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101 Multiple choice questions

  1. Any constant, contiguous area that may be identified by similar characteristics of physical boundaries.
  2. The statements that protect the appraiser and the client and inform other intended users of the appraisal report about the limitations on the use of the report.
  3. An appraisal method that estimates the value of real estate by analyzing the amount of income the property currently generates, or could generate, often comparing the subject property to other similar properties.
  4. The date for which value was established.
  5. The client and any other party as identified, by name or type, as users of the appraisal, or appraisal review report by the appraiser based on communication with the client at the time of the assignment.
  6. Exact position of real estate.
  7. Total floor area of a building measuring from the exterior of the walls--includes the superstructure (floor area) and the substructure (basement area)
  8. An assignment condition established by applicable law or regulation, which precludes an appraiser from complying with a part of USPAP.
  9. Statement by the appraiser explaining the framework used to reach the appraisal value.
  10. An economic theory that says an informed buyer will not pay more for a property, or a feature in a property, than a comparable substitute.
  11. A legal description for land, referencing principal meridians and base lines designated throughout the country.
  12. An appraisal method that estimates the value of real property by comparing the property being appraised with other, recently sold properties in the same area. Data are collected and adjustments made for differences.
  13. A transaction that occurred under typical condition in the marketplace, with each of the parties acting in their own best interest.
  14. Visual Examination of physical structure and systems of a house.
  15. Books, electronic media, and online sources that give estimated construction costs for various types of buildings in different areas of the country.
  16. A general pattern of four phases (growth, stability, decline, and revitalization), which neighborhoods, districts, and other market areas typically (but not universally) go through.
  17. A number derived from comparable rental property in an area, which is then used to estimate the value of a piece of real estate.
  18. A condition, related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for purpose of analysis.
  19. Provisions in a zoning ordinance that do not allow structures to be built within a certain distance of property lines.
  20. Building the functional equivalent (substitute) of the original building, using modern materials, usually with one that is the same size, layout, quality, and utility of the original.
  21. Process of determining the value of specific property characteristics or features by comparing pairs of similar properties.
  22. Repairable or able to be fixed; something that can be fixed at a reasonable cost, with the value added to the property being more than the cost of the repair.
  23. Basic load bearing skeleton of the house to which interior walls, exterior walls, and roof are attached. Can be platform, post and beam, or balloon.
  24. Part of Specific Data - data that includes information about comparable sale properties, as well as income and cost information.
  25. Any type of interior work to a house or building that is not part of the finish work, i.e. plumbing, HVAC, electrical.
  26. The dimension across the access side of a parcel of land (usually along the road). When a lot size is stated, it is the first number.
  27. An assumption, directly related to a specific assignment, as of the effective date of the assignment results, which if found to be false, could alter the appraiser's opinions or conclusions.
  28. Any interest in real estate one may have other than the full bundle of rights.
  29. The price the property sold for in an actual transaction.
  30. The difference between the lowest and highest numbers in a number set.
  31. The rise of a roof as stated in vertical inches per horizontal foot.
  32. Statistical value that describes the center or middle number in a set of numbers.
  33. Crops planted on the land/property of a tenant, and therefore considered an element of personal property.
  34. Information that covers the forces that affect property values, but are not directly related to a particular piece of property. The data covers economic, governmental, social, and physical factors, and can be local or national.
  35. Process whereby local authorities, sometimes engineers, are charged with ensuing compliance with prevailing building codes.
  36. The most probable price that a property should bring in a competitive open market.
  37. A way to convert a property;s income figure into an estimated value.
  38. Something that cannot be fixed at a reasonable cost with the cost of the repair being more than the value added to a property.
  39. An exception that allows a property owner to legally deviate from certain building codes or setback requirements.
  40. The amount of time that a property is available sale or lease.
  41. When something outside the control of a property makes it less desirable.
  42. Other similar, recently sold properties in the same market area as the subject property.
  43. Residential space that is finished, livable, and above grade. Garages, finished basements, and storage areas usually do not count.
