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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. 640 acres.
Principle of Competition
Appraisal Review
Section
Constant Use
2. Taxes based on property value.
Ad Valorem Taxes
Progression
Appraisal Consulting
Encumbrance
3. The process of providing information - analysis of real estate data and recommendations and/or conclusions
Price
Principle of Decreasing Returns
Appraisal Consulting
Appraisal Review
4. An estate that includes possession without title.
Leasehold Estate
Signature
acre
Parcel
5. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.
Principles of Appraisal
Market Value
Easement
Principle of Balance
6. Services pertaining to aspects of property value.
Types of Value
Regional and Community Data
Valuation Services
Real Property
7. The value of a component is equal to the amount of value it adds to the property as a whole.
Bias
Assessed Value
Principle of Contribution
Encumbrance
8. Land that has been prepared for use.
Excess Land
Site
Real Property
Feasibility Analysis
9. Eminent Domain - Taxation - Police Power - Escheat
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10. 43 - 560 square feet
Scope of Work
Fee Simple
acre
Metes
11. Complete form of real propert - includes entire bundle of rights.
Principle of Anticipation
Fee Simple
Liquidation Value
Types of Value
12. An identified parcel or tract of land including improvements.
Real Estate
square mile
Valuation Process
Infrastructure
13. Cost Approach - Sales Comps - Income Approach (IRV)
Going Concern
Real Estate Cycle
Approaches to Value
Bundle of Rights
14. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report
Extraordinary Assumption
square mile
Principle of Decreasing Returns
Valuation Process
15. 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
Principle of Increasing Returns
Excess Land
Principle of Anticipation
16. The interests - benefits - and rights inherent in the ownership of a business enterprise or a part thereof in any form
Parcel
Business Enterprise
Mass Appraisal
Business Equity
17. Runs north and south.
Workfile
Scope of Work
Client
Meridian
18. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.
Remainder Man
Assumption
Principle of Balance
Going Concern
19. The value of an ongoing business or project.
Forces Affecting Value
Liquidation Value
Going Concern
Metes
20. The act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal - appraisal review - or appraisal consulting assignment.
Appraiser's Peers
Personal Property
Appraisal Review
Types of Real Property
21. 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.
Real Estate
Valuation Services
Types of Data
Report
22. Bundle of Rights - Estate - Encumbrances
Types of Real Property
Personal Property
Site
Principle of Contribution
23. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.
Intended User
Topography
Plottage
Principle of Balance
24. An estate that ends upon the death of a designated party.
Parcel
Life Estate
Progression
Appraisal Practice
25. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.
Workfile
Meets and Bounds
Value
Cost Approach
26. Property that is much more luxurious than surrounding properties (Decline in value).
Reference Point (monument)
Site
Regression
Workfile
27. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Principle of Change
Legally Nonconforming Uses
Plottage
Assignment Results
28. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Real Estate
Fee Simple
Appraisal
Types of Value
29. The monetary relationship between properties and those who buy - sell - or use those properties.
Value
Sales Comparison Approach
Valuation Process
Ad Valorem Taxes
30. The right of government to title when an owner dies without a will or heirs.
Escheat
Leasehold Estate
Market Value
Direct Capitalization
31. Identifiable tangible objects that are considered by the general public as being "personal".
Personal Property
Assignment Results
Credible
Signature
32. Nonexclusive right to use property of another.
Types of Data
Easement
Intended User
Principle of Change
33. That which is taken to be true
Site
Principle of Increasing Returns
Assumption
Infrastructure
34. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Conformity - Progression and Regression
Ad Valorem Taxes
Valuation Process
Intangible Property
35. Person that receives property.
Bundle of Rights
Types of Value
Personal Property
Remainder Man
36. When the rate of return continues to increase at a lower rate and begin to decrease.
Easement
Agents of Production
Principle of Decreasing Returns
Jurisdictional Exception
37. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.
Intended Use
Conformity - Progression and Regression
Intended User
Three Appraisal Reports
38. The party or parties who engage an appraiser in a specific assignment.
Mass Appraisal
Business Equity
Client
Principle of Increasing Returns
39. Runs east and west.
Appraiser
Workfile
Baseline
Appraisal
40. Value determination based on sales of similar properties.
Assignment
Sales Comparison Approach
Cost Approach
Reference Point (monument)
41. Describes the direction one moves from the reference point to another and the distant points.
Mass Appraisal Model
Encumbrance
Direct Capitalization
Metes
42. An interest in real estate that does not include possessory rights.
Lot - Block and Tract
Business Enterprise
Highest and Best Use
Encumbrance
43. The type and extent of research and analyses in an assignment.
Effects of Use on Real Estate Value
Direct Capitalization
Reference Point (monument)
Scope of Work
44. 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 Highest and Best Use
Meets and Bounds
square mile
Intended Use
45. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.
Legally Nonconforming Uses
Appraiser
Infrastructure
Hypothetical Condition
46. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).
Appraiser
Principle of Substitution
Meridian
Intangible Property
47. 5 - 280 feet
Principle of Change
Infrastructure
Direct Capitalization
mile
48. Reflects the effects of local - social - economic - gov't - and physical forces on value.
Types of Data
Regional and Community Data
Leasehold Estate
Real Property
49. A study of the cost-benefit relationship of an economic endeavor
Fixtures
Agents of Production
Types of Value
Feasibility Analysis
50. I=RxV - R=I/V - V=I/R
Bias
Direct Capitalization
Effects of Use on Real Estate Value
Jurisdictional Exception