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34 Multiple choice questions

  1. Extensive report, typically used when doing commercial property appraisals, part of the report are: Introduction; State purpose and immediate value; Body: Approaches used, steps taken, value conclusion, and appraiser's qualifications, Addendum; Supportive information, maps photos, copies of deeds and leases etc.
  2. Value based on a specified use that may not be HABU (ex: Greenbelt Law for agricultural property).
  3. Concepts not synonymous; cost or price may be more or less than value.
  4. Value of the property to an individual based on his her own standards.
  5. Determine if building is the highest and best use or needs modification or demolishing. If it needs to be demolished, the appraiser must determine what type of improvements would maximize total property value.
  6. Legal, possible, probable use which results in greatest value of property; the use that returns the maximum amount to the land.
  7. Buyer will pay no more than cost of acquiring equally desirable substitute; basis of all three appraisal approaches.
  8. Receipt of $1 today has greater value than receipt of $1 in future.
  9. Value created by combining two or more parcels into a larger parcel that may have greater utility and value.
  10. Generally reserved for expert testimony. Appraisals involving federally related transactions must be in writing.
  11. Sale comparison approach, cost depreciation approach, income capitalization approach; the approach best supported is the primary approach. The others are secondary.
  12. 1) Define the problem; 2) Preliminary analysis and data selection; 3) HABU analysis; 4) Estimate land value; 5) Application of relevant approaches; 6) Reconciliation of value estimates; 7) Report the value.
  13. Value at end of economic life of a building.
  14. Demand, Utility, Scarcity, Transfer (DUST)
  15. Value of an ongoing operating business (see Business Appraisal).
  16. Replacement cost minus physical deterioration and insurance exclusions.
  17. Legally permissible, physically possible, financially feasible, reasonable likely and non-speculative.
  18. High cost property tend to regress toward level of lower valued property in neighborhood.
  19. Used by lending institutions and government agencies. It allows non-professional people to make value conclusions.
  20. Identifying the property to be appraised, the legal rights, legal description of the property, set effective date of appraisal, and type of value to be estimated.
  21. The objective of an appraisal, the type of value (market value, investment value, assessed value etc.) the appraiser is seeking.
  22. Most probable price (most likely purpose of an appraisal)
  23. Buyer and seller typically motivated and neither party is acting under undue pressure, both parties well informed or well advised, reasonable time allowed for exposure, cash or cash equivalent financing normal conditions of sale.
  24. Lower cost property tend to progress toward level of higher value property in neighborhood.
  25. Value established for Property Tax purposes.
  26. Sale, Cost, Income
  27. Value of business's assets sold separately from business itself.
  28. Cost of production or reproduction; cost to create.
  29. Reconcile estimates from different approaches to arrive at a value; judgmental weighted average.
  30. Value based on anticipated future benefits.
  31. 1) Oral Report (2) Form Report; 3) Narrrative Report.
  32. Amount actually paid for property.
  33. Largest "residual" income to land, highest value of land most profitable use, most likely use.
  34. A concept - someone's idea of a property's worth.