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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 zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.
Characteristics of Value
Meets and Bounds
Legally Nonconforming Uses
Assignment Results
2. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.
Deed
Principle of Contribution
Conformity - Progression and Regression
Real Estate Cycle
3. When the rate of return continues to increase at a lower rate and begin to decrease.
Report
Cost
Principle of Decreasing Returns
Leasehold Estate
4. The value determination based on cost to build less depreciation - plus value of the land.
Easement
Valuation Process
Cost Approach
mile
5. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Market Value
Baseline
Encumbrance
Intangible Property
6. Money required to create - produce - or obtain a property
Intended Use
Cost
Bundle of Rights
Valuation Process
7. The value of a component is equal to the amount of value it adds to the property as a whole.
Principle of Contribution
Three Appraisal Reports
Mass Appraisal Model
Principle of Balance
8. Legally permitted - Physically possible - Economically Feasible - Maximally Productive Use
Assessed Value
Characteristics of Highest and Best Use
Intended User
Appraisal Consulting
9. The process of valuing a universe of properties as of a given date using standard methodology - employing common data and allowing for statistical testing.
Mass Appraisal
Legally Nonconforming Uses
Appraiser
Direct Capitalization
10. That which is taken to be true
Regression
Income Approach
Assumption
Intended User
11. An interest in real estate that does not include possessory rights.
Effects of Use on Real Estate Value
Principle of Substitution
Encumbrance
square mile
12. The monetary relationship between properties and those who buy - sell - or use those properties.
Value
Valuation Process
Approaches to Value
Mass Appraisal Model
13. One who is expected to perform valuation services competently and in a manner that is independent - impartial - and objective.
Bias
Credible
Appraiser
Types of Value
14. 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.
Characteristics of Value
Intended Use
Appraiser's Peers
Principle of Anticipation
15. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).
Principle of Supply and Demand
Approaches to Value
Infrastructure
Principle of Substitution
16. Proof of ownership.
Direct Capitalization
Deed
Valuation Process
Valuation Services
17. Reflects the effects of local - social - economic - gov't - and physical forces on value.
Value
Regional and Community Data
Regression
Intangible Property
18. Value placed by tax assessing official.
Effects of Use on Real Estate Value
Leasehold Estate
Cost
Assessed Value
19. Value based on sale within a relatively short period of time.
Principle of Substitution
Liquidation Value
Constant Use
Extraordinary Assumption
20. Recognizes that supply and demand are in constant flux.
Mass Appraisal Model
Characteristics of Value
Cost Approach
Principle of Change
21. A valuation service provided as a consequence of an agreement between an appraiser and a client
Conformity - Progression and Regression
Jurisdictional Exception
Assignment
Sales Comparison Approach
22. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Appraisal
Types of Value
Cost Approach
Township
23. Bundle of Rights - Estate - Encumbrances
Characteristics of Highest and Best Use
Types of Real Property
Scope of Work
Income Approach
24. Valuation services performed by an individual acting as an appraiser - including but not limited to appraisal - appraisal review - or appraisal consulting.
Appraisal
Jurisdictional Exception
Sales Comparison Approach
Appraisal Practice
25. Cost Approach - Sales Comps - Income Approach (IRV)
Valuation Services
square mile
Gov't Restrictions
Approaches to Value
26. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)
Lot - Block and Tract
Valuation Process
Real Estate
Principle of Anticipation
27. Self Contained - Summary - Restricted Use
Scope of Work
Baseline
Three Appraisal Reports
Constant Use
28. The amount actually paid.
Price
Metes
Deed
Sales Comparison Approach
29. 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.
Report
Real Estate Cycle
Appraisal Review
mile
30. An identified parcel or tract of land including improvements.
Life Estate
Credible
Real Estate
Business Enterprise
31. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Deed
Baseline
Real Estate Cycle
Forces Affecting Value
32. Describes the direction one moves from the reference point to another and the distant points.
Metes
Fee Simple
Reference Point (monument)
Extraordinary Assumption
33. 5 - 280 feet
Principle of Change
Direct Capitalization
mile
Appraisal
34. An appraiser's opinions and conclusions developed specific to an assignment.
Workfile
Price
Assignment Results
Principle of Increasing Returns
35. A mathematical expression of how supply and demand factors interact in a market.
Mass Appraisal Model
Meets and Bounds
Regression
Forces Affecting Value
36. 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.
Section
Intended Use
Principles of Appraisal
Appraisal Review
37. Highest and Best Use - Consistent Use - Conformity - Progression & Regression
Regional and Community Data
Escheat
Effects of Use on Real Estate Value
Forces Affecting Value
38. Public improvements that support basic needs - such as transportation and utilities.
Principle of Substitution
Bias
Infrastructure
Plottage
39. That which is contrary to what exists but is supposed for the purpose of analysis.
Hypothetical Condition
Topography
Reference Point (monument)
Valuation Services
40. Person that receives property.
Types of Value
Bundle of Rights
Remainder Man
square mile
41. Value determination based on sales of similar properties.
Sales Comparison Approach
Cost
Appraisal Practice
Principle of Increasing Returns
42. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.
Types of Real Property
Escheat
Intended User
mile
43. The value of the property is determined by the most profitable use to which the property may be put.
Highest and Best Use
acre
Township
Characteristics of Value
44. An assumption directly related to a specific assignment - which - if found to be false - could alter the opinions or conclusions of the appraisal.
Extraordinary Assumption
Approaches to Value
Business Equity
Mass Appraisal Model
45. General Data - Specific Date - Primary - Secondary.
Assessed Value
Section
Principle of Balance
Types of Data
46. Land that has been prepared for use.
Site
Assignment
Lot - Block and Tract
Regional and Community Data
47. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment
Business Enterprise
Plottage
Bias
mile
48. Identifiable tangible objects that are considered by the general public as being "personal".
Appraisal
Deed
Personal Property
Excess Land
49. DUST - Demand - Utility - Scarcity - Transferability
Market Value
Deed
Legally Nonconforming Uses
Characteristics of Value
50. Lay of the land.
Principle of Anticipation
Topography
Appraiser
Intended Use