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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. 43 - 560 square feet
acre
Report
Lot - Block and Tract
Types of Data
2. Services pertaining to aspects of property value.
Intended Use
Valuation Services
square mile
Baseline
3. 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.
Credible
Metes
Appraisal Review
Intended Use
4. Bundle of Rights - Estate - Encumbrances
Principle of Substitution
Types of Real Property
Legally Nonconforming Uses
Ad Valorem Taxes
5. The amount actually paid.
Price
Escheat
Types of Data
Types of Real Property
6. The type and extent of research and analyses in an assignment.
Scope of Work
Three Appraisal Reports
Mass Appraisal Model
Assumption
7. Cost Approach - Sales Comps - Income Approach (IRV)
Feasibility Analysis
Valuation Process
Approaches to Value
Forces Affecting Value
8. When the rate of return continues to increase at a lower rate and begin to decrease.
Principle of Decreasing Returns
Assumption
Feasibility Analysis
Meets and Bounds
9. CLLC (MLLM) - Capital - Land - Labor - Coordination
Appraisal Review
Agents of Production
Parcel
Meets and Bounds
10. Nonexclusive right to use property of another.
Principle of Substitution
Appraisal Review
Easement
Types of Value
11. Complete form of real propert - includes entire bundle of rights.
Income Approach
Fee Simple
Principle of Competition
Reference Point (monument)
12. An unbiased opinion of value
Client
Personal Property
Appraisal
mile
13. An interest in real estate that does not include possessory rights.
Encumbrance
Agents of Production
Appraisal Review
Assignment
14. All the beneficial rights of ownership.
Extraordinary Assumption
Fee Simple
Appraisal Consulting
Bundle of Rights
15. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report
Credible
Income Approach
Characteristics of Highest and Best Use
Valuation Process
16. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Intangible Property
Principles of Appraisal
Assumption
Real Estate Cycle
17. The interests - benefits - and rights inherent in the ownership of a business enterprise or a part thereof in any form
Business Equity
Mass Appraisal
Workfile
Real Estate Cycle
18. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.
Assignment
Appraiser's Peers
Assignment Results
Conformity - Progression and Regression
19. Value determination based on income generated by a property.
Approaches to Value
Remainder Man
Income Approach
Market Value
20. Describes the direction one moves from the reference point to another and the distant points.
Regional and Community Data
Hypothetical Condition
Effects of Use on Real Estate Value
Metes
21. When supply and demand are out of balance. Too much competition
Assignment
acre
Principle of Competition
Signature
22. Other appraisers who have expertise and competency in a similar type of assignment.
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23. 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.
Signature
Principle of Substitution
Topography
Cost
24. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.
Intangible Property
Workfile
Escheat
Business Equity
25. Property that is much more luxurious than surrounding properties (Decline in value).
Regression
Principle of Competition
Regional and Community Data
Deed
26. The value of a component is equal to the amount of value it adds to the property as a whole.
Feasibility Analysis
Principle of Contribution
Life Estate
Appraisal Practice
27. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.
Appraisal Practice
Legally Nonconforming Uses
Mass Appraisal
Types of Value
28. 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.
Bundle of Rights
Principle of Supply and Demand
Types of Real Property
Intended Use
29. 6x6 mile square piece of land. (36 square miles)
Hypothetical Condition
Bias
Types of Data
Township
30. Value determination based on sales of similar properties.
Constant Use
Sales Comparison Approach
Value
Feasibility Analysis
31. The right of government to title when an owner dies without a will or heirs.
Intended User
Escheat
Fixtures
Mass Appraisal Model
32. Proof of ownership.
Principles of Appraisal
Infrastructure
Deed
Principle of Contribution
33. Legally permitted - Physically possible - Economically Feasible - Maximally Productive Use
Regression
Meets and Bounds
Assignment Results
Characteristics of Highest and Best Use
34. Lay of the land.
Leasehold Estate
Intended User
Characteristics of Highest and Best Use
Topography
35. I=RxV - R=I/V - V=I/R
Direct Capitalization
Client
Price
Cost
36. An identifiable - fixed position from which measurements may be taken.
Mass Appraisal Model
Going Concern
Reference Point (monument)
Assignment Results
37. Land that is not needed for the highest and best use of the site
Encumbrance
Section
Principle of Increasing Returns
Excess Land
38. DUST - Demand - Utility - Scarcity - Transferability
Characteristics of Value
Meets and Bounds
Intended Use
Easement
39. An entity pursuing an economic activity
Business Enterprise
Conformity - Progression and Regression
Principle of Decreasing Returns
Township
40. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)
Intended Use
Forces Affecting Value
Principle of Change
Principles of Appraisal
41. General Data - Specific Date - Primary - Secondary.
Signature
Highest and Best Use
Types of Data
Principle of Decreasing Returns
42. Land that has been prepared for use.
Site
Cost Approach
Mass Appraisal Model
mile
43. The party or parties who engage an appraiser in a specific assignment.
Extraordinary Assumption
Client
Types of Real Property
Regression
44. A valuation service provided as a consequence of an agreement between an appraiser and a client
Approaches to Value
Going Concern
Principle of Change
Assignment
45. A mathematical expression of how supply and demand factors interact in a market.
Going Concern
Township
Mass Appraisal Model
Escheat
46. The monetary relationship between properties and those who buy - sell - or use those properties.
square mile
Value
Principle of Competition
Real Estate
47. The value is affected by the expectations of buyers regarding the future benefits to be gained.
Principle of Anticipation
Cost
Assignment
Principle of Change
48. Eminent Domain - Taxation - Police Power - Escheat
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49. The value determination based on cost to build less depreciation - plus value of the land.
Feasibility Analysis
Legally Nonconforming Uses
Business Equity
Cost Approach
50. Identifiable tangible objects that are considered by the general public as being "personal".
Valuation Services
Personal Property
Cost
Principle of Supply and Demand