SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. Describes the direction one moves from the reference point to another and the distant points.
Topography
Metes
Cost Approach
Appraiser
2. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Highest and Best Use
Plottage
Appraisal Consulting
Ad Valorem Taxes
3. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution
Fee Simple
Principles of Appraisal
Excess Land
Township
4. Other appraisers who have expertise and competency in a similar type of assignment.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
5. Runs north and south.
Meridian
Principle of Substitution
Excess Land
Mass Appraisal
6. Value determination based on income generated by a property.
Forces Affecting Value
Effects of Use on Real Estate Value
Characteristics of Value
Income Approach
7. 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.
Mass Appraisal Model
Real Estate Cycle
Signature
Types of Data
8. The process of valuing a universe of properties as of a given date using standard methodology - employing common data and allowing for statistical testing.
Three Appraisal Reports
Mass Appraisal
Sales Comparison Approach
Assignment Results
9. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Principle of Increasing Returns
Real Estate Cycle
Conformity - Progression and Regression
Appraisal Practice
10. A valuation service provided as a consequence of an agreement between an appraiser and a client
Assignment
Parcel
Income Approach
Price
11. Highest and Best Use - Consistent Use - Conformity - Progression & Regression
Assessed Value
Fee Simple
Effects of Use on Real Estate Value
Forces Affecting Value
12. An estate that ends upon the death of a designated party.
Life Estate
Constant Use
Infrastructure
Section
13. Identifiable tangible objects that are considered by the general public as being "personal".
Appraiser
Metes
Personal Property
Bias
14. 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.
Principle of Supply and Demand
Principle of Change
Appraisal Practice
Appraisal Review
15. 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.
Report
Income Approach
Infrastructure
Principle of Decreasing Returns
16. Runs east and west.
Appraiser's Peers
Baseline
Valuation Process
Plottage
17. All the beneficial rights of ownership.
Bundle of Rights
Bias
Principle of Increasing Returns
Fixtures
18. 43 - 560 square feet
acre
Appraisal Practice
Characteristics of Highest and Best Use
Principle of Change
19. Legally permitted - Physically possible - Economically Feasible - Maximally Productive Use
Remainder Man
Liquidation Value
Characteristics of Highest and Best Use
Approaches to Value
20. An estate that includes possession without title.
square mile
Leasehold Estate
Fixtures
Effects of Use on Real Estate Value
21. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Mass Appraisal
Reference Point (monument)
Types of Value
Principle of Decreasing Returns
22. CLLC (MLLM) - Capital - Land - Labor - Coordination
Parcel
Principle of Increasing Returns
Real Property
Agents of Production
23. Cost Approach - Sales Comps - Income Approach (IRV)
Agents of Production
Approaches to Value
Escheat
acre
24. Land that is not needed for the highest and best use of the site
Principles of Appraisal
Valuation Process
Excess Land
Business Equity
25. Money required to create - produce - or obtain a property
Credible
Cost
Real Estate
Remainder Man
26. Person that receives property.
Remainder Man
Hypothetical Condition
Ad Valorem Taxes
Principle of Contribution
27. The type and extent of research and analyses in an assignment.
Appraisal Consulting
Scope of Work
Characteristics of Value
Real Estate
28. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.
Sales Comparison Approach
Principle of Balance
Workfile
Characteristics of Value
29. An appraiser's opinions and conclusions developed specific to an assignment.
Legally Nonconforming Uses
Principle of Decreasing Returns
Income Approach
Assignment Results
30. An entity pursuing an economic activity
Characteristics of Value
Escheat
Assumption
Business Enterprise
31. Self Contained - Summary - Restricted Use
Appraiser's Peers
Three Appraisal Reports
Principle of Balance
Encumbrance
32. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.
Bundle of Rights
Constant Use
Legally Nonconforming Uses
Characteristics of Value
33. Services pertaining to aspects of property value.
Types of Real Property
Valuation Services
Plottage
Cost
34. That which is taken to be true
Valuation Services
Bias
Forces Affecting Value
Assumption
35. A study of the cost-benefit relationship of an economic endeavor
Legally Nonconforming Uses
Mass Appraisal Model
Feasibility Analysis
Appraisal Consulting
36. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.
Parcel
Intended User
Principle of Balance
Business Enterprise
37. That which is contrary to what exists but is supposed for the purpose of analysis.
Principle of Competition
Client
Hypothetical Condition
Meridian
38. The process of providing information - analysis of real estate data and recommendations and/or conclusions
Township
Hypothetical Condition
Appraisal Consulting
Principle of Increasing Returns
39. Public improvements that support basic needs - such as transportation and utilities.
Appraiser's Peers
square mile
Infrastructure
Mass Appraisal
40. Value based on sale within a relatively short period of time.
Workfile
Client
Liquidation Value
Forces Affecting Value
41. Property that is much more luxurious than surrounding properties (Decline in value).
Extraordinary Assumption
Regression
Signature
Appraisal
42. 5 - 280 feet
mile
Client
Principle of Balance
Excess Land
43. When the rate of return continues to increase at a lower rate and begin to decrease.
Real Property
Conformity - Progression and Regression
Principle of Decreasing Returns
Meridian
44. Nonexclusive right to use property of another.
Characteristics of Value
Infrastructure
Encumbrance
Easement
45. Any piece of land.
Appraisal Practice
Parcel
Jurisdictional Exception
Lot - Block and Tract
46. When supply and demand are out of balance. Too much competition
Encumbrance
Plottage
Real Estate Cycle
Principle of Competition
47. 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.
Types of Value
Bundle of Rights
Jurisdictional Exception
Cost
48. Taxes based on property value.
Leasehold Estate
Ad Valorem Taxes
Mass Appraisal
Plottage
49. I=RxV - R=I/V - V=I/R
Direct Capitalization
Constant Use
Appraiser
Principle of Change
50. An identified parcel or tract of land including improvements.
Real Estate
Liquidation Value
Parcel
square mile