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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. When supply and demand are out of balance. Too much competition
Principle of Competition
Real Estate Cycle
Valuation Process
Value
2. Value determination based on income generated by a property.
Income Approach
Real Property
Feasibility Analysis
Types of Real Property
3. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment
Real Property
Bias
Principle of Decreasing Returns
Scope of Work
4. An unbiased opinion of value
Appraisal
Business Equity
Metes
Appraisal Consulting
5. Recognizes that supply and demand are in constant flux.
Assessed Value
Remainder Man
Highest and Best Use
Principle of Change
6. 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.
Conformity - Progression and Regression
Business Enterprise
Leasehold Estate
Intended Use
7. Self Contained - Summary - Restricted Use
Three Appraisal Reports
Gov't Restrictions
Leasehold Estate
Types of Real Property
8. Highest and Best Use - Consistent Use - Conformity - Progression & Regression
Effects of Use on Real Estate Value
Feasibility Analysis
Characteristics of Highest and Best Use
Progression
9. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.
Principle of Contribution
Real Property
Constant Use
Principle of Change
10. Person that receives property.
Appraisal Practice
Bundle of Rights
Principles of Appraisal
Remainder Man
11. Method of identifying property in relation to its boundaries - distances - and angles from a given point.
Report
Extraordinary Assumption
Business Equity
Meets and Bounds
12. An identifiable - fixed position from which measurements may be taken.
Valuation Services
Principle of Change
Reference Point (monument)
Assumption
13. The value of an ongoing business or project.
Meets and Bounds
Types of Value
Going Concern
Signature
14. The value of a component is equal to the amount of value it adds to the property as a whole.
Regional and Community Data
Value
Principle of Contribution
Township
15. 640 acres.
Scope of Work
Section
Three Appraisal Reports
Going Concern
16. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).
Principle of Substitution
Real Estate Cycle
Intended Use
Characteristics of Value
17. The interests - benefits - and rights inherent in the ownership of real estate.
Site
Cost
Real Property
Remainder Man
18. A mathematical expression of how supply and demand factors interact in a market.
Remainder Man
Intended Use
Mass Appraisal Model
Real Estate
19. 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.
Appraiser
Remainder Man
Leasehold Estate
Report
20. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.
Gov't Restrictions
Workfile
Principle of Contribution
Metes
21. I=RxV - R=I/V - V=I/R
Deed
Direct Capitalization
Remainder Man
Principle of Competition
22. Describes the direction one moves from the reference point to another and the distant points.
Mass Appraisal Model
Metes
Cost
Going Concern
23. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Principle of Substitution
Types of Data
Baseline
Types of Value
24. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.
Mass Appraisal Model
Direct Capitalization
Principle of Balance
Appraisal
25. Nonexclusive right to use property of another.
Signature
Easement
Assessed Value
Meridian
26. Land that has been prepared for use.
Fixtures
Site
Characteristics of Value
Real Property
27. Eminent Domain - Taxation - Police Power - Escheat
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28. Worthy of belief
Easement
Intended Use
Credible
Assignment Results
29. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.
Legally Nonconforming Uses
Effects of Use on Real Estate Value
Approaches to Value
Signature
30. The value of the property is determined by the most profitable use to which the property may be put.
Excess Land
Principle of Contribution
Effects of Use on Real Estate Value
Highest and Best Use
31. Proof of ownership.
Site
Assignment Results
Deed
Excess Land
32. Lay of the land.
Characteristics of Highest and Best Use
Feasibility Analysis
Topography
Appraisal Review
33. Modest property in an expensive neighborhood (Increase in value).
Feasibility Analysis
Legally Nonconforming Uses
Progression
Excess Land
34. 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.
Appraisal Review
Jurisdictional Exception
Lot - Block and Tract
Principle of Increasing Returns
35. That which is taken to be true
Encumbrance
Assignment Results
Escheat
Assumption
36. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.
Conformity - Progression and Regression
Principle of Substitution
Signature
Highest and Best Use
37. Other appraisers who have expertise and competency in a similar type of assignment.
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38. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)
Progression
Bias
Gov't Restrictions
Lot - Block and Tract
39. As the amount invested in other agents is incrementally increased - the rate of return on the investment will increase.
Principle of Increasing Returns
Assumption
Principle of Decreasing Returns
Principle of Change
40. The type and extent of research and analyses in an assignment.
Valuation Services
Scope of Work
Site
Appraisal
41. DUST - Demand - Utility - Scarcity - Transferability
Metes
Appraisal Consulting
Leasehold Estate
Characteristics of Value
42. General Data - Specific Date - Primary - Secondary.
Principle of Substitution
Types of Data
Baseline
Constant Use
43. An estate that includes possession without title.
Life Estate
Regression
Leasehold Estate
Legally Nonconforming Uses
44. Any piece of land.
Intended User
Mass Appraisal Model
Parcel
Constant Use
45. One who is expected to perform valuation services competently and in a manner that is independent - impartial - and objective.
Life Estate
Business Enterprise
Value
Appraiser
46. 640 acres
Intended User
square mile
Site
Ad Valorem Taxes
47. That which is contrary to what exists but is supposed for the purpose of analysis.
Appraiser
Hypothetical Condition
Meets and Bounds
Types of Value
48. Runs east and west.
Baseline
Approaches to Value
Lot - Block and Tract
Infrastructure
49. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Principle of Contribution
Intangible Property
Types of Data
Going Concern
50. Value determination based on sales of similar properties.
Principle of Contribution
Regional and Community Data
Sales Comparison Approach
Types of Real Property