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Real Estate Appraisal
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business-skills
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industries
Instructions:
Answer 50 questions in 15 minutes.
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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. 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.
Site
Mass Appraisal
Value
Intended Use
2. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.
Types of Data
Cost Approach
Legally Nonconforming Uses
Market Value
3. A valuation service provided as a consequence of an agreement between an appraiser and a client
mile
Principle of Substitution
Assignment
Progression
4. The type and extent of research and analyses in an assignment.
Principle of Anticipation
Scope of Work
Effects of Use on Real Estate Value
Bias
5. 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.
Types of Value
Mass Appraisal Model
Gov't Restrictions
Signature
6. A former item of personal property which has become part o the realty.
Price
Fixtures
Types of Data
Regional and Community Data
7. Runs east and west.
Baseline
Liquidation Value
Jurisdictional Exception
Business Equity
8. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Direct Capitalization
Types of Value
Intended Use
Feasibility Analysis
9. An appraiser's opinions and conclusions developed specific to an assignment.
Assignment Results
Principle of Change
Principle of Substitution
Principle of Competition
10. An identified parcel or tract of land including improvements.
Three Appraisal Reports
Real Estate
Legally Nonconforming Uses
Effects of Use on Real Estate Value
11. Services pertaining to aspects of property value.
Approaches to Value
Meets and Bounds
Valuation Services
Site
12. I=RxV - R=I/V - V=I/R
Business Enterprise
Principle of Contribution
Personal Property
Direct Capitalization
13. Property that is much more luxurious than surrounding properties (Decline in value).
Market Value
Easement
Regression
Appraiser's Peers
14. 640 acres
square mile
Encumbrance
Liquidation Value
acre
15. Modest property in an expensive neighborhood (Increase in value).
Characteristics of Value
Assignment
Progression
Reference Point (monument)
16. 6x6 mile square piece of land. (36 square miles)
Principle of Increasing Returns
Township
Principle of Change
Easement
17. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Types of Value
Assignment
Real Estate Cycle
Mass Appraisal
18. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.
Types of Data
Cost
Assumption
Conformity - Progression and Regression
19. Reflects the effects of local - social - economic - gov't - and physical forces on value.
Direct Capitalization
Regional and Community Data
Price
Appraisal Review
20. Proof of ownership.
Principle of Contribution
Leasehold Estate
Deed
Remainder Man
21. That which is contrary to what exists but is supposed for the purpose of analysis.
Personal Property
Assignment
Assumption
Hypothetical Condition
22. 5 - 280 feet
mile
Characteristics of Value
Baseline
Jurisdictional Exception
23. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution
Easement
Fixtures
Principles of Appraisal
Reference Point (monument)
24. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.
Real Estate
Real Property
Constant Use
Remainder Man
25. Value determination based on income generated by a property.
Assessed Value
Income Approach
Cost Approach
Approaches to Value
26. The value determination based on cost to build less depreciation - plus value of the land.
Remainder Man
Cost Approach
Hypothetical Condition
Value
27. DUST - Demand - Utility - Scarcity - Transferability
Characteristics of Value
Township
Topography
Forces Affecting Value
28. Recognizes that supply and demand are in constant flux.
Price
Intangible Property
Mass Appraisal
Principle of Change
29. The value of a component is equal to the amount of value it adds to the property as a whole.
Progression
Encumbrance
Principle of Contribution
Remainder Man
30. Self Contained - Summary - Restricted Use
Three Appraisal Reports
Client
Effects of Use on Real Estate Value
Income Approach
31. Identifiable tangible objects that are considered by the general public as being "personal".
Valuation Services
Personal Property
square mile
Meets and Bounds
32. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)
Lot - Block and Tract
Mass Appraisal
acre
Types of Real Property
33. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)
Baseline
Forces Affecting Value
Meets and Bounds
Mass Appraisal
34. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).
square mile
Hypothetical Condition
Principle of Substitution
Baseline
35. Any piece of land.
Gov't Restrictions
Characteristics of Highest and Best Use
Parcel
Baseline
36. 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).
Regional and Community Data
Workfile
Principle of Supply and Demand
Mass Appraisal Model
37. The party or parties who engage an appraiser in a specific assignment.
Client
Appraisal
Appraisal Practice
Site
38. The monetary relationship between properties and those who buy - sell - or use those properties.
Excess Land
Value
Lot - Block and Tract
Intended Use
39. When supply and demand are out of balance. Too much competition
Principle of Competition
Remainder Man
Principle of Decreasing Returns
Valuation Services
40. Money required to create - produce - or obtain a property
Cost
Topography
Three Appraisal Reports
Forces Affecting Value
41. That which is taken to be true
Assumption
Market Value
Report
Principles of Appraisal
42. 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
Income Approach
Principle of Contribution
Site
43. Runs north and south.
Appraisal Consulting
Meridian
Leasehold Estate
Real Estate Cycle
44. An unbiased opinion of value
Mass Appraisal
Appraisal
Appraisal Review
Principle of Competition
45. The process of valuing a universe of properties as of a given date using standard methodology - employing common data and allowing for statistical testing.
Reference Point (monument)
Extraordinary Assumption
Escheat
Mass Appraisal
46. Value determination based on sales of similar properties.
Appraisal Review
Sales Comparison Approach
Principle of Competition
Price
47. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.
Characteristics of Value
Real Estate
Business Enterprise
Workfile
48. One who is expected to perform valuation services competently and in a manner that is independent - impartial - and objective.
Effects of Use on Real Estate Value
Deed
Gov't Restrictions
Appraiser
49. The interests - benefits - and rights inherent in the ownership of a business enterprise or a part thereof in any form
Business Equity
Assignment Results
Highest and Best Use
Valuation Services
50. Public improvements that support basic needs - such as transportation and utilities.
Infrastructure
Bundle of Rights
Mass Appraisal
Sales Comparison Approach
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