination based on sales of similar properties.
acre
Sales Comparison Approach
Section
Business Equity
27. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)
Principle of Contribution
Meets and Bounds
Forces Affecting Value
Fixtures
28. Land that is not needed for the highest and best use of the site
Personal Property
Regression
Excess Land
Principles of Appraisal
29. Highest and Best Use - Consistent Use - Conformity - Progression & Regression
Assumption
Effects of Use on Real Estate Value
Fixtures
Valuation Services
30. One who is expected to perform valuation services competently and in a manner that is independent - impartial - and objective.
Appraiser
Direct Capitalization
Lot - Block and Tract
square mile
31. Value based on sale within a relatively short period of time.
Liquidation Value
Topography
Value
Principle of Decreasing Returns
32. The value is affected by the expectations of buyers regarding the future benefits to be gained.
Price
Principle of Anticipation
Cost Approach
Principles of Appraisal
33. The type and extent of research and analyses in an assignment.
Scope of Work
Meets and Bounds
Excess Land
Appraisal Review
34. 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.
Principle of Substitution
Report
Baseline
Characteristics of Highest and Best Use
35. 6x6 mile square piece of land. (36 square miles)
mile
Township
Three Appraisal Reports
Constant Use
36. That which is contrary to what exists but is supposed for the purpose of analysis.
Hypothetical Condition
Agents of Production
Assignment Results
Bias
37. Describes the direction one moves from the reference point to another and the distant points.
Cost Approach
Metes
Section
Intangible Property
38. 640 acres.
Section
Intended Use
Principle of Change
Encumbrance
39. Method of identifying property in relation to its boundaries - distances - and angles from a given point.
square mile
Meets and Bounds
Jurisdictional Exception
Infrastructure
40. That which is taken to be true
Assumption
Meridian
Township
Baseline
41. Complete form of real propert - includes entire bundle of rights.
Leasehold Estate
Report
Valuation Process
Fee Simple
42. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Appraiser's Peers
Infrastructure
Liquidation Value
Types of Value
43. The value of the property is determined by the most profitable use to which the property may be put.
mile
Forces Affecting Value
Highest and Best Use
Credible
44. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution
Leasehold Estate
Types of Real Property
Credible
Principles of Appraisal
45. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.
Principle of Balance
Business Equity
Regression
Meets and Bounds
46. An estate that ends upon the death of a designated party.
Life Estate
Hypothetical Condition
Appraisal Consulting
square mile
47. 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
Assumption
Mass Appraisal
Baseline
48. Taxes based on property value.
Meridian
Gov't Restrictions
Ad Valorem Taxes
Assumption
49. Value determination based on income generated by a property.
Principle of Supply and Demand
Income Approach
Effects of Use on Real Estate Value
Scope of Work
50. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)
Direct Capitalization
Plottage
Sales Comparison Approach
Lot - Block and Tract