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. As the amount invested in other agents is incrementally increased - the rate of return on the investment will increase.
Forces Affecting Value
Principle of Increasing Returns
Three Appraisal Reports
Site
2. An estate that ends upon the death of a designated party.
Appraiser
Appraisal
Life Estate
Three Appraisal Reports
3. All the beneficial rights of ownership.
Principle of Increasing Returns
Principle of Decreasing Returns
Personal Property
Bundle of Rights
4. 5 - 280 feet
Appraisal Consulting
Sales Comparison Approach
mile
Fee Simple
5. Self Contained - Summary - Restricted Use
Principle of Contribution
Hypothetical Condition
Three Appraisal Reports
Scope of Work
6. The amount actually paid.
Price
Escheat
Characteristics of Highest and Best Use
Bundle of Rights
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).
Income Approach
Business Enterprise
Principle of Supply and Demand
Bundle of Rights
8. 640 acres
Excess Land
Plottage
square mile
Mass Appraisal Model
9. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.
Market Value
Valuation Process
Cost Approach
Workfile
10. Modest property in an expensive neighborhood (Increase in value).
Encumbrance
Progression
Direct Capitalization
Forces Affecting Value
11. An assumption directly related to a specific assignment - which - if found to be false - could alter the opinions or conclusions of the appraisal.
Excess Land
Extraordinary Assumption
Principle of Change
Progression
12. Highest and Best Use - Consistent Use - Conformity - Progression & Regression
Effects of Use on Real Estate Value
Extraordinary Assumption
Topography
Liquidation Value
13. Recognizes that supply and demand are in constant flux.
Remainder Man
Principle of Increasing Returns
Credible
Principle of Change
14. An identifiable - fixed position from which measurements may be taken.
Constant Use
Baseline
Reference Point (monument)
Fixtures
15. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution
Escheat
Characteristics of Value
Principles of Appraisal
Types of Value
16. General Data - Specific Date - Primary - Secondary.
Types of Data
Assignment
Fee Simple
Assumption
17. Valuation services performed by an individual acting as an appraiser - including but not limited to appraisal - appraisal review - or appraisal consulting.
Business Enterprise
Appraisal Practice
Feasibility Analysis
Direct Capitalization
18. Any piece of land.
Direct Capitalization
Principle of Decreasing Returns
Gov't Restrictions
Parcel
19. Person that receives property.
Meets and Bounds
Scope of Work
Escheat
Remainder Man
20. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)
Types of Real Property
Lot - Block and Tract
Principle of Contribution
Assignment Results
21. I=RxV - R=I/V - V=I/R
Characteristics of Value
Direct Capitalization
Signature
Credible
22. When the rate of return continues to increase at a lower rate and begin to decrease.
Progression
Principle of Decreasing Returns
Real Estate Cycle
Income Approach
23. Lay of the land.
Signature
Infrastructure
Topography
Constant Use
24. An estate that includes possession without title.
Leasehold Estate
Value
Excess Land
Going Concern
25. The value determination based on cost to build less depreciation - plus value of the land.
Appraiser's Peers
Meridian
Bundle of Rights
Cost Approach
26. Money required to create - produce - or obtain a property
Reference Point (monument)
Metes
acre
Cost
27. One who is expected to perform valuation services competently and in a manner that is independent - impartial - and objective.
Appraiser
Real Estate
Business Enterprise
Escheat
28. 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.
Principle of Change
Hypothetical Condition
Intended Use
Workfile
29. 640 acres.
Section
Scope of Work
Mass Appraisal
Escheat
30. The value of a component is equal to the amount of value it adds to the property as a whole.
Workfile
Legally Nonconforming Uses
Principle of Contribution
square mile
31. The value of the property is determined by the most profitable use to which the property may be put.
Valuation Services
Highest and Best Use
Principle of Substitution
square mile
32. An identified parcel or tract of land including improvements.
Lot - Block and Tract
Effects of Use on Real Estate Value
Assignment
Real Estate
33. Land that is not needed for the highest and best use of the site
Deed
Remainder Man
Three Appraisal Reports
Excess Land
34. A study of the cost-benefit relationship of an economic endeavor
Business Equity
Types of Value
Going Concern
Feasibility Analysis
35. That which is contrary to what exists but is supposed for the purpose of analysis.
Hypothetical Condition
Appraiser
Forces Affecting Value
Assignment
36. Proof of ownership.
Personal Property
Deed
Infrastructure
Types of Value
37. Method of identifying property in relation to its boundaries - distances - and angles from a given point.
Intangible Property
Approaches to Value
Meets and Bounds
Ad Valorem Taxes
38. 6x6 mile square piece of land. (36 square miles)
Liquidation Value
Progression
Regional and Community Data
Township
39. The right of government to title when an owner dies without a will or heirs.
Meets and Bounds
Escheat
Progression
square mile
40. Runs north and south.
Principle of Competition
Meridian
Principle of Substitution
Assignment Results
41. A mathematical expression of how supply and demand factors interact in a market.
Credible
Constant Use
Mass Appraisal Model
Conformity - Progression and Regression
42. A former item of personal property which has become part o the realty.
Fixtures
Site
Reference Point (monument)
Ad Valorem Taxes
43. 43 - 560 square feet
Topography
Client
Principle of Substitution
acre
44. Worthy of belief
Reference Point (monument)
Credible
Price
Meets and Bounds
45. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.
Three Appraisal Reports
Legally Nonconforming Uses
Mass Appraisal
Appraiser
46. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.
Approaches to Value
Principle of Balance
Signature
Credible
47. Value placed by tax assessing official.
Assessed Value
Principle of Supply and Demand
Approaches to Value
Appraisal Review
48. Taxes based on property value.
Credible
Fee Simple
Ad Valorem Taxes
Liquidation Value
49. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report
Valuation Process
Principles of Appraisal
Direct Capitalization
Personal Property
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.
Principles of Appraisal
Section
Jurisdictional Exception
Signature