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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 entity pursuing an economic activity
Appraiser's Peers
Business Enterprise
Principle of Decreasing Returns
Leasehold Estate
2. Eminent Domain - Taxation - Police Power - Escheat
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3. Self Contained - Summary - Restricted Use
Approaches to Value
Three Appraisal Reports
Topography
acre
4. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.
Principle of Balance
Legally Nonconforming Uses
Intended User
Appraisal Practice
5. The right of government to title when an owner dies without a will or heirs.
Escheat
Three Appraisal Reports
Gov't Restrictions
Extraordinary Assumption
6. Money required to create - produce - or obtain a property
Cost
Assignment Results
Three Appraisal Reports
Intended Use
7. 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.
Signature
Principle of Increasing Returns
mile
Constant Use
8. The value of an ongoing business or project.
Topography
Business Equity
Deed
Going Concern
9. Identifiable tangible objects that are considered by the general public as being "personal".
Principle of Change
Escheat
Market Value
Personal Property
10. 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.
Three Appraisal Reports
Bias
Valuation Process
Appraisal Review
11. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.
Workfile
Meridian
Deed
Mass Appraisal Model
12. Person that receives property.
Personal Property
Direct Capitalization
mile
Remainder Man
13. The monetary relationship between properties and those who buy - sell - or use those properties.
Assignment
Value
Principle of Substitution
Jurisdictional Exception
14. Modest property in an expensive neighborhood (Increase in value).
Forces Affecting Value
Principle of Competition
Progression
Deed
15. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Intangible Property
Value
Report
Regression
16. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution
Market Value
Principles of Appraisal
Types of Data
Mass Appraisal
17. One who is expected to perform valuation services competently and in a manner that is independent - impartial - and objective.
Appraiser
Fee Simple
Fixtures
Escheat
18. The value is affected by the expectations of buyers regarding the future benefits to be gained.
Signature
Principle of Anticipation
Types of Data
Workfile
19. An identified parcel or tract of land including improvements.
Constant Use
Principles of Appraisal
Principle of Supply and Demand
Real Estate
20. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Signature
mile
Section
Plottage
21. A mathematical expression of how supply and demand factors interact in a market.
Jurisdictional Exception
Appraiser
Township
Mass Appraisal Model
22. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)
Principle of Anticipation
Parcel
Appraisal
Forces Affecting Value
23. Runs east and west.
Township
Principles of Appraisal
Baseline
Approaches to Value
24. Value placed by tax assessing official.
Principle of Anticipation
Assessed Value
Income Approach
Going Concern
25. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.
Credible
Principle of Balance
Jurisdictional Exception
Appraiser
26. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).
Escheat
Principle of Anticipation
Principle of Substitution
Appraiser's Peers
27. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report
Cost Approach
mile
Valuation Process
Appraisal Consulting
28. Highest and Best Use - Consistent Use - Conformity - Progression & Regression
Effects of Use on Real Estate Value
Fixtures
Appraiser
Business Equity
29. The interests - benefits - and rights inherent in the ownership of a business enterprise or a part thereof in any form
Principles of Appraisal
Reference Point (monument)
Value
Business Equity
30. Cost Approach - Sales Comps - Income Approach (IRV)
Value
Regression
Approaches to Value
Liquidation Value
31. Recognizes that supply and demand are in constant flux.
Principle of Change
Regional and Community Data
Sales Comparison Approach
Credible
32. 6x6 mile square piece of land. (36 square miles)
Township
Income Approach
Report
Types of Value
33. An interest in real estate that does not include possessory rights.
Assessed Value
Ad Valorem Taxes
Real Estate
Encumbrance
34. That which is taken to be true
Principle of Supply and Demand
Encumbrance
Assumption
Regional and Community Data
35. Value determination based on sales of similar properties.
Plottage
Sales Comparison Approach
Regional and Community Data
Legally Nonconforming Uses
36. An appraiser's opinions and conclusions developed specific to an assignment.
Characteristics of Highest and Best Use
Assignment Results
Feasibility Analysis
Appraisal Review
37. Worthy of belief
Characteristics of Highest and Best Use
Real Estate
Lot - Block and Tract
Credible
38. I=RxV - R=I/V - V=I/R
Direct Capitalization
Mass Appraisal Model
Regression
Principle of Supply and Demand
39. An assumption directly related to a specific assignment - which - if found to be false - could alter the opinions or conclusions of the appraisal.
Cost
Extraordinary Assumption
Appraisal Practice
Personal Property
40. The process of valuing a universe of properties as of a given date using standard methodology - employing common data and allowing for statistical testing.
Market Value
Township
Mass Appraisal
Appraiser's Peers
41. The process of providing information - analysis of real estate data and recommendations and/or conclusions
Principle of Supply and Demand
Reference Point (monument)
Appraisal Consulting
Cost
42. Lay of the land.
Characteristics of Value
Section
Appraiser's Peers
Topography
43. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.
Conformity - Progression and Regression
Approaches to Value
Cost
Market Value
44. 640 acres
Sales Comparison Approach
Principle of Supply and Demand
square mile
Parcel
45. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Excess Land
Principle of Supply and Demand
Types of Value
Ad Valorem Taxes
46. The party or parties who engage an appraiser in a specific assignment.
Scope of Work
Client
Progression
Appraisal Review
47. When the rate of return continues to increase at a lower rate and begin to decrease.
Appraisal Consulting
Valuation Process
Principle of Decreasing Returns
Ad Valorem Taxes
48. A valuation service provided as a consequence of an agreement between an appraiser and a client
Highest and Best Use
Regression
Assignment
Section
49. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.
Constant Use
Meets and Bounds
Principle of Contribution
Ad Valorem Taxes
50. Bundle of Rights - Estate - Encumbrances
Types of Real Property
Topography
Site
Principle of Increasing Returns