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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. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report
Baseline
Extraordinary Assumption
Valuation Process
Principle of Contribution
2. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.
Mass Appraisal
Intended User
Intended Use
Price
3. A mathematical expression of how supply and demand factors interact in a market.
Baseline
Mass Appraisal Model
Intended User
Highest and Best Use
4. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Plottage
Meets and Bounds
Regression
Price
5. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution
Mass Appraisal
Principles of Appraisal
Deed
Highest and Best Use
6. That which is taken to be true
Township
Parcel
Assumption
Real Estate Cycle
7. Modest property in an expensive neighborhood (Increase in value).
Intended Use
Progression
Excess Land
Agents of Production
8. The amount actually paid.
Principle of Supply and Demand
Fixtures
Scope of Work
Price
9. Value determination based on income generated by a property.
Workfile
Valuation Services
Income Approach
Constant Use
10. 640 acres.
Feasibility Analysis
Assignment
Real Estate
Section
11. The interests - benefits - and rights inherent in the ownership of a business enterprise or a part thereof in any form
Report
Cost
square mile
Business Equity
12. The process of valuing a universe of properties as of a given date using standard methodology - employing common data and allowing for statistical testing.
Mass Appraisal
Ad Valorem Taxes
Intangible Property
Sales Comparison Approach
13. 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.
Real Estate Cycle
Principle of Change
Report
Real Estate
14. An estate that includes possession without title.
Plottage
Leasehold Estate
Assumption
Escheat
15. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)
Valuation Process
Forces Affecting Value
Meets and Bounds
Types of Real Property
16. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.
Constant Use
Metes
Workfile
Assessed Value
17. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Mass Appraisal
Conformity - Progression and Regression
Ad Valorem Taxes
Intangible Property
18. The value of an ongoing business or project.
Principle of Increasing Returns
Extraordinary Assumption
Going Concern
Client
19. Nonexclusive right to use property of another.
Credible
Easement
Meridian
Extraordinary Assumption
20. Taxes based on property value.
Legally Nonconforming Uses
Ad Valorem Taxes
Appraiser's Peers
Bundle of Rights
21. Other appraisers who have expertise and competency in a similar type of assignment.
22. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Reference Point (monument)
Signature
Types of Value
Appraisal Consulting
23. Money required to create - produce - or obtain a property
Types of Real Property
Easement
Cost
Encumbrance
24. 640 acres
Infrastructure
Report
Bias
square mile
25. Reflects the effects of local - social - economic - gov't - and physical forces on value.
Value
Remainder Man
Regional and Community Data
Types of Data
26. Land that has been prepared for use.
Approaches to Value
Characteristics of Highest and Best Use
Fixtures
Site
27. The process of providing information - analysis of real estate data and recommendations and/or conclusions
Assessed Value
Appraisal Consulting
Gov't Restrictions
Principles of Appraisal
28. Describes the direction one moves from the reference point to another and the distant points.
Remainder Man
Approaches to Value
Metes
Encumbrance
29. An interest in real estate that does not include possessory rights.
Encumbrance
Scope of Work
Market Value
Credible
30. Services pertaining to aspects of property value.
Business Equity
Appraiser's Peers
Valuation Services
Metes
31. Property that is much more luxurious than surrounding properties (Decline in value).
Feasibility Analysis
Regression
Township
Forces Affecting Value
32. 43 - 560 square feet
acre
Bundle of Rights
Remainder Man
Mass Appraisal
33. An estate that ends upon the death of a designated party.
Life Estate
Assignment
Price
Baseline
34. When supply and demand are out of balance. Too much competition
Appraiser
Mass Appraisal Model
Types of Data
Principle of Competition
35. 6x6 mile square piece of land. (36 square miles)
mile
Fixtures
Township
Remainder Man
36. An assumption directly related to a specific assignment - which - if found to be false - could alter the opinions or conclusions of the appraisal.
Assignment
Real Estate
Bundle of Rights
Extraordinary Assumption
37. Cost Approach - Sales Comps - Income Approach (IRV)
Easement
Approaches to Value
Liquidation Value
Assignment Results
38. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Appraisal Practice
Baseline
Real Estate Cycle
Appraisal Review
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).
Intended User
Appraisal Practice
Signature
Principle of Supply and Demand
40. A valuation service provided as a consequence of an agreement between an appraiser and a client
Principles of Appraisal
Principle of Supply and Demand
Assignment
Mass Appraisal Model
41. Value placed by tax assessing official.
Effects of Use on Real Estate Value
Intangible Property
Types of Data
Assessed Value
42. 5 - 280 feet
Principle of Change
Topography
mile
Intangible Property
43. An appraiser's opinions and conclusions developed specific to an assignment.
Section
Assignment Results
Principle of Contribution
Appraiser
44. Complete form of real propert - includes entire bundle of rights.
Section
Cost
Reference Point (monument)
Fee Simple
45. Runs north and south.
Forces Affecting Value
Assessed Value
Meridian
Effects of Use on Real Estate Value
46. General Data - Specific Date - Primary - Secondary.
Liquidation Value
Business Enterprise
Types of Data
Legally Nonconforming Uses
47. Value based on sale within a relatively short period of time.
Real Property
Real Estate
Liquidation Value
Assessed Value
48. CLLC (MLLM) - Capital - Land - Labor - Coordination
square mile
Real Estate
Agents of Production
Meridian
49. DUST - Demand - Utility - Scarcity - Transferability
Cost
Client
Appraisal Practice
Characteristics of Value
50. Recognizes that supply and demand are in constant flux.
Client
Principle of Increasing Returns
Bias
Principle of Change