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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. Property that is much more luxurious than surrounding properties (Decline in value).
acre
Regression
Principle of Substitution
Assessed Value
2. Runs north and south.
acre
Meridian
Mass Appraisal Model
Direct Capitalization
3. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Mass Appraisal Model
Intangible Property
Real Estate
Types of Real Property
4. An estate that ends upon the death of a designated party.
Mass Appraisal
Life Estate
Appraiser's Peers
Principle of Contribution
5. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Types of Value
Report
Regional and Community Data
Reference Point (monument)
6. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Section
mile
acre
Plottage
7. The value is affected by the expectations of buyers regarding the future benefits to be gained.
Approaches to Value
Principle of Anticipation
Sales Comparison Approach
Highest and Best Use
8. An assignment condition that voids the force of a part of USPAP - when compliance with part of USPAP is contrary to law or public policy applicable to the assignment.
Bundle of Rights
Income Approach
Remainder Man
Jurisdictional Exception
9. The interests - benefits - and rights inherent in the ownership of real estate.
Market Value
Real Property
Principle of Competition
Value
10. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution
Signature
Appraisal Practice
Principles of Appraisal
Principle of Competition
11. An interest in real estate that does not include possessory rights.
Assumption
Principle of Supply and Demand
Signature
Encumbrance
12. 640 acres
Principle of Decreasing Returns
Approaches to Value
square mile
Effects of Use on Real Estate Value
13. Land that has been prepared for use.
Legally Nonconforming Uses
Site
Assumption
Appraisal
14. Proof of ownership.
Remainder Man
Legally Nonconforming Uses
Deed
Hypothetical Condition
15. I=RxV - R=I/V - V=I/R
Cost
Real Property
Fixtures
Direct Capitalization
16. Runs east and west.
Baseline
Plottage
Site
Easement
17. Bundle of Rights - Estate - Encumbrances
Personal Property
Real Property
Agents of Production
Types of Real Property
18. 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.
Remainder Man
Price
Intended Use
Valuation Process
19. Method of identifying property in relation to its boundaries - distances - and angles from a given point.
Township
acre
Site
Meets and Bounds
20. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.
Income Approach
Site
Bias
Conformity - Progression and Regression
21. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Real Estate Cycle
Fee Simple
Infrastructure
Assumption
22. 5 - 280 feet
Valuation Process
mile
Cost
Excess Land
23. Any piece of land.
Characteristics of Value
Sales Comparison Approach
Mass Appraisal Model
Parcel
24. General Data - Specific Date - Primary - Secondary.
Types of Data
Business Equity
Liquidation Value
Escheat
25. The process of valuing a universe of properties as of a given date using standard methodology - employing common data and allowing for statistical testing.
Legally Nonconforming Uses
Mass Appraisal
Assumption
Progression
26. The value determination based on cost to build less depreciation - plus value of the land.
mile
Principle of Decreasing Returns
Cost Approach
Signature
27. Eminent Domain - Taxation - Police Power - Escheat
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28. CLLC (MLLM) - Capital - Land - Labor - Coordination
Agents of Production
Appraiser
Assignment
Appraiser's Peers
29. Valuation services performed by an individual acting as an appraiser - including but not limited to appraisal - appraisal review - or appraisal consulting.
Liquidation Value
Infrastructure
Plottage
Appraisal Practice
30. Worthy of belief
Business Equity
mile
Credible
Meets and Bounds
31. Services pertaining to aspects of property value.
Characteristics of Highest and Best Use
Valuation Services
Fixtures
Excess Land
32. Reflects the effects of local - social - economic - gov't - and physical forces on value.
Principles of Appraisal
Regional and Community Data
square mile
Progression
33. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.
Market Value
Excess Land
Direct Capitalization
Extraordinary Assumption
34. A study of the cost-benefit relationship of an economic endeavor
Feasibility Analysis
Bundle of Rights
Mass Appraisal
Price
35. An identifiable - fixed position from which measurements may be taken.
Lot - Block and Tract
Hypothetical Condition
Reference Point (monument)
Baseline
36. Complete form of real propert - includes entire bundle of rights.
Workfile
Meets and Bounds
Jurisdictional Exception
Fee Simple
37. Identifiable tangible objects that are considered by the general public as being "personal".
Intended Use
Characteristics of Value
Personal Property
Bundle of Rights
38. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.
Principle of Balance
Assumption
Fee Simple
Infrastructure
39. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report
Jurisdictional Exception
Sales Comparison Approach
Value
Valuation Process
40. Taxes based on property value.
Appraisal Practice
Ad Valorem Taxes
Fixtures
Leasehold Estate
41. Land that is not needed for the highest and best use of the site
Assessed Value
Cost
Principles of Appraisal
Excess Land
42. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).
Principle of Substitution
Fee Simple
Fixtures
Real Estate Cycle
43. A valuation service provided as a consequence of an agreement between an appraiser and a client
Signature
Assignment
Regional and Community Data
Hypothetical Condition
44. Value determination based on income generated by a property.
Mass Appraisal
Income Approach
Leasehold Estate
Feasibility Analysis
45. Highest and Best Use - Consistent Use - Conformity - Progression & Regression
Agents of Production
Bundle of Rights
Appraiser
Effects of Use on Real Estate Value
46. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.
Intended User
Fee Simple
Workfile
Appraisal Practice
47. Lay of the land.
Mass Appraisal
Topography
Real Estate Cycle
Income Approach
48. Value determination based on sales of similar properties.
Life Estate
Types of Data
Bias
Sales Comparison Approach
49. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment
Deed
Value
Baseline
Bias
50. Self Contained - Summary - Restricted Use
Real Property
Three Appraisal Reports
Valuation Process
Sales Comparison Approach