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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. Runs east and west.
Baseline
Assumption
Personal Property
Intended Use
2. All the beneficial rights of ownership.
Direct Capitalization
Three Appraisal Reports
Bundle of Rights
Appraisal Review
3. The value determination based on cost to build less depreciation - plus value of the land.
Business Enterprise
Regional and Community Data
Three Appraisal Reports
Cost Approach
4. Value placed by tax assessing official.
acre
Fixtures
Assessed Value
Appraiser's Peers
5. When the rate of return continues to increase at a lower rate and begin to decrease.
Principle of Decreasing Returns
Characteristics of Value
Parcel
Intended Use
6. Other appraisers who have expertise and competency in a similar type of assignment.
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7. I=RxV - R=I/V - V=I/R
Direct Capitalization
Meets and Bounds
Progression
Agents of Production
8. That which is taken to be true
Market Value
Assumption
Bundle of Rights
Deed
9. That which is contrary to what exists but is supposed for the purpose of analysis.
Assignment Results
Meridian
Hypothetical Condition
Easement
10. Public improvements that support basic needs - such as transportation and utilities.
Cost
Reference Point (monument)
Township
Infrastructure
11. Modest property in an expensive neighborhood (Increase in value).
Progression
Appraisal Practice
Assumption
acre
12. 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.
Income Approach
Report
mile
Lot - Block and Tract
13. 5 - 280 feet
Conformity - Progression and Regression
Assessed Value
mile
Meridian
14. An estate that ends upon the death of a designated party.
Life Estate
Sales Comparison Approach
Conformity - Progression and Regression
Mass Appraisal Model
15. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.
Appraisal Consulting
Constant Use
Bundle of Rights
Types of Data
16. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.
Legally Nonconforming Uses
Deed
square mile
Conformity - Progression and Regression
17. When supply and demand are out of balance. Too much competition
Baseline
Principle of Competition
Leasehold Estate
Price
18. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Regional and Community Data
Plottage
Regression
Easement
19. Lay of the land.
Principle of Competition
Topography
Infrastructure
Going Concern
20. 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).
Principle of Supply and Demand
Intended Use
Meridian
Effects of Use on Real Estate Value
21. The interests - benefits - and rights inherent in the ownership of real estate.
Real Estate
Cost Approach
Price
Real Property
22. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.
Market Value
Principle of Balance
Business Equity
Leasehold Estate
23. An interest in real estate that does not include possessory rights.
Encumbrance
Intended User
Jurisdictional Exception
Parcel
24. Identifiable tangible objects that are considered by the general public as being "personal".
Forces Affecting Value
Personal Property
Market Value
Hypothetical Condition
25. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution
Cost Approach
Real Property
Principles of Appraisal
Principle of Supply and Demand
26. The interests - benefits - and rights inherent in the ownership of a business enterprise or a part thereof in any form
Personal Property
Principle of Increasing Returns
Ad Valorem Taxes
Business Equity
27. As the amount invested in other agents is incrementally increased - the rate of return on the investment will increase.
Section
Principle of Increasing Returns
Fee Simple
Topography
28. 6x6 mile square piece of land. (36 square miles)
Township
Meets and Bounds
Fee Simple
Intended Use
29. Money required to create - produce - or obtain a property
Principle of Supply and Demand
Life Estate
Appraisal Practice
Cost
30. Eminent Domain - Taxation - Police Power - Escheat
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31. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.
Reference Point (monument)
Lot - Block and Tract
Cost
Legally Nonconforming Uses
32. A mathematical expression of how supply and demand factors interact in a market.
Market Value
Feasibility Analysis
Mass Appraisal Model
Gov't Restrictions
33. Person that receives property.
Appraisal Practice
Principle of Decreasing Returns
Remainder Man
Sales Comparison Approach
34. Services pertaining to aspects of property value.
Valuation Services
Real Estate Cycle
Fixtures
Signature
35. 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.
Going Concern
Principle of Contribution
Intended Use
acre
36. An appraiser's opinions and conclusions developed specific to an assignment.
Personal Property
Three Appraisal Reports
Intended Use
Assignment Results
37. General Data - Specific Date - Primary - Secondary.
Principle of Increasing Returns
Extraordinary Assumption
Types of Data
Real Estate Cycle
38. 640 acres
Encumbrance
square mile
Remainder Man
Characteristics of Highest and Best Use
39. DUST - Demand - Utility - Scarcity - Transferability
Deed
Report
Characteristics of Value
Meets and Bounds
40. Describes the direction one moves from the reference point to another and the distant points.
mile
Metes
Legally Nonconforming Uses
Extraordinary Assumption
41. 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.
Real Estate Cycle
Approaches to Value
Jurisdictional Exception
Assumption
42. The right of government to title when an owner dies without a will or heirs.
Going Concern
Escheat
Principle of Balance
Life Estate
43. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Value
Intangible Property
Types of Value
Types of Data
44. An estate that includes possession without title.
Principle of Increasing Returns
Leasehold Estate
Real Estate Cycle
Cost Approach
45. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Mass Appraisal
Intangible Property
Market Value
Mass Appraisal Model
46. CLLC (MLLM) - Capital - Land - Labor - Coordination
Bias
Principles of Appraisal
Agents of Production
Sales Comparison Approach
47. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.
Market Value
Intended User
Forces Affecting Value
Leasehold Estate
48. Method of identifying property in relation to its boundaries - distances - and angles from a given point.
Credible
Going Concern
Meets and Bounds
Extraordinary Assumption
49. 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
Principle of Contribution
Hypothetical Condition
Intangible Property
50. An unbiased opinion of value
Appraisal
Escheat
Client
Personal Property