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Test your basic knowledge |
Real Estate Appraisal
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Subjects
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business-skills
,
industries
Instructions:
Answer 50 questions in 15 minutes.
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study here
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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. That which is contrary to what exists but is supposed for the purpose of analysis.
Hypothetical Condition
Infrastructure
Principle of Balance
Business Enterprise
2. Complete form of real propert - includes entire bundle of rights.
Progression
Assumption
Fee Simple
Topography
3. That which is taken to be true
Characteristics of Value
Assumption
Hypothetical Condition
Value
4. 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.
Topography
Report
Principles of Appraisal
Signature
5. As the amount invested in other agents is incrementally increased - the rate of return on the investment will increase.
Liquidation Value
Principle of Increasing Returns
Assignment Results
Assessed Value
6. All the beneficial rights of ownership.
Mass Appraisal Model
Bundle of Rights
Life Estate
mile
7. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.
Liquidation Value
Intended User
Going Concern
Assessed Value
8. The interests - benefits - and rights inherent in the ownership of real estate.
Real Property
Gov't Restrictions
Principle of Contribution
Fee Simple
9. An identifiable - fixed position from which measurements may be taken.
Intangible Property
Agents of Production
Jurisdictional Exception
Reference Point (monument)
10. Any piece of land.
Parcel
Appraisal Consulting
Life Estate
Meets and Bounds
11. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.
Deed
Workfile
Regression
Personal Property
12. An entity pursuing an economic activity
Regional and Community Data
Approaches to Value
Business Enterprise
Life Estate
13. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Conformity - Progression and Regression
Real Estate Cycle
Excess Land
Fixtures
14. Recognizes that supply and demand are in constant flux.
Principle of Change
Life Estate
Real Estate Cycle
Three Appraisal Reports
15. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Types of Data
Site
Intangible Property
Assumption
16. Other appraisers who have expertise and competency in a similar type of assignment.
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17. Valuation services performed by an individual acting as an appraiser - including but not limited to appraisal - appraisal review - or appraisal consulting.
Feasibility Analysis
Income Approach
Assessed Value
Appraisal Practice
18. The process of valuing a universe of properties as of a given date using standard methodology - employing common data and allowing for statistical testing.
Section
Principle of Decreasing Returns
Direct Capitalization
Mass Appraisal
19. One who is expected to perform valuation services competently and in a manner that is independent - impartial - and objective.
Principle of Supply and Demand
Appraiser
Principle of Decreasing Returns
Gov't Restrictions
20. An appraiser's opinions and conclusions developed specific to an assignment.
Section
Credible
Real Estate
Assignment Results
21. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)
Principles of Appraisal
Forces Affecting Value
Extraordinary Assumption
Section
22. Value placed by tax assessing official.
Appraiser's Peers
Bias
Assessed Value
Site
23. 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.
Principle of Substitution
Section
Report
Bias
24. 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).
Types of Value
Township
Appraisal Consulting
Principle of Supply and Demand
25. Taxes based on property value.
Ad Valorem Taxes
Sales Comparison Approach
Hypothetical Condition
Gov't Restrictions
26. Method of identifying property in relation to its boundaries - distances - and angles from a given point.
Three Appraisal Reports
Meets and Bounds
Principle of Decreasing Returns
Principle of Supply and Demand
27. When supply and demand are out of balance. Too much competition
Three Appraisal Reports
Real Estate
Principle of Competition
Leasehold Estate
28. Services pertaining to aspects of property value.
Going Concern
Real Estate
Topography
Valuation Services
29. Self Contained - Summary - Restricted Use
Gov't Restrictions
Sales Comparison Approach
Three Appraisal Reports
Assignment
30. Value determination based on income generated by a property.
Market Value
Business Enterprise
Meridian
Income Approach
31. A valuation service provided as a consequence of an agreement between an appraiser and a client
Assignment
Assignment Results
Mass Appraisal Model
Income Approach
32. The right of government to title when an owner dies without a will or heirs.
Remainder Man
square mile
Escheat
Highest and Best Use
33. The interests - benefits - and rights inherent in the ownership of a business enterprise or a part thereof in any form
Scope of Work
Site
Business Equity
Personal Property
34. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report
Real Estate Cycle
Valuation Process
acre
Principle of Supply and Demand
35. The monetary relationship between properties and those who buy - sell - or use those properties.
Hypothetical Condition
Principle of Balance
Value
Characteristics of Highest and Best Use
36. The value determination based on cost to build less depreciation - plus value of the land.
Feasibility Analysis
Cost Approach
Client
Mass Appraisal
37. An unbiased opinion of value
Cost
Legally Nonconforming Uses
Appraisal
Effects of Use on Real Estate Value
38. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.
Principle of Contribution
Report
Mass Appraisal Model
Principle of Balance
39. An identified parcel or tract of land including improvements.
Assignment Results
Agents of Production
acre
Real Estate
40. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Life Estate
Metes
Market Value
Plottage
41. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment
Appraisal Consulting
Fixtures
Easement
Bias
42. When the rate of return continues to increase at a lower rate and begin to decrease.
Legally Nonconforming Uses
Parcel
Deed
Principle of Decreasing Returns
43. 43 - 560 square feet
Personal Property
Meridian
acre
Site
44. Money required to create - produce - or obtain a property
Escheat
Cost
Principle of Increasing Returns
Business Enterprise
45. CLLC (MLLM) - Capital - Land - Labor - Coordination
Going Concern
Agents of Production
Real Property
Bundle of Rights
46. The value of an ongoing business or project.
Feasibility Analysis
Encumbrance
Workfile
Going Concern
47. Property that is much more luxurious than surrounding properties (Decline in value).
Regression
Mass Appraisal Model
Appraiser
Real Estate
48. I=RxV - R=I/V - V=I/R
Real Estate Cycle
Direct Capitalization
Assignment
Principle of Change
49. Identifiable tangible objects that are considered by the general public as being "personal".
Leasehold Estate
Appraiser's Peers
Assignment
Personal Property
50. The party or parties who engage an appraiser in a specific assignment.
Appraisal Review
Infrastructure
Types of Value
Client
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