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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. Lay of the land.
Real Estate
Topography
Going Concern
Intended User
2. Nonexclusive right to use property of another.
Easement
Market Value
Gov't Restrictions
Real Estate Cycle
3. 5 - 280 feet
Bundle of Rights
Appraisal Review
Appraisal Practice
mile
4. Describes the direction one moves from the reference point to another and the distant points.
Approaches to Value
Regional and Community Data
Metes
Escheat
5. Self Contained - Summary - Restricted Use
Hypothetical Condition
Three Appraisal Reports
Appraiser
Regression
6. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Assumption
Intangible Property
Encumbrance
Real Estate Cycle
7. 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).
Plottage
Principle of Supply and Demand
Township
Principle of Substitution
8. Value placed by tax assessing official.
Real Estate Cycle
Regression
Credible
Assessed Value
9. Property that is much more luxurious than surrounding properties (Decline in value).
Liquidation Value
Appraiser's Peers
Extraordinary Assumption
Regression
10. Public improvements that support basic needs - such as transportation and utilities.
Assignment
Plottage
Infrastructure
Assessed Value
11. A mathematical expression of how supply and demand factors interact in a market.
Principle of Substitution
Cost
Mass Appraisal Model
Bias
12. A former item of personal property which has become part o the realty.
Fixtures
Remainder Man
Intended Use
Life Estate
13. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment
Infrastructure
Section
Bias
Appraisal Review
14. Cost Approach - Sales Comps - Income Approach (IRV)
Characteristics of Highest and Best Use
Approaches to Value
Hypothetical Condition
Life Estate
15. Runs east and west.
Baseline
Principle of Anticipation
Going Concern
Bundle of Rights
16. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.
Assessed Value
Jurisdictional Exception
Meridian
Conformity - Progression and Regression
17. Identifiable tangible objects that are considered by the general public as being "personal".
Personal Property
Business Enterprise
Excess Land
Conformity - Progression and Regression
18. The party or parties who engage an appraiser in a specific assignment.
Sales Comparison Approach
Excess Land
Client
Characteristics of Value
19. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)
Lot - Block and Tract
Business Equity
Real Property
Assignment Results
20. The value is affected by the expectations of buyers regarding the future benefits to be gained.
Principle of Balance
square mile
Agents of Production
Principle of Anticipation
21. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution
Fee Simple
Principles of Appraisal
Topography
Characteristics of Value
22. DUST - Demand - Utility - Scarcity - Transferability
Characteristics of Value
Real Estate
Principles of Appraisal
Lot - Block and Tract
23. Person that receives property.
Client
mile
Infrastructure
Remainder Man
24. Proof of ownership.
Types of Data
Life Estate
Intended User
Deed
25. The value of the property is determined by the most profitable use to which the property may be put.
Real Estate
Principle of Supply and Demand
Highest and Best Use
Report
26. Runs north and south.
Hypothetical Condition
Meridian
square mile
Progression
27. An entity pursuing an economic activity
Regression
Site
Business Enterprise
Assignment
28. That which is contrary to what exists but is supposed for the purpose of analysis.
Types of Real Property
Bias
Hypothetical Condition
Principle of Supply and Demand
29. 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.
Appraisal Review
Cost
Principle of Supply and Demand
Signature
30. Land that is not needed for the highest and best use of the site
Site
Three Appraisal Reports
Report
Excess Land
31. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.
Constant Use
Life Estate
Principle of Substitution
Assessed Value
32. Services pertaining to aspects of property value.
Value
Valuation Process
Intangible Property
Valuation Services
33. 640 acres.
Extraordinary Assumption
Assessed Value
Characteristics of Highest and Best Use
Section
34. The value determination based on cost to build less depreciation - plus value of the land.
Forces Affecting Value
Cost Approach
mile
Appraisal Practice
35. Value based on sale within a relatively short period of time.
Topography
Liquidation Value
Approaches to Value
Assumption
36. A valuation service provided as a consequence of an agreement between an appraiser and a client
Bias
Principle of Contribution
Ad Valorem Taxes
Assignment
37. 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.
Appraisal Practice
Intended Use
Plottage
Assignment
38. The type and extent of research and analyses in an assignment.
Scope of Work
Fixtures
Types of Value
Life Estate
39. Method of identifying property in relation to its boundaries - distances - and angles from a given point.
Agents of Production
Meets and Bounds
Progression
Liquidation Value
40. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.
Appraiser's Peers
Real Estate
Real Property
Market Value
41. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.
Personal Property
Escheat
Business Enterprise
Principle of Balance
42. An estate that includes possession without title.
Business Equity
Price
Leasehold Estate
Assumption
43. The amount actually paid.
Price
Forces Affecting Value
Principles of Appraisal
Principle of Anticipation
44. Highest and Best Use - Consistent Use - Conformity - Progression & Regression
Lot - Block and Tract
Progression
Intangible Property
Effects of Use on Real Estate Value
45. One who is expected to perform valuation services competently and in a manner that is independent - impartial - and objective.
Township
Appraiser
Workfile
Liquidation Value
46. A study of the cost-benefit relationship of an economic endeavor
Baseline
Intangible Property
Cost Approach
Feasibility Analysis
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.
Baseline
Mass Appraisal
Principle of Contribution
Section
48. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).
Appraiser
Approaches to Value
Principle of Substitution
Direct Capitalization
49. When supply and demand are out of balance. Too much competition
Lot - Block and Tract
Hypothetical Condition
Characteristics of Highest and Best Use
Principle of Competition
50. 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.
Jurisdictional Exception
Conformity - Progression and Regression
Report
Three Appraisal Reports