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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. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)
Principle of Contribution
Forces Affecting Value
Principle of Substitution
Fixtures
2. Valuation services performed by an individual acting as an appraiser - including but not limited to appraisal - appraisal review - or appraisal consulting.
Real Estate
Three Appraisal Reports
Appraisal Practice
Valuation Process
3. Self Contained - Summary - Restricted Use
Price
Assumption
Assignment Results
Three Appraisal Reports
4. That which is taken to be true
Assumption
Principle of Anticipation
Metes
Characteristics of Highest and Best Use
5. 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
Easement
Assignment
Lot - Block and Tract
6. The value determination based on cost to build less depreciation - plus value of the land.
Extraordinary Assumption
Cost Approach
Business Enterprise
Agents of Production
7. When the rate of return continues to increase at a lower rate and begin to decrease.
Legally Nonconforming Uses
Principle of Decreasing Returns
Constant Use
Lot - Block and Tract
8. Eminent Domain - Taxation - Police Power - Escheat
9. 6x6 mile square piece of land. (36 square miles)
Township
Market Value
Lot - Block and Tract
Reference Point (monument)
10. A study of the cost-benefit relationship of an economic endeavor
Personal Property
Feasibility Analysis
Gov't Restrictions
Easement
11. That which is contrary to what exists but is supposed for the purpose of analysis.
Workfile
Jurisdictional Exception
Fixtures
Hypothetical Condition
12. Value determination based on income generated by a property.
Leasehold Estate
Life Estate
Income Approach
Plottage
13. Describes the direction one moves from the reference point to another and the distant points.
Excess Land
Lot - Block and Tract
Site
Metes
14. The interests - benefits - and rights inherent in the ownership of real estate.
Types of Data
Fixtures
Agents of Production
Real Property
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.
Market Value
Price
Report
Conformity - Progression and Regression
16. The value of a component is equal to the amount of value it adds to the property as a whole.
Meets and Bounds
Mass Appraisal
Principle of Contribution
Section
17. Money required to create - produce - or obtain a property
Report
Appraiser's Peers
Cost
Regional and Community Data
18. The value is affected by the expectations of buyers regarding the future benefits to be gained.
Encumbrance
Direct Capitalization
Principle of Anticipation
Ad Valorem Taxes
19. An estate that ends upon the death of a designated party.
Life Estate
Easement
Effects of Use on Real Estate Value
Personal Property
20. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution
Principle of Change
Principles of Appraisal
Assignment Results
Fee Simple
21. A mathematical expression of how supply and demand factors interact in a market.
Appraisal Review
Constant Use
Intangible Property
Mass Appraisal Model
22. An estate that includes possession without title.
Appraisal
Bias
Principles of Appraisal
Leasehold Estate
23. DUST - Demand - Utility - Scarcity - Transferability
Principle of Balance
Workfile
Topography
Characteristics of Value
24. 640 acres.
Principle of Change
Effects of Use on Real Estate Value
Section
Appraiser's Peers
25. An entity pursuing an economic activity
Business Enterprise
Effects of Use on Real Estate Value
Intangible Property
Types of Data
26. Runs north and south.
Agents of Production
Meridian
Extraordinary Assumption
Characteristics of Highest and Best Use
27. CLLC (MLLM) - Capital - Land - Labor - Coordination
Jurisdictional Exception
Topography
Agents of Production
Valuation Process
28. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Assessed Value
Intangible Property
Fee Simple
Appraisal
29. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.
Bias
Client
Township
Legally Nonconforming Uses
30. An unbiased opinion of value
Appraisal
Credible
Appraiser
Progression
31. An appraiser's opinions and conclusions developed specific to an assignment.
Characteristics of Value
Workfile
Assignment Results
Assessed Value
32. Modest property in an expensive neighborhood (Increase in value).
Legally Nonconforming Uses
Progression
Assessed Value
Cost
33. Land that is not needed for the highest and best use of the site
Types of Data
Excess Land
Mass Appraisal
Metes
34. Recognizes that supply and demand are in constant flux.
Principle of Change
Reference Point (monument)
Characteristics of Value
Three Appraisal Reports
35. The value of the property is determined by the most profitable use to which the property may be put.
Highest and Best Use
Mass Appraisal
Principle of Increasing Returns
Assignment Results
36. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Types of Value
Value
Infrastructure
Lot - Block and Tract
37. The value of an ongoing business or project.
Appraisal Practice
Meridian
Going Concern
Principle of Competition
38. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.
Cost
Excess Land
Conformity - Progression and Regression
Signature
39. Value placed by tax assessing official.
Excess Land
Forces Affecting Value
Price
Assessed Value
40. Worthy of belief
Life Estate
Credible
Assessed Value
Leasehold Estate
41. General Data - Specific Date - Primary - Secondary.
Types of Data
Meridian
Scope of Work
Business Enterprise
42. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Leasehold Estate
Sales Comparison Approach
Principles of Appraisal
Plottage
43. Value determination based on sales of similar properties.
Feasibility Analysis
Scope of Work
Sales Comparison Approach
Characteristics of Value
44. Reflects the effects of local - social - economic - gov't - and physical forces on value.
Characteristics of Highest and Best Use
Personal Property
Regional and Community Data
Business Equity
45. 5 - 280 feet
Credible
Metes
mile
Market Value
46. The right of government to title when an owner dies without a will or heirs.
Principle of Decreasing Returns
Escheat
Leasehold Estate
Client
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.
Real Estate Cycle
Mass Appraisal
Hypothetical Condition
Deed
48. Highest and Best Use - Consistent Use - Conformity - Progression & Regression
Principle of Balance
Baseline
Characteristics of Value
Effects of Use on Real Estate Value
49. An assumption directly related to a specific assignment - which - if found to be false - could alter the opinions or conclusions of the appraisal.
Mass Appraisal
Assignment
Extraordinary Assumption
Price
50. An identified parcel or tract of land including improvements.
Principle of Decreasing Returns
Personal Property
Real Property
Real Estate