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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.
Workfile
Life Estate
Conformity - Progression and Regression
Intended Use
2. 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
Metes
Report
Agents of Production
3. Reflects the effects of local - social - economic - gov't - and physical forces on value.
Workfile
Regional and Community Data
Direct Capitalization
Reference Point (monument)
4. An appraiser's opinions and conclusions developed specific to an assignment.
Valuation Services
Intended Use
Principle of Anticipation
Assignment Results
5. Valuation services performed by an individual acting as an appraiser - including but not limited to appraisal - appraisal review - or appraisal consulting.
Baseline
Report
Appraisal Practice
Appraisal Consulting
6. General Data - Specific Date - Primary - Secondary.
Types of Data
Jurisdictional Exception
Characteristics of Value
Township
7. Any piece of land.
Assessed Value
Parcel
Intangible Property
square mile
8. Value determination based on sales of similar properties.
Cost Approach
Sales Comparison Approach
Going Concern
Parcel
9. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Meridian
Intangible Property
Scope of Work
Types of Data
10. Describes the direction one moves from the reference point to another and the distant points.
Infrastructure
Approaches to Value
Metes
Price
11. An identified parcel or tract of land including improvements.
Appraisal
Real Estate
Types of Value
Intended User
12. 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 Data
Types of Real Property
square mile
13. Worthy of belief
Credible
Encumbrance
acre
Characteristics of Highest and Best Use
14. Services pertaining to aspects of property value.
Life Estate
Assessed Value
Valuation Services
Going Concern
15. Bundle of Rights - Estate - Encumbrances
Life Estate
Assumption
Approaches to Value
Types of Real Property
16. 5 - 280 feet
Report
Real Estate
Liquidation Value
mile
17. Highest and Best Use - Consistent Use - Conformity - Progression & Regression
Business Enterprise
Effects of Use on Real Estate Value
Fixtures
Constant Use
18. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Characteristics of Value
Metes
Types of Value
Principle of Competition
19. I=RxV - R=I/V - V=I/R
Market Value
Ad Valorem Taxes
Credible
Direct Capitalization
20. The interests - benefits - and rights inherent in the ownership of real estate.
Feasibility Analysis
Appraiser's Peers
Real Property
Principle of Substitution
21. The right of government to title when an owner dies without a will or heirs.
Escheat
Site
Three Appraisal Reports
Infrastructure
22. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.
Characteristics of Highest and Best Use
Appraisal Review
Workfile
Cost
23. Person that receives property.
Client
Principle of Supply and Demand
Escheat
Remainder Man
24. Self Contained - Summary - Restricted Use
Encumbrance
Three Appraisal Reports
Market Value
Bundle of Rights
25. Legally permitted - Physically possible - Economically Feasible - Maximally Productive Use
Characteristics of Highest and Best Use
Gov't Restrictions
Escheat
Price
26. The interests - benefits - and rights inherent in the ownership of a business enterprise or a part thereof in any form
Going Concern
Business Equity
Lot - Block and Tract
Jurisdictional Exception
27. Land that is not needed for the highest and best use of the site
Excess Land
Life Estate
Gov't Restrictions
Section
28. 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.
Report
Meets and Bounds
Intended Use
Infrastructure
29. The value of a component is equal to the amount of value it adds to the property as a whole.
Three Appraisal Reports
Price
Types of Data
Principle of Contribution
30. 640 acres.
Effects of Use on Real Estate Value
Constant Use
Section
Mass Appraisal
31. The value is affected by the expectations of buyers regarding the future benefits to be gained.
Direct Capitalization
Principle of Anticipation
Valuation Process
Gov't Restrictions
32. DUST - Demand - Utility - Scarcity - Transferability
Assumption
Characteristics of Value
Approaches to Value
Intended Use
33. CLLC (MLLM) - Capital - Land - Labor - Coordination
Assumption
Agents of Production
Reference Point (monument)
Legally Nonconforming Uses
34. The monetary relationship between properties and those who buy - sell - or use those properties.
Principle of Anticipation
Market Value
Value
Three Appraisal Reports
35. 640 acres
Encumbrance
Plottage
square mile
mile
36. An unbiased opinion of value
Appraisal
Metes
Appraisal Consulting
Characteristics of Value
37. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Hypothetical Condition
Price
Legally Nonconforming Uses
Plottage
38. Land that has been prepared for use.
Site
Assumption
Appraisal Practice
Life Estate
39. The value determination based on cost to build less depreciation - plus value of the land.
Cost Approach
Principle of Decreasing Returns
Characteristics of Highest and Best Use
Valuation Services
40. When supply and demand are out of balance. Too much competition
Infrastructure
Principle of Competition
Section
Assignment Results
41. Value placed by tax assessing official.
Assessed Value
Leasehold Estate
Assignment
Principle of Decreasing Returns
42. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.
Principle of Contribution
Business Enterprise
Bias
Intended User
43. The process of providing information - analysis of real estate data and recommendations and/or conclusions
Appraisal Consulting
Value
Appraiser
Characteristics of Value
44. Value based on sale within a relatively short period of time.
Conformity - Progression and Regression
Report
Liquidation Value
Types of Value
45. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Real Estate Cycle
Bias
Principle of Change
Principle of Decreasing Returns
46. Runs east and west.
Metes
Baseline
Forces Affecting Value
Report
47. That which is contrary to what exists but is supposed for the purpose of analysis.
Principle of Competition
Hypothetical Condition
Real Estate Cycle
Intended User
48. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.
Legally Nonconforming Uses
Going Concern
Liquidation Value
Signature
49. The value of the property is determined by the most profitable use to which the property may be put.
Principle of Contribution
Highest and Best Use
Valuation Process
Bias
50. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)
Deed
Principle of Anticipation
Assumption
Lot - Block and Tract