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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. Bundle of Rights - Estate - Encumbrances
Client
Types of Real Property
Mass Appraisal
Principle of Anticipation
2. An unbiased opinion of value
Intangible Property
Assumption
Appraisal
Signature
3. 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.
Signature
Business Equity
Bundle of Rights
mile
4. The right of government to title when an owner dies without a will or heirs.
Section
Escheat
Lot - Block and Tract
Conformity - Progression and Regression
5. The value determination based on cost to build less depreciation - plus value of the land.
Cost Approach
Appraiser
Principle of Contribution
Bundle of Rights
6. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report
Bias
Intended User
Valuation Process
Baseline
7. The value of an ongoing business or project.
Hypothetical Condition
Principle of Change
Going Concern
Types of Data
8. All the beneficial rights of ownership.
Bundle of Rights
Characteristics of Value
Mass Appraisal
Hypothetical Condition
9. Complete form of real propert - includes entire bundle of rights.
Principle of Anticipation
Cost
Fee Simple
Forces Affecting Value
10. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Reference Point (monument)
Types of Value
Escheat
Assessed Value
11. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)
Principle of Increasing Returns
Valuation Process
Encumbrance
Forces Affecting Value
12. The process of providing information - analysis of real estate data and recommendations and/or conclusions
Appraisal Consulting
Parcel
Appraiser
Progression
13. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment
Liquidation Value
Bias
Business Equity
Intangible Property
14. Taxes based on property value.
Ad Valorem Taxes
Assessed Value
Encumbrance
Conformity - Progression and Regression
15. Value based on sale within a relatively short period of time.
Lot - Block and Tract
Liquidation Value
Feasibility Analysis
Township
16. Public improvements that support basic needs - such as transportation and utilities.
Signature
Principle of Change
Infrastructure
Personal Property
17. Other appraisers who have expertise and competency in a similar type of assignment.
18. Land that is not needed for the highest and best use of the site
Appraisal Consulting
Meets and Bounds
Appraiser
Excess Land
19. Land that has been prepared for use.
Principle of Anticipation
Site
Fixtures
square mile
20. Modest property in an expensive neighborhood (Increase in value).
Cost
Appraisal
Progression
Excess Land
21. The value of the property is determined by the most profitable use to which the property may be put.
Appraiser
Valuation Services
Escheat
Highest and Best Use
22. 5 - 280 feet
Signature
mile
Principle of Change
Appraisal Consulting
23. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.
Gov't Restrictions
Principle of Balance
Appraiser
Appraisal Practice
24. Lay of the land.
Real Estate
Site
Principle of Change
Topography
25. Eminent Domain - Taxation - Police Power - Escheat
26. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.
Workfile
Intended User
Principles of Appraisal
Appraisal Consulting
27. The type and extent of research and analyses in an assignment.
Reference Point (monument)
Conformity - Progression and Regression
Scope of Work
Escheat
28. An appraiser's opinions and conclusions developed specific to an assignment.
Assignment Results
Conformity - Progression and Regression
Meets and Bounds
Appraisal
29. A former item of personal property which has become part o the realty.
Bundle of Rights
Principle of Increasing Returns
Fixtures
Going Concern
30. CLLC (MLLM) - Capital - Land - Labor - Coordination
Jurisdictional Exception
Agents of Production
Baseline
Approaches to Value
31. An estate that ends upon the death of a designated party.
Principle of Supply and Demand
Report
Meridian
Life Estate
32. The interests - benefits - and rights inherent in the ownership of a business enterprise or a part thereof in any form
Section
Business Equity
Liquidation Value
Client
33. Money required to create - produce - or obtain a property
Cost
Assignment Results
Regression
Appraisal Practice
34. Recognizes that supply and demand are in constant flux.
Personal Property
Client
Principle of Change
Business Enterprise
35. An interest in real estate that does not include possessory rights.
Principle of Anticipation
Principles of Appraisal
Workfile
Encumbrance
36. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.
Going Concern
Escheat
Market Value
Meets and Bounds
37. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)
Principle of Anticipation
Appraiser's Peers
Intended Use
Lot - Block and Tract
38. Value placed by tax assessing official.
Business Equity
Assessed Value
Scope of Work
Conformity - Progression and Regression
39. 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
Assumption
Appraiser's Peers
Regional and Community Data
40. Runs north and south.
Highest and Best Use
Intended Use
Workfile
Meridian
41. Services pertaining to aspects of property value.
Real Property
Principle of Contribution
Metes
Valuation Services
42. 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).
Going Concern
Principle of Supply and Demand
Agents of Production
Real Estate
43. Legally permitted - Physically possible - Economically Feasible - Maximally Productive Use
Characteristics of Highest and Best Use
Agents of Production
Effects of Use on Real Estate Value
Appraisal Practice
44. A study of the cost-benefit relationship of an economic endeavor
Types of Data
Assumption
Feasibility Analysis
Gov't Restrictions
45. Person that receives property.
Appraisal
Forces Affecting Value
Remainder Man
Appraiser's Peers
46. Runs east and west.
Effects of Use on Real Estate Value
Section
Principle of Anticipation
Baseline
47. The interests - benefits - and rights inherent in the ownership of real estate.
Regression
Real Property
Report
Plottage
48. General Data - Specific Date - Primary - Secondary.
Topography
Principle of Supply and Demand
Intangible Property
Types of Data
49. 43 - 560 square feet
acre
Liquidation Value
Bundle of Rights
Appraiser
50. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.
Legally Nonconforming Uses
Appraiser
acre
Going Concern