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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. Public improvements that support basic needs - such as transportation and utilities.
Mass Appraisal Model
Liquidation Value
Infrastructure
Easement
2. The value of an ongoing business or project.
Types of Real Property
Going Concern
Mass Appraisal Model
Assumption
3. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.
Principle of Balance
Price
Principle of Decreasing Returns
Principle of Change
4. The value of a component is equal to the amount of value it adds to the property as a whole.
Principle of Contribution
Baseline
Remainder Man
Business Enterprise
5. A former item of personal property which has become part o the realty.
Workfile
Fixtures
Legally Nonconforming Uses
Price
6. Valuation services performed by an individual acting as an appraiser - including but not limited to appraisal - appraisal review - or appraisal consulting.
Regional and Community Data
Types of Real Property
Appraisal Practice
Appraisal
7. An interest in real estate that does not include possessory rights.
Appraisal Consulting
Regional and Community Data
Encumbrance
Principle of Supply and Demand
8. An unbiased opinion of value
Meridian
Appraisal
Valuation Process
Business Enterprise
9. The monetary relationship between properties and those who buy - sell - or use those properties.
Assumption
Bias
Value
Plottage
10. The interests - benefits - and rights inherent in the ownership of a business enterprise or a part thereof in any form
Business Equity
Reference Point (monument)
Signature
Income Approach
11. Proof of ownership.
Going Concern
Deed
Infrastructure
Bundle of Rights
12. Modest property in an expensive neighborhood (Increase in value).
Progression
Regression
Types of Real Property
Cost Approach
13. That which is taken to be true
Approaches to Value
acre
Regression
Assumption
14. A study of the cost-benefit relationship of an economic endeavor
Feasibility Analysis
Valuation Process
Principle of Change
Hypothetical Condition
15. Lay of the land.
Personal Property
Topography
Metes
Client
16. The value is affected by the expectations of buyers regarding the future benefits to be gained.
Principle of Anticipation
Regional and Community Data
Progression
Real Estate
17. An identified parcel or tract of land including improvements.
Extraordinary Assumption
Assessed Value
Intangible Property
Real Estate
18. Other appraisers who have expertise and competency in a similar type of assignment.
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19. Self Contained - Summary - Restricted Use
Regression
Three Appraisal Reports
Characteristics of Value
Regional and Community Data
20. The process of providing information - analysis of real estate data and recommendations and/or conclusions
Infrastructure
Value
Principle of Increasing Returns
Appraisal Consulting
21. An identifiable - fixed position from which measurements may be taken.
Life Estate
Easement
Reference Point (monument)
Parcel
22. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Plottage
Lot - Block and Tract
Constant Use
Types of Value
23. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)
Liquidation Value
Signature
Mass Appraisal Model
Forces Affecting Value
24. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.
Parcel
Types of Data
Market Value
Constant Use
25. The type and extent of research and analyses in an assignment.
Principle of Decreasing Returns
Scope of Work
Meridian
Mass Appraisal
26. The value of the property is determined by the most profitable use to which the property may be put.
Principle of Anticipation
Excess Land
Highest and Best Use
Effects of Use on Real Estate Value
27. As the amount invested in other agents is incrementally increased - the rate of return on the investment will increase.
Appraiser
Fixtures
Principle of Increasing Returns
Characteristics of Value
28. 6x6 mile square piece of land. (36 square miles)
Hypothetical Condition
Constant Use
Appraisal
Township
29. An estate that includes possession without title.
Intangible Property
Principle of Balance
Leasehold Estate
Valuation Process
30. Reflects the effects of local - social - economic - gov't - and physical forces on value.
Regional and Community Data
Township
Assumption
Escheat
31. Value determination based on income generated by a property.
Income Approach
Intended User
Characteristics of Highest and Best Use
Regression
32. Describes the direction one moves from the reference point to another and the distant points.
Price
Metes
Principle of Balance
Easement
33. An entity pursuing an economic activity
Legally Nonconforming Uses
Characteristics of Value
Business Enterprise
Constant Use
34. The amount actually paid.
Cost Approach
Client
Price
Real Estate
35. Bundle of Rights - Estate - Encumbrances
Sales Comparison Approach
Types of Real Property
Value
Valuation Process
36. Runs east and west.
Township
Baseline
Principle of Supply and Demand
Workfile
37. An appraiser's opinions and conclusions developed specific to an assignment.
Assignment Results
Escheat
Baseline
Leasehold Estate
38. 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).
mile
Characteristics of Highest and Best Use
Constant Use
Principle of Supply and Demand
39. When supply and demand are out of balance. Too much competition
Principle of Competition
Intangible Property
Report
Life Estate
40. 640 acres
Agents of Production
square mile
Assumption
Principles of Appraisal
41. 43 - 560 square feet
Types of Data
Fixtures
acre
Valuation Process
42. That which is contrary to what exists but is supposed for the purpose of analysis.
Principle of Decreasing Returns
Assessed Value
Hypothetical Condition
Real Property
43. An assumption directly related to a specific assignment - which - if found to be false - could alter the opinions or conclusions of the appraisal.
Extraordinary Assumption
Regression
Hypothetical Condition
Intended Use
44. When the rate of return continues to increase at a lower rate and begin to decrease.
Types of Data
Feasibility Analysis
Principle of Decreasing Returns
Three Appraisal Reports
45. 640 acres.
Section
Principle of Substitution
Cost
Assignment
46. All the beneficial rights of ownership.
Hypothetical Condition
Bundle of Rights
Remainder Man
Appraisal
47. Land that is not needed for the highest and best use of the site
Extraordinary Assumption
Excess Land
Jurisdictional Exception
Assignment Results
48. Value placed by tax assessing official.
Topography
Assessed Value
Appraiser's Peers
Liquidation Value
49. An estate that ends upon the death of a designated party.
Constant Use
Life Estate
Assessed Value
Characteristics of Value
50. Taxes based on property value.
Principle of Balance
Ad Valorem Taxes
Reference Point (monument)
Types of Value