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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. Proof of ownership.
Infrastructure
Regional and Community Data
Deed
Principle of Supply and Demand
2. 6x6 mile square piece of land. (36 square miles)
Township
Intangible Property
Three Appraisal Reports
Parcel
3. 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.
Assessed Value
Appraisal Consulting
Intended Use
Real Estate Cycle
4. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Site
Real Estate Cycle
Highest and Best Use
Liquidation Value
5. The process of valuing a universe of properties as of a given date using standard methodology - employing common data and allowing for statistical testing.
Types of Real Property
Mass Appraisal
Progression
Agents of Production
6. Money required to create - produce - or obtain a property
Principle of Increasing Returns
Personal Property
Cost
Intended Use
7. Value placed by tax assessing official.
Assessed Value
Appraisal Practice
Types of Value
Encumbrance
8. That which is taken to be true
Assignment Results
Progression
Assumption
square mile
9. The party or parties who engage an appraiser in a specific assignment.
Business Enterprise
Lot - Block and Tract
Client
Principle of Balance
10. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Plottage
Assignment
Personal Property
Baseline
11. When the rate of return continues to increase at a lower rate and begin to decrease.
Lot - Block and Tract
Appraisal Consulting
Characteristics of Highest and Best Use
Principle of Decreasing Returns
12. A study of the cost-benefit relationship of an economic endeavor
Encumbrance
Credible
Feasibility Analysis
Real Estate Cycle
13. CLLC (MLLM) - Capital - Land - Labor - Coordination
Assumption
Agents of Production
Scope of Work
Meets and Bounds
14. Describes the direction one moves from the reference point to another and the distant points.
Types of Real Property
Easement
Bundle of Rights
Metes
15. Value determination based on sales of similar properties.
Sales Comparison Approach
Principle of Substitution
Section
Legally Nonconforming Uses
16. An estate that includes possession without title.
Leasehold Estate
Forces Affecting Value
Principle of Balance
Parcel
17. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.
Market Value
Deed
Principle of Balance
Direct Capitalization
18. The value determination based on cost to build less depreciation - plus value of the land.
Bias
Three Appraisal Reports
Approaches to Value
Cost Approach
19. An identifiable - fixed position from which measurements may be taken.
Reference Point (monument)
Escheat
Valuation Process
Life Estate
20. The value is affected by the expectations of buyers regarding the future benefits to be gained.
Constant Use
Principle of Anticipation
Effects of Use on Real Estate Value
Liquidation Value
21. I=RxV - R=I/V - V=I/R
Extraordinary Assumption
Direct Capitalization
Approaches to Value
Real Estate Cycle
22. 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).
Topography
Valuation Process
Principle of Supply and Demand
Legally Nonconforming Uses
23. An entity pursuing an economic activity
Extraordinary Assumption
Easement
Business Enterprise
Meridian
24. Nonexclusive right to use property of another.
Appraiser
Mass Appraisal
Easement
Principle of Contribution
25. Bundle of Rights - Estate - Encumbrances
Principle of Contribution
Types of Real Property
mile
Direct Capitalization
26. General Data - Specific Date - Primary - Secondary.
Types of Data
Appraisal Consulting
Ad Valorem Taxes
Easement
27. An estate that ends upon the death of a designated party.
Valuation Services
Life Estate
Scope of Work
Principle of Decreasing Returns
28. All the beneficial rights of ownership.
Principle of Increasing Returns
Bundle of Rights
Regression
Appraisal Review
29. When supply and demand are out of balance. Too much competition
Three Appraisal Reports
Principle of Competition
Signature
Principle of Increasing Returns
30. An interest in real estate that does not include possessory rights.
Lot - Block and Tract
Encumbrance
Income Approach
Jurisdictional Exception
31. Cost Approach - Sales Comps - Income Approach (IRV)
Characteristics of Highest and Best Use
Approaches to Value
Sales Comparison Approach
Conformity - Progression and Regression
32. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)
Principle of Contribution
Forces Affecting Value
Easement
Ad Valorem Taxes
33. 640 acres.
Section
Agents of Production
Appraiser's Peers
Appraisal Review
34. As the amount invested in other agents is incrementally increased - the rate of return on the investment will increase.
Principle of Increasing Returns
Types of Value
Appraiser
Progression
35. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.
Intended User
Types of Value
Forces Affecting Value
Principle of Substitution
36. The value of an ongoing business or project.
Remainder Man
Approaches to Value
Going Concern
Principle of Substitution
37. A former item of personal property which has become part o the realty.
Township
Appraisal
Fixtures
Business Equity
38. Taxes based on property value.
Progression
Ad Valorem Taxes
Characteristics of Highest and Best Use
Section
39. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.
Real Estate Cycle
Business Equity
Excess Land
Conformity - Progression and Regression
40. Any piece of land.
Principle of Balance
Escheat
Parcel
Assignment
41. Other appraisers who have expertise and competency in a similar type of assignment.
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42. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment
Bias
Real Estate Cycle
Constant Use
Ad Valorem Taxes
43. The process of providing information - analysis of real estate data and recommendations and/or conclusions
Regional and Community Data
Price
Infrastructure
Appraisal Consulting
44. An unbiased opinion of value
Remainder Man
Appraisal
Characteristics of Highest and Best Use
Assessed Value
45. The type and extent of research and analyses in an assignment.
Metes
Cost
Scope of Work
acre
46. Property that is much more luxurious than surrounding properties (Decline in value).
Meridian
Section
Regression
Types of Data
47. Highest and Best Use - Consistent Use - Conformity - Progression & Regression
Bias
Effects of Use on Real Estate Value
Bundle of Rights
Metes
48. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.
Types of Real Property
Metes
Principle of Balance
Intended User
49. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Intangible Property
Assignment Results
Principle of Supply and Demand
Fixtures
50. Runs east and west.
Baseline
Reference Point (monument)
Life Estate
Principle of Substitution