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Real Estate Appraisal
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Subjects
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business-skills
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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. 43 - 560 square feet
acre
Cost Approach
Easement
Principle of Substitution
2. CLLC (MLLM) - Capital - Land - Labor - Coordination
Regression
Agents of Production
Cost Approach
Lot - Block and Tract
3. Legally permitted - Physically possible - Economically Feasible - Maximally Productive Use
Characteristics of Highest and Best Use
Easement
Hypothetical Condition
Section
4. That which is taken to be true
Principles of Appraisal
Assumption
Baseline
Bias
5. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.
Bias
Market Value
Real Property
Principle of Balance
6. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.
Feasibility Analysis
Cost
Intended User
Signature
7. The value of an ongoing business or project.
Going Concern
Scope of Work
Market Value
Principle of Increasing Returns
8. Modest property in an expensive neighborhood (Increase in value).
Progression
Principle of Competition
Signature
Types of Value
9. Worthy of belief
Credible
Hypothetical Condition
Fee Simple
Appraisal Practice
10. Self Contained - Summary - Restricted Use
Baseline
Appraisal
Three Appraisal Reports
Approaches to Value
11. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)
Feasibility Analysis
Topography
Forces Affecting Value
Business Equity
12. The process of providing information - analysis of real estate data and recommendations and/or conclusions
Site
Appraisal Consulting
Going Concern
Principle of Change
13. Runs north and south.
Principle of Increasing Returns
Fixtures
Cost Approach
Meridian
14. 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.
Going Concern
Appraisal Review
Infrastructure
Credible
15. I=RxV - R=I/V - V=I/R
Effects of Use on Real Estate Value
Mass Appraisal
Direct Capitalization
Principle of Increasing Returns
16. An entity pursuing an economic activity
Characteristics of Value
Business Enterprise
Effects of Use on Real Estate Value
Appraisal Consulting
17. Property that is much more luxurious than surrounding properties (Decline in value).
Principle of Supply and Demand
Three Appraisal Reports
Regression
Easement
18. All the beneficial rights of ownership.
Bundle of Rights
Leasehold Estate
Principle of Decreasing Returns
Real Estate Cycle
19. Value placed by tax assessing official.
Assessed Value
Characteristics of Value
acre
Site
20. An appraiser's opinions and conclusions developed specific to an assignment.
Characteristics of Value
Remainder Man
Intangible Property
Assignment Results
21. The right of government to title when an owner dies without a will or heirs.
Market Value
Escheat
Section
Hypothetical Condition
22. 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.
Intended User
Intended Use
Principles of Appraisal
Bundle of Rights
23. Method of identifying property in relation to its boundaries - distances - and angles from a given point.
Meets and Bounds
Cost
Signature
Principle of Supply and Demand
24. Lay of the land.
Topography
mile
Intangible Property
Business Enterprise
25. Services pertaining to aspects of property value.
Fee Simple
Market Value
Assignment Results
Valuation Services
26. Taxes based on property value.
Principle of Increasing Returns
Parcel
Ad Valorem Taxes
Gov't Restrictions
27. Reflects the effects of local - social - economic - gov't - and physical forces on value.
Regional and Community Data
Intended Use
Real Property
Assessed Value
28. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report
Section
Valuation Process
Escheat
Types of Value
29. DUST - Demand - Utility - Scarcity - Transferability
Site
Characteristics of Value
Principle of Change
Appraiser's Peers
30. Nonexclusive right to use property of another.
Regional and Community Data
Easement
Feasibility Analysis
Appraisal Practice
31. The party or parties who engage an appraiser in a specific assignment.
Valuation Services
Constant Use
Personal Property
Client
32. Land that has been prepared for use.
Scope of Work
Client
Characteristics of Highest and Best Use
Site
33. Value determination based on sales of similar properties.
Plottage
Value
Sales Comparison Approach
Credible
34. General Data - Specific Date - Primary - Secondary.
Extraordinary Assumption
Fixtures
Intended Use
Types of Data
35. The amount actually paid.
Assignment Results
Principle of Supply and Demand
Price
Extraordinary Assumption
36. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.
Approaches to Value
Principle of Balance
Signature
Conformity - Progression and Regression
37. As the amount invested in other agents is incrementally increased - the rate of return on the investment will increase.
Appraiser
Principle of Increasing Returns
Bias
Client
38. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Intangible Property
Township
Client
Intended User
39. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution
Market Value
Plottage
mile
Principles of Appraisal
40. Proof of ownership.
Cost
Deed
Scope of Work
Workfile
41. The process of valuing a universe of properties as of a given date using standard methodology - employing common data and allowing for statistical testing.
Principle of Competition
Legally Nonconforming Uses
Income Approach
Mass Appraisal
42. Other appraisers who have expertise and competency in a similar type of assignment.
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43. Person that receives property.
Remainder Man
Feasibility Analysis
Deed
Life Estate
44. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.
Principle of Balance
Appraisal
Principle of Contribution
Legally Nonconforming Uses
45. Runs east and west.
Appraiser's Peers
Principle of Substitution
Business Enterprise
Baseline
46. An identifiable - fixed position from which measurements may be taken.
Intended Use
Intended User
Metes
Reference Point (monument)
47. 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).
Section
Excess Land
Principle of Supply and Demand
Highest and Best Use
48. 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.
Assessed Value
Signature
Site
Assignment Results
49. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.
Easement
Constant Use
Baseline
Report
50. Describes the direction one moves from the reference point to another and the distant points.
Principle of Increasing Returns
Characteristics of Highest and Best Use
Price
Metes
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