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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. An estate that ends upon the death of a designated party.
Going Concern
Life Estate
Income Approach
Meets and Bounds
2. A mathematical expression of how supply and demand factors interact in a market.
Deed
Income Approach
Market Value
Mass Appraisal Model
3. DUST - Demand - Utility - Scarcity - Transferability
Appraiser
Types of Real Property
Characteristics of Value
Mass Appraisal Model
4. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.
Intended User
Principle of Change
Metes
Types of Data
5. The process of providing information - analysis of real estate data and recommendations and/or conclusions
Principle of Anticipation
Encumbrance
Appraisal Consulting
Effects of Use on Real Estate Value
6. Identifiable tangible objects that are considered by the general public as being "personal".
Signature
Personal Property
Principles of Appraisal
Metes
7. Proof of ownership.
Principle of Anticipation
Assumption
Deed
Assignment
8. One who is expected to perform valuation services competently and in a manner that is independent - impartial - and objective.
Bias
Feasibility Analysis
Principle of Competition
Appraiser
9. Lay of the land.
Topography
Progression
Liquidation Value
Principle of Change
10. 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).
Principle of Supply and Demand
Personal Property
Regional and Community Data
Appraisal
11. Value placed by tax assessing official.
Real Estate
Approaches to Value
Assessed Value
Assignment Results
12. Money required to create - produce - or obtain a property
Constant Use
Income Approach
Meets and Bounds
Cost
13. Describes the direction one moves from the reference point to another and the distant points.
Metes
Mass Appraisal
Characteristics of Highest and Best Use
Going Concern
14. CLLC (MLLM) - Capital - Land - Labor - Coordination
Agents of Production
Mass Appraisal
Real Estate
Excess Land
15. 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.
Types of Real Property
Appraisal Review
Effects of Use on Real Estate Value
Section
16. 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.
Assumption
Hypothetical Condition
Jurisdictional Exception
Types of Real Property
17. Land that is not needed for the highest and best use of the site
Deed
Assignment Results
Excess Land
Appraiser's Peers
18. Value determination based on sales of similar properties.
Sales Comparison Approach
Gov't Restrictions
Parcel
Agents of Production
19. The value is affected by the expectations of buyers regarding the future benefits to be gained.
Jurisdictional Exception
Encumbrance
Principle of Anticipation
Business Enterprise
20. An entity pursuing an economic activity
Jurisdictional Exception
Business Enterprise
Principle of Decreasing Returns
Assessed Value
21. The type and extent of research and analyses in an assignment.
Scope of Work
Remainder Man
Personal Property
Principle of Anticipation
22. Value determination based on income generated by a property.
Income Approach
Extraordinary Assumption
Principle of Competition
Assumption
23. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.
Constant Use
Highest and Best Use
Mass Appraisal
Principle of Supply and Demand
24. An appraiser's opinions and conclusions developed specific to an assignment.
Approaches to Value
Going Concern
Assignment Results
Leasehold Estate
25. The right of government to title when an owner dies without a will or heirs.
Escheat
Assignment
Personal Property
Plottage
26. 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.
Principle of Decreasing Returns
Liquidation Value
Constant Use
Signature
27. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)
Jurisdictional Exception
Cost
Principle of Change
Lot - Block and Tract
28. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Appraisal Practice
Types of Value
Market Value
Principle of Contribution
29. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Credible
Appraiser's Peers
Appraisal Consulting
Intangible Property
30. Modest property in an expensive neighborhood (Increase in value).
Constant Use
Progression
Principle of Substitution
Bias
31. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).
Value
Cost
Principle of Substitution
Market Value
32. Complete form of real propert - includes entire bundle of rights.
Extraordinary Assumption
Fee Simple
Ad Valorem Taxes
Excess Land
33. The amount actually paid.
Report
Principle of Supply and Demand
Principle of Change
Price
34. The process of valuing a universe of properties as of a given date using standard methodology - employing common data and allowing for statistical testing.
Valuation Services
Approaches to Value
Mass Appraisal
Personal Property
35. Eminent Domain - Taxation - Police Power - Escheat
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36. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)
Plottage
Forces Affecting Value
Signature
Principle of Contribution
37. Person that receives property.
Real Estate Cycle
Regional and Community Data
Intended Use
Remainder Man
38. The interests - benefits - and rights inherent in the ownership of real estate.
Site
Credible
Real Property
Principle of Increasing Returns
39. 6x6 mile square piece of land. (36 square miles)
Principle of Contribution
Principle of Balance
Township
Going Concern
40. 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.
Regional and Community Data
Scope of Work
Intended Use
Client
41. An identifiable - fixed position from which measurements may be taken.
Excess Land
Reference Point (monument)
Bias
Principle of Balance
42. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.
Legally Nonconforming Uses
Reference Point (monument)
Appraiser
Three Appraisal Reports
43. When the rate of return continues to increase at a lower rate and begin to decrease.
Assignment Results
Principle of Decreasing Returns
Characteristics of Highest and Best Use
Principle of Balance
44. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Real Estate Cycle
Workfile
Fixtures
Feasibility Analysis
45. I=RxV - R=I/V - V=I/R
Types of Value
Scope of Work
Direct Capitalization
Value
46. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report
Personal Property
Appraisal
Forces Affecting Value
Valuation Process
47. The value of an ongoing business or project.
Remainder Man
square mile
Going Concern
Intended Use
48. Highest and Best Use - Consistent Use - Conformity - Progression & Regression
Approaches to Value
Effects of Use on Real Estate Value
Remainder Man
Types of Value
49. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment
Assignment Results
Characteristics of Highest and Best Use
Easement
Bias
50. Reflects the effects of local - social - economic - gov't - and physical forces on value.
Regional and Community Data
Remainder Man
Jurisdictional Exception
Assessed Value