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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. Describes the direction one moves from the reference point to another and the distant points.
Forces Affecting Value
Gov't Restrictions
Feasibility Analysis
Metes
2. An estate that ends upon the death of a designated party.
Life Estate
Cost
Forces Affecting Value
mile
3. The interests - benefits - and rights inherent in the ownership of a business enterprise or a part thereof in any form
Mass Appraisal Model
Principle of Change
Gov't Restrictions
Business Equity
4. 6x6 mile square piece of land. (36 square miles)
Township
Three Appraisal Reports
Real Estate
Legally Nonconforming Uses
5. Person that receives property.
Valuation Services
Remainder Man
Assignment Results
Highest and Best Use
6. Lay of the land.
Principle of Supply and Demand
Topography
Assessed Value
Personal Property
7. Runs north and south.
Intended Use
Principles of Appraisal
Meridian
Principle of Supply and Demand
8. An estate that includes possession without title.
Leasehold Estate
Valuation Process
Extraordinary Assumption
Regional and Community Data
9. 5 - 280 feet
Sales Comparison Approach
Types of Real Property
Credible
mile
10. General Data - Specific Date - Primary - Secondary.
Types of Data
Appraisal
Meets and Bounds
Cost Approach
11. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.
Cost Approach
Constant Use
Meridian
Mass Appraisal Model
12. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.
Intended User
Income Approach
Real Property
Workfile
13. DUST - Demand - Utility - Scarcity - Transferability
Topography
Characteristics of Value
Valuation Process
Personal Property
14. When supply and demand are out of balance. Too much competition
Assignment Results
Principle of Competition
Value
Jurisdictional Exception
15. Highest and Best Use - Consistent Use - Conformity - Progression & Regression
Effects of Use on Real Estate Value
Topography
Lot - Block and Tract
Excess Land
16. An appraiser's opinions and conclusions developed specific to an assignment.
Appraisal Practice
Three Appraisal Reports
Assignment Results
Encumbrance
17. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.
Assumption
Types of Real Property
Meets and Bounds
Conformity - Progression and Regression
18. Money required to create - produce - or obtain a property
Cost Approach
Intangible Property
Cost
Principle of Competition
19. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.
Plottage
Infrastructure
Legally Nonconforming Uses
Mass Appraisal Model
20. Runs east and west.
Assessed Value
Leasehold Estate
Baseline
Valuation Services
21. Complete form of real propert - includes entire bundle of rights.
Sales Comparison Approach
Types of Real Property
Fee Simple
Principle of Contribution
22. An unbiased opinion of value
Valuation Process
Appraisal
Principle of Substitution
Real Property
23. Bundle of Rights - Estate - Encumbrances
Signature
Appraiser
Appraisal Practice
Types of Real Property
24. The process of providing information - analysis of real estate data and recommendations and/or conclusions
Appraisal Consulting
Principle of Change
Appraisal Review
Leasehold Estate
25. Property that is much more luxurious than surrounding properties (Decline in value).
Mass Appraisal Model
Life Estate
Regression
Direct Capitalization
26. 43 - 560 square feet
acre
Life Estate
Baseline
Approaches to Value
27. 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.
Plottage
Report
Types of Data
Valuation Process
28. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).
Conformity - Progression and Regression
Principle of Substitution
Reference Point (monument)
Approaches to Value
29. That which is taken to be true
Assumption
Valuation Services
Income Approach
Site
30. Value based on sale within a relatively short period of time.
Valuation Process
Liquidation Value
Jurisdictional Exception
Signature
31. The value determination based on cost to build less depreciation - plus value of the land.
Cost Approach
Meridian
Leasehold Estate
Appraisal
32. 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
Price
Approaches to Value
Site
33. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.
Principle of Balance
acre
Extraordinary Assumption
Market Value
34. The process of valuing a universe of properties as of a given date using standard methodology - employing common data and allowing for statistical testing.
Escheat
Mass Appraisal
Real Property
Principle of Change
35. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Workfile
Parcel
Types of Value
Appraiser
36. The value of an ongoing business or project.
Going Concern
Mass Appraisal Model
Hypothetical Condition
Scope of Work
37. Value determination based on income generated by a property.
Meridian
Types of Value
Approaches to Value
Income Approach
38. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Scope of Work
Lot - Block and Tract
Business Equity
Plottage
39. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Real Property
Intangible Property
Principle of Competition
Progression
40. Legally permitted - Physically possible - Economically Feasible - Maximally Productive Use
Feasibility Analysis
Characteristics of Highest and Best Use
Real Property
Highest and Best Use
41. Recognizes that supply and demand are in constant flux.
Gov't Restrictions
Principle of Change
Scope of Work
Assignment
42. Services pertaining to aspects of property value.
Assumption
Valuation Services
Escheat
Personal Property
43. Method of identifying property in relation to its boundaries - distances - and angles from a given point.
Meets and Bounds
Mass Appraisal
Fixtures
Metes
44. Cost Approach - Sales Comps - Income Approach (IRV)
Three Appraisal Reports
Business Equity
Assignment
Approaches to Value
45. I=RxV - R=I/V - V=I/R
Leasehold Estate
Direct Capitalization
Valuation Services
Remainder Man
46. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.
Market Value
Business Enterprise
Principle of Balance
Ad Valorem Taxes
47. The right of government to title when an owner dies without a will or heirs.
Principles of Appraisal
Escheat
Lot - Block and Tract
Price
48. 640 acres.
Section
Meridian
Cost Approach
Real Estate Cycle
49. Any piece of land.
Leasehold Estate
Approaches to Value
Site
Parcel
50. Worthy of belief
Credible
Market Value
Effects of Use on Real Estate Value
Appraisal Practice