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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. Services pertaining to aspects of property value.
Liquidation Value
Parcel
Escheat
Valuation Services
2. Value placed by tax assessing official.
Assessed Value
Principle of Substitution
Income Approach
Excess Land
3. I=RxV - R=I/V - V=I/R
Real Estate Cycle
Highest and Best Use
acre
Direct Capitalization
4. The process of providing information - analysis of real estate data and recommendations and/or conclusions
Lot - Block and Tract
Regional and Community Data
Real Estate Cycle
Appraisal Consulting
5. Legally permitted - Physically possible - Economically Feasible - Maximally Productive Use
Characteristics of Highest and Best Use
Encumbrance
Business Enterprise
Real Property
6. Land that is not needed for the highest and best use of the site
Jurisdictional Exception
Valuation Services
Excess Land
Real Property
7. The interests - benefits - and rights inherent in the ownership of a business enterprise or a part thereof in any form
Business Equity
Three Appraisal Reports
Value
Characteristics of Value
8. 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.
Credible
Ad Valorem Taxes
Jurisdictional Exception
Plottage
9. Runs east and west.
Approaches to Value
Fee Simple
Baseline
Excess Land
10. 5 - 280 feet
Progression
Reference Point (monument)
Appraisal Review
mile
11. All the beneficial rights of ownership.
Escheat
Bundle of Rights
Price
Conformity - Progression and Regression
12. Eminent Domain - Taxation - Police Power - Escheat
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13. Value determination based on income generated by a property.
Intended User
Excess Land
Jurisdictional Exception
Income Approach
14. Cost Approach - Sales Comps - Income Approach (IRV)
Meridian
Remainder Man
Excess Land
Approaches to Value
15. An identifiable - fixed position from which measurements may be taken.
Intangible Property
Infrastructure
Hypothetical Condition
Reference Point (monument)
16. An identified parcel or tract of land including improvements.
Real Estate
Section
Cost
Constant Use
17. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report
Effects of Use on Real Estate Value
Three Appraisal Reports
Appraisal Review
Valuation Process
18. Person that receives property.
Remainder Man
Assignment Results
Easement
Real Estate
19. 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.
Bundle of Rights
Credible
Life Estate
Appraisal Review
20. Worthy of belief
Credible
Principle of Substitution
Assignment
Conformity - Progression and Regression
21. The type and extent of research and analyses in an assignment.
Assessed Value
Assignment
Price
Scope of Work
22. 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
Topography
Jurisdictional Exception
Appraisal Practice
23. Modest property in an expensive neighborhood (Increase in value).
Business Equity
Progression
Assignment
Characteristics of Highest and Best Use
24. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment
Fee Simple
Baseline
Bias
Scope of Work
25. The value of an ongoing business or project.
Going Concern
Assignment
Cost Approach
Mass Appraisal
26. An interest in real estate that does not include possessory rights.
Section
Business Equity
Encumbrance
Valuation Process
27. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).
Types of Value
Value
Principle of Substitution
Appraiser's Peers
28. An assumption directly related to a specific assignment - which - if found to be false - could alter the opinions or conclusions of the appraisal.
Real Estate
Principle of Anticipation
Signature
Extraordinary Assumption
29. Bundle of Rights - Estate - Encumbrances
Types of Real Property
Appraisal Practice
Real Property
Topography
30. The right of government to title when an owner dies without a will or heirs.
Principle of Supply and Demand
Escheat
Principle of Anticipation
Regression
31. Value based on sale within a relatively short period of time.
Valuation Process
Principle of Contribution
Fee Simple
Liquidation Value
32. Nonexclusive right to use property of another.
Easement
Principle of Change
Mass Appraisal
Mass Appraisal Model
33. When the rate of return continues to increase at a lower rate and begin to decrease.
Principle of Decreasing Returns
Township
Appraiser's Peers
Feasibility Analysis
34. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.
Assessed Value
Intended User
Market Value
Direct Capitalization
35. The value is affected by the expectations of buyers regarding the future benefits to be gained.
Principle of Anticipation
Extraordinary Assumption
Direct Capitalization
Principle of Competition
36. 43 - 560 square feet
Liquidation Value
Value
acre
Topography
37. As the amount invested in other agents is incrementally increased - the rate of return on the investment will increase.
Types of Real Property
Principle of Increasing Returns
Mass Appraisal Model
Life Estate
38. The process of valuing a universe of properties as of a given date using standard methodology - employing common data and allowing for statistical testing.
Mass Appraisal
Valuation Process
Assignment Results
Principle of Competition
39. The monetary relationship between properties and those who buy - sell - or use those properties.
Going Concern
Client
Three Appraisal Reports
Value
40. Value determination based on sales of similar properties.
Section
Sales Comparison Approach
Workfile
Assessed Value
41. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)
Personal Property
Intended User
Progression
Lot - Block and Tract
42. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.
Assumption
Conformity - Progression and Regression
mile
Constant Use
43. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution
Principle of Change
Types of Real Property
Baseline
Principles of Appraisal
44. DUST - Demand - Utility - Scarcity - Transferability
Characteristics of Value
Credible
Principle of Substitution
Regional and Community Data
45. An appraiser's opinions and conclusions developed specific to an assignment.
Personal Property
Assignment Results
Direct Capitalization
Fee Simple
46. General Data - Specific Date - Primary - Secondary.
Excess Land
Types of Data
Encumbrance
Meridian
47. Property that is much more luxurious than surrounding properties (Decline in value).
Regression
Topography
Reference Point (monument)
Principle of Substitution
48. Proof of ownership.
Deed
Life Estate
Business Enterprise
Legally Nonconforming Uses
49. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Principle of Competition
Reference Point (monument)
Life Estate
Types of Value
50. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Real Property
Mass Appraisal
Intangible Property
Remainder Man