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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. That which is taken to be true
Principle of Balance
Signature
Assumption
Legally Nonconforming Uses
2. That which is contrary to what exists but is supposed for the purpose of analysis.
Hypothetical Condition
Fee Simple
Effects of Use on Real Estate Value
Principle of Change
3. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Intended Use
Principles of Appraisal
Intangible Property
Encumbrance
4. Value determination based on sales of similar properties.
Assignment Results
Agents of Production
Sales Comparison Approach
Regional and Community Data
5. The value determination based on cost to build less depreciation - plus value of the land.
Site
Principle of Contribution
Regional and Community Data
Cost Approach
6. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment
Intangible Property
Bias
Hypothetical Condition
Conformity - Progression and Regression
7. Land that is not needed for the highest and best use of the site
Excess Land
Lot - Block and Tract
Constant Use
square mile
8. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Jurisdictional Exception
Real Estate Cycle
Principle of Decreasing Returns
Client
9. Identifiable tangible objects that are considered by the general public as being "personal".
Personal Property
Principle of Decreasing Returns
Progression
mile
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.
Signature
Cost
Fee Simple
Metes
11. 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.
Intended Use
Bundle of Rights
Site
Lot - Block and Tract
12. Nonexclusive right to use property of another.
Jurisdictional Exception
Easement
Report
Reference Point (monument)
13. The value of the property is determined by the most profitable use to which the property may be put.
Legally Nonconforming Uses
Direct Capitalization
Infrastructure
Highest and Best Use
14. An unbiased opinion of value
Appraisal
Principle of Decreasing Returns
Lot - Block and Tract
Report
15. The process of providing information - analysis of real estate data and recommendations and/or conclusions
Reference Point (monument)
Appraisal Consulting
Intended User
Highest and Best Use
16. A former item of personal property which has become part o the realty.
Cost
Site
Valuation Services
Fixtures
17. When the rate of return continues to increase at a lower rate and begin to decrease.
Parcel
Gov't Restrictions
Signature
Principle of Decreasing Returns
18. As the amount invested in other agents is incrementally increased - the rate of return on the investment will increase.
Characteristics of Highest and Best Use
Principle of Increasing Returns
Regional and Community Data
Principle of Anticipation
19. An estate that includes possession without title.
Leasehold Estate
Business Equity
Excess Land
Jurisdictional Exception
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.
Forces Affecting Value
Mass Appraisal
Types of Real Property
Assignment Results
21. 5 - 280 feet
mile
Progression
Report
Sales Comparison Approach
22. Lay of the land.
Conformity - Progression and Regression
Valuation Services
Jurisdictional Exception
Topography
23. Value determination based on income generated by a property.
Real Property
Mass Appraisal
Income Approach
Assumption
24. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution
Principle of Change
Parcel
Principles of Appraisal
Gov't Restrictions
25. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.
Signature
Appraiser
Three Appraisal Reports
Market Value
26. 640 acres.
Fee Simple
Section
Legally Nonconforming Uses
Fixtures
27. DUST - Demand - Utility - Scarcity - Transferability
Conformity - Progression and Regression
Three Appraisal Reports
Personal Property
Characteristics of Value
28. Describes the direction one moves from the reference point to another and the distant points.
Principle of Decreasing Returns
Metes
Assumption
mile
29. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).
Principle of Substitution
Going Concern
Real Property
Assumption
30. Other appraisers who have expertise and competency in a similar type of assignment.
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31. An assumption directly related to a specific assignment - which - if found to be false - could alter the opinions or conclusions of the appraisal.
Site
Assumption
Extraordinary Assumption
Leasehold Estate
32. The value is affected by the expectations of buyers regarding the future benefits to be gained.
Liquidation Value
Workfile
Bundle of Rights
Principle of Anticipation
33. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.
Cost
Principle of Decreasing Returns
Easement
Workfile
34. The value of an ongoing business or project.
Plottage
Appraisal Practice
Going Concern
Site
35. A mathematical expression of how supply and demand factors interact in a market.
Mass Appraisal Model
Regression
Meridian
Excess Land
36. Method of identifying property in relation to its boundaries - distances - and angles from a given point.
Highest and Best Use
Principle of Substitution
Meets and Bounds
acre
37. Runs north and south.
Meridian
Principle of Balance
Bias
Appraiser
38. An entity pursuing an economic activity
Life Estate
Assignment Results
Business Enterprise
Deed
39. Any piece of land.
Valuation Process
Parcel
Plottage
Principle of Competition
40. CLLC (MLLM) - Capital - Land - Labor - Coordination
Easement
Scope of Work
Intangible Property
Agents of Production
41. 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).
Effects of Use on Real Estate Value
Market Value
Types of Data
Principle of Supply and Demand
42. A study of the cost-benefit relationship of an economic endeavor
Hypothetical Condition
Assignment Results
Feasibility Analysis
Principle of Anticipation
43. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.
Escheat
Reference Point (monument)
Intended User
square mile
44. The amount actually paid.
Reference Point (monument)
Price
Characteristics of Highest and Best Use
Cost Approach
45. When supply and demand are out of balance. Too much competition
Characteristics of Value
Principle of Competition
Intangible Property
Principle of Decreasing Returns
46. Cost Approach - Sales Comps - Income Approach (IRV)
Regional and Community Data
Approaches to Value
Encumbrance
Price
47. Money required to create - produce - or obtain a property
Real Property
Highest and Best Use
Characteristics of Value
Cost
48. Eminent Domain - Taxation - Police Power - Escheat
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49. Valuation services performed by an individual acting as an appraiser - including but not limited to appraisal - appraisal review - or appraisal consulting.
Principle of Supply and Demand
Extraordinary Assumption
Appraisal Practice
Principle of Contribution
50. Highest and Best Use - Consistent Use - Conformity - Progression & Regression
Effects of Use on Real Estate Value
Fee Simple
Business Enterprise
Section