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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. Other appraisers who have expertise and competency in a similar type of assignment.
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2. Any piece of land.
Life Estate
Intended Use
Parcel
Principle of Increasing Returns
3. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.
Cost
Legally Nonconforming Uses
Assumption
Township
4. An assumption directly related to a specific assignment - which - if found to be false - could alter the opinions or conclusions of the appraisal.
Easement
Regional and Community Data
Extraordinary Assumption
Intended User
5. Property that is much more luxurious than surrounding properties (Decline in value).
Feasibility Analysis
Regression
Principle of Supply and Demand
Real Estate Cycle
6. Describes the direction one moves from the reference point to another and the distant points.
Assignment Results
Metes
Principle of Supply and Demand
Gov't Restrictions
7. Highest and Best Use - Consistent Use - Conformity - Progression & Regression
Effects of Use on Real Estate Value
Going Concern
Report
Mass Appraisal
8. That which is contrary to what exists but is supposed for the purpose of analysis.
Parcel
Section
Hypothetical Condition
Infrastructure
9. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution
Principle of Competition
Principles of Appraisal
Ad Valorem Taxes
Assignment
10. Public improvements that support basic needs - such as transportation and utilities.
Deed
Infrastructure
square mile
Hypothetical Condition
11. Services pertaining to aspects of property value.
Valuation Services
Credible
Life Estate
Types of Value
12. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Characteristics of Highest and Best Use
Direct Capitalization
Plottage
Valuation Process
13. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.
Cost Approach
Principle of Balance
Appraisal Consulting
Personal Property
14. One who is expected to perform valuation services competently and in a manner that is independent - impartial - and objective.
Real Property
Appraiser
Fee Simple
Sales Comparison Approach
15. 5 - 280 feet
mile
Hypothetical Condition
Assignment Results
Baseline
16. 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
Types of Real Property
Bias
Jurisdictional Exception
17. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).
Sales Comparison Approach
Business Enterprise
Principle of Substitution
Liquidation Value
18. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Real Estate Cycle
Jurisdictional Exception
Principle of Balance
Assignment
19. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report
Regression
Intended Use
Valuation Process
Principle of Competition
20. Recognizes that supply and demand are in constant flux.
Principle of Change
Principle of Decreasing Returns
Regression
Remainder Man
21. The right of government to title when an owner dies without a will or heirs.
Forces Affecting Value
Ad Valorem Taxes
Cost Approach
Escheat
22. Worthy of belief
Credible
Lot - Block and Tract
Types of Data
Appraisal Review
23. 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.
Extraordinary Assumption
Principle of Anticipation
Bias
Appraisal Review
24. The type and extent of research and analyses in an assignment.
Workfile
Market Value
Scope of Work
Hypothetical Condition
25. The party or parties who engage an appraiser in a specific assignment.
Cost
Principle of Competition
Client
Appraisal
26. Value determination based on income generated by a property.
Income Approach
mile
Characteristics of Highest and Best Use
Business Equity
27. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Signature
Assignment
Approaches to Value
Intangible Property
28. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.
Remainder Man
Appraiser
Progression
Workfile
29. Nonexclusive right to use property of another.
Meridian
Easement
Business Equity
Intangible Property
30. The value determination based on cost to build less depreciation - plus value of the land.
Regional and Community Data
Cost Approach
Infrastructure
Appraisal Review
31. DUST - Demand - Utility - Scarcity - Transferability
Valuation Services
Characteristics of Value
Infrastructure
Topography
32. The interests - benefits - and rights inherent in the ownership of a business enterprise or a part thereof in any form
Business Equity
Feasibility Analysis
Hypothetical Condition
Appraisal Consulting
33. 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.
Real Property
Jurisdictional Exception
Intended User
Approaches to Value
34. Runs north and south.
Meridian
Extraordinary Assumption
Principle of Increasing Returns
square mile
35. Modest property in an expensive neighborhood (Increase in value).
Meridian
Progression
Feasibility Analysis
Regression
36. Valuation services performed by an individual acting as an appraiser - including but not limited to appraisal - appraisal review - or appraisal consulting.
Appraisal Practice
Fee Simple
Principle of Increasing Returns
Credible
37. All the beneficial rights of ownership.
acre
Bundle of Rights
Real Estate
Deed
38. Reflects the effects of local - social - economic - gov't - and physical forces on value.
Value
Regional and Community Data
mile
Feasibility Analysis
39. 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
Intended User
Approaches to Value
Principle of Increasing Returns
40. Money required to create - produce - or obtain a property
Cost
Client
Liquidation Value
Regression
41. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Appraisal Practice
Approaches to Value
Types of Value
Fixtures
42. Bundle of Rights - Estate - Encumbrances
Valuation Process
Characteristics of Highest and Best Use
Real Property
Types of Real Property
43. An interest in real estate that does not include possessory rights.
Real Property
Principle of Decreasing Returns
Effects of Use on Real Estate Value
Encumbrance
44. The value of a component is equal to the amount of value it adds to the property as a whole.
Section
Assumption
Extraordinary Assumption
Principle of Contribution
45. A study of the cost-benefit relationship of an economic endeavor
Principle of Competition
Real Estate
Feasibility Analysis
Credible
46. Land that has been prepared for use.
acre
Principle of Anticipation
Site
Progression
47. General Data - Specific Date - Primary - Secondary.
Excess Land
Principle of Decreasing Returns
Assessed Value
Types of Data
48. The process of valuing a universe of properties as of a given date using standard methodology - employing common data and allowing for statistical testing.
Extraordinary Assumption
Topography
Mass Appraisal
Real Estate
49. Value determination based on sales of similar properties.
Life Estate
Sales Comparison Approach
Bundle of Rights
Characteristics of Highest and Best Use
50. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)
Assessed Value
Appraisal Practice
Lot - Block and Tract
Principle of Decreasing Returns