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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. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Life Estate
Principles of Appraisal
Types of Value
Valuation Process
2. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.
Types of Value
Constant Use
Report
Price
3. CLLC (MLLM) - Capital - Land - Labor - Coordination
Forces Affecting Value
Agents of Production
Regional and Community Data
Appraisal Review
4. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Meets and Bounds
Section
Intangible Property
Life Estate
5. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Going Concern
Real Estate Cycle
Remainder Man
Approaches to Value
6. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.
Assessed Value
Intended User
Escheat
Signature
7. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.
Real Property
Workfile
Appraisal Practice
Bias
8. The value determination based on cost to build less depreciation - plus value of the land.
Market Value
Sales Comparison Approach
Assignment Results
Cost Approach
9. Lay of the land.
Topography
Appraiser
Scope of Work
Client
10. Any piece of land.
Appraisal
Appraiser's Peers
Liquidation Value
Parcel
11. Complete form of real propert - includes entire bundle of rights.
Characteristics of Highest and Best Use
Types of Real Property
Fee Simple
Client
12. Reflects the effects of local - social - economic - gov't - and physical forces on value.
Regional and Community Data
Plottage
Assumption
Deed
13. Bundle of Rights - Estate - Encumbrances
Types of Real Property
Personal Property
Cost
Regression
14. When the rate of return continues to increase at a lower rate and begin to decrease.
Real Estate Cycle
Principles of Appraisal
Principle of Decreasing Returns
Site
15. 6x6 mile square piece of land. (36 square miles)
Extraordinary Assumption
Township
Constant Use
Principle of Contribution
16. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment
Bias
Report
Lot - Block and Tract
Ad Valorem Taxes
17. That which is taken to be true
Types of Data
Extraordinary Assumption
Principle of Substitution
Assumption
18. Nonexclusive right to use property of another.
Easement
Bundle of Rights
Ad Valorem Taxes
Plottage
19. An identifiable - fixed position from which measurements may be taken.
Real Estate Cycle
Reference Point (monument)
Three Appraisal Reports
Assessed Value
20. One who is expected to perform valuation services competently and in a manner that is independent - impartial - and objective.
Highest and Best Use
Constant Use
Income Approach
Appraiser
21. An entity pursuing an economic activity
Bundle of Rights
Business Enterprise
Liquidation Value
Principle of Anticipation
22. Person that receives property.
Remainder Man
Principle of Anticipation
Sales Comparison Approach
Business Equity
23. Value based on sale within a relatively short period of time.
Income Approach
mile
Parcel
Liquidation Value
24. An estate that ends upon the death of a designated party.
Three Appraisal Reports
Life Estate
Intangible Property
Meridian
25. 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.
Types of Real Property
Cost
Life Estate
Jurisdictional Exception
26. Describes the direction one moves from the reference point to another and the distant points.
Township
Principle of Increasing Returns
Metes
Deed
27. Self Contained - Summary - Restricted Use
Progression
Reference Point (monument)
Easement
Three Appraisal Reports
28. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.
Principle of Balance
Market Value
Effects of Use on Real Estate Value
Real Estate Cycle
29. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).
Ad Valorem Taxes
Meets and Bounds
Assignment Results
Principle of Substitution
30. Eminent Domain - Taxation - Police Power - Escheat
31. Value determination based on income generated by a property.
Legally Nonconforming Uses
Income Approach
Bundle of Rights
Jurisdictional Exception
32. Legally permitted - Physically possible - Economically Feasible - Maximally Productive Use
mile
Assignment
Principles of Appraisal
Characteristics of Highest and Best Use
33. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report
Appraisal Review
Direct Capitalization
Valuation Process
Excess Land
34. Runs east and west.
Meridian
Fee Simple
Baseline
Mass Appraisal Model
35. A mathematical expression of how supply and demand factors interact in a market.
Valuation Services
Mass Appraisal Model
Extraordinary Assumption
Agents of Production
36. All the beneficial rights of ownership.
Bundle of Rights
Fixtures
Assignment
Metes
37. The process of providing information - analysis of real estate data and recommendations and/or conclusions
Personal Property
Appraisal Consulting
Forces Affecting Value
Infrastructure
38. 640 acres
Types of Real Property
Income Approach
Appraisal Review
square mile
39. Money required to create - produce - or obtain a property
Baseline
Principle of Change
Principle of Competition
Cost
40. 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.
Infrastructure
Excess Land
Appraisal Review
Characteristics of Value
41. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution
Principles of Appraisal
Three Appraisal Reports
Bundle of Rights
Direct Capitalization
42. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Plottage
Going Concern
Assumption
Appraisal Review
43. 5 - 280 feet
Regression
Parcel
Business Enterprise
mile
44. DUST - Demand - Utility - Scarcity - Transferability
Excess Land
Approaches to Value
Characteristics of Value
Appraisal Consulting
45. Proof of ownership.
Principle of Supply and Demand
Topography
Conformity - Progression and Regression
Deed
46. The type and extent of research and analyses in an assignment.
Cost Approach
Scope of Work
Appraiser's Peers
Effects of Use on Real Estate Value
47. 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.
acre
Bundle of Rights
Feasibility Analysis
Report
48. The monetary relationship between properties and those who buy - sell - or use those properties.
Client
Principle of Supply and Demand
Value
Regional and Community Data
49. Value determination based on sales of similar properties.
Sales Comparison Approach
Township
Personal Property
Appraisal
50. A study of the cost-benefit relationship of an economic endeavor
Lot - Block and Tract
Feasibility Analysis
Types of Data
Bundle of Rights