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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. An entity pursuing an economic activity
Intended Use
Business Enterprise
Agents of Production
Principles of Appraisal
2. The value of an ongoing business or project.
Principle of Change
Leasehold Estate
Going Concern
Escheat
3. Taxes based on property value.
Credible
mile
Ad Valorem Taxes
square mile
4. 640 acres.
Assessed Value
Types of Data
Jurisdictional Exception
Section
5. Other appraisers who have expertise and competency in a similar type of assignment.
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6. Person that receives property.
Deed
Fixtures
Remainder Man
Cost
7. An identifiable - fixed position from which measurements may be taken.
Principle of Increasing Returns
Parcel
Legally Nonconforming Uses
Reference Point (monument)
8. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution
Characteristics of Value
Principle of Increasing Returns
Principle of Substitution
Principles of Appraisal
9. 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.
Intended User
Principle of Anticipation
Signature
Constant Use
10. Land that is not needed for the highest and best use of the site
Excess Land
Agents of Production
Approaches to Value
Cost
11. General Data - Specific Date - Primary - Secondary.
Assignment Results
Personal Property
Types of Data
Site
12. The monetary relationship between properties and those who buy - sell - or use those properties.
Workfile
Hypothetical Condition
Scope of Work
Value
13. An identified parcel or tract of land including improvements.
Real Estate
Agents of Production
Assumption
Principle of Balance
14. 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).
Principles of Appraisal
Gov't Restrictions
Feasibility Analysis
Principle of Supply and Demand
15. 640 acres
square mile
Principle of Competition
Appraisal Consulting
Excess Land
16. Value placed by tax assessing official.
Assessed Value
Hypothetical Condition
Extraordinary Assumption
Legally Nonconforming Uses
17. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report
Income Approach
Legally Nonconforming Uses
Fixtures
Valuation Process
18. A former item of personal property which has become part o the realty.
Fixtures
Appraiser's Peers
Principle of Change
Extraordinary Assumption
19. Self Contained - Summary - Restricted Use
mile
Assignment
Life Estate
Three Appraisal Reports
20. Eminent Domain - Taxation - Police Power - Escheat
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21. That which is contrary to what exists but is supposed for the purpose of analysis.
Hypothetical Condition
Types of Data
Assignment
Regional and Community Data
22. Describes the direction one moves from the reference point to another and the distant points.
Metes
Appraisal
Approaches to Value
Agents of Production
23. When supply and demand are out of balance. Too much competition
Parcel
Site
Conformity - Progression and Regression
Principle of Competition
24. The process of providing information - analysis of real estate data and recommendations and/or conclusions
Intended User
Value
Appraisal Consulting
Appraiser's Peers
25. All the beneficial rights of ownership.
Appraisal Review
Remainder Man
Bundle of Rights
Easement
26. Bundle of Rights - Estate - Encumbrances
Types of Real Property
Assumption
Real Property
Principle of Competition
27. Money required to create - produce - or obtain a property
Cost
Legally Nonconforming Uses
Mass Appraisal
Types of Data
28. Public improvements that support basic needs - such as transportation and utilities.
Fee Simple
Infrastructure
Escheat
Characteristics of Value
29. An estate that ends upon the death of a designated party.
Life Estate
Parcel
Forces Affecting Value
Township
30. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Types of Value
Agents of Production
Principle of Substitution
Intended Use
31. The value of a component is equal to the amount of value it adds to the property as a whole.
Bundle of Rights
acre
Principle of Contribution
Characteristics of Value
32. CLLC (MLLM) - Capital - Land - Labor - Coordination
Types of Data
Cost Approach
Feasibility Analysis
Agents of Production
33. Value determination based on income generated by a property.
Income Approach
Life Estate
Leasehold Estate
Hypothetical Condition
34. Identifiable tangible objects that are considered by the general public as being "personal".
Client
Ad Valorem Taxes
Liquidation Value
Personal Property
35. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Extraordinary Assumption
Highest and Best Use
Plottage
Direct Capitalization
36. The right of government to title when an owner dies without a will or heirs.
Legally Nonconforming Uses
Escheat
Three Appraisal Reports
Principle of Decreasing Returns
37. The value determination based on cost to build less depreciation - plus value of the land.
Characteristics of Value
Income Approach
Cost Approach
Deed
38. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.
Principle of Balance
Escheat
Principle of Decreasing Returns
Real Estate Cycle
39. Value determination based on sales of similar properties.
Sales Comparison Approach
Remainder Man
Conformity - Progression and Regression
Feasibility Analysis
40. An estate that includes possession without title.
Bias
Leasehold Estate
Client
Regression
41. Cost Approach - Sales Comps - Income Approach (IRV)
Characteristics of Highest and Best Use
Mass Appraisal
Approaches to Value
Conformity - Progression and Regression
42. 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.
Effects of Use on Real Estate Value
Appraisal Review
square mile
Appraisal Practice
43. 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
Scope of Work
Township
Intended User
44. An unbiased opinion of value
Appraisal
Leasehold Estate
Topography
Metes
45. The party or parties who engage an appraiser in a specific assignment.
Going Concern
Business Enterprise
Client
Principle of Anticipation
46. Lay of the land.
Topography
Gov't Restrictions
Characteristics of Highest and Best Use
Intended Use
47. I=RxV - R=I/V - V=I/R
Assumption
Conformity - Progression and Regression
Direct Capitalization
Infrastructure
48. One who is expected to perform valuation services competently and in a manner that is independent - impartial - and objective.
Site
Conformity - Progression and Regression
Appraiser
Business Enterprise
49. 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 Use
Types of Real Property
Appraisal
Legally Nonconforming Uses
50. Property that is much more luxurious than surrounding properties (Decline in value).
Bias
Regression
Life Estate
Appraisal Review