  44. A permit obtained from the local zoning authority allowing the holder to use property or build a structure in a way that violates the zoning ordinance.
  45. A loss in value of property for any reason.
  46. Amount of heat needed to raise the temperature of one pound of water by one degree Fahrenheit. (Measure of furnace, A/C capacity)
  47. The type and extent of research and analyses in an appraisal or appraisal review assignment.
  48. Expressed as a percentage, it is the amount of interest earned by an investor for use of his or her money for a specific period of time.
  49. The use or uses of an appraiser's reported appraisal or appraisal review assignment opinions and conclusions, as identified by the appraiser based on communication with the client at the time of the assignment.
  50. A pre-existing condition allowed to continue under old laws, even though laws have since changed.
  51. A percentage rate of return used to calculate the present value of future income. It is used for the income approach to appraisal. Also called "Cap Rate".
  52. Part of a township one-mile by one-mile square, used for the government survey system; one section equals 640 acres, 36 sections equal one township.
  53. Creating future assumptions based on current data models and trends.
  54. A method for calculating depreciation by taking a figure for each kind of depreciation and combining them into one number.
  55. Total floor area designed to be occupied and used by tenants measuring from the center of joint positioning to the outside wall surfaces--includes basements and mezzanines.
  56. Equipment a tenant installs for use in his or her trade or business and that can be removed by the tenant before the lease expires.
  57. When a building is less desirable because of something inherent in the design of the structure.
  58. A limit on the number of buildings that may be constructed within a given space.
  59. Estimated length of time a property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal.
  60. Zones set up in a hierarchical fashion, such that all uses above the current zoning are permitted. Pass-through zoning foes in only one direction.
  61. A principle that says the value of a home is positively affected by the other homes in an area. Usually said about the "worst" home in the "best" area.
  62. Part of Specific Data - data that includes information on the subject property site and improvements.
  63. A middle or inside lot.
  64. Local ordinances dividing a city, county, etc., into zones, specifying different types of land use.
  65. The period of usefulness that a building has remaining as of the day of the appraisal.
  66. Building an exact duplicate (Replica) of the original building, giving the new structure the exact look and feel of the original.
  67. Has more than one notable use such as a mix of residential and non-residential.
  68. Property for which a value opinion is sought.
  69. Any dwelling unit building on a permanent chassis and attached to a permanent foundation system.
  70. Basic structure on which the rest of the house will rest. Can be concrete slab, pier and beams, crawl space, or basement.
  71. The market value in use of all property, including real property, trade fixtures, inventory, and the intangible assets of an established and operating business with an indefinite life.
  72. Information that is relevant to the subject property. Two types of data are Subject Property Data and Comparative Purpose Data.
  73. A unit of land equaling 43,560 square feet, or 4,840 square yards, or 160 square rods, or 1/640th of a square mile.
  74. A principle that says the value of a home is negatively affected by the other homes in an area. Usually said about the "best" home in the "worst" area.
  75. A demonstration of the process and diligence leading to communication of the final value opinion. Can be either written or oral.
  76. General swings in business, resulting in expanding and contracting activity during different phases of the cycle.
  77. A method of determining the approximate market value of a home by comparing the subject property to other homes that have sold, are presently for sale, or did not sell in a given area.
  78. An appraisal method that estimates the value of real estate by figuring the cost of building the house or other improvement on the land, minus depreciation, plus the value of the land.
  79. The most often or frequently occurring number in a data set.
  80. A land use that does not comply with the general zoning rules for the zone in which it is located, but is permitted because it benefits the public - i.e. a hospital in a residential neighborhood.
  81. A listing service whereby local member brokers agree to share listings and commissions on properties sold jointly.
  82. Professional appraisal standards promulgated by the Appraisal Foundation, and widely recognized throughout the United States as accepted standards of appraisal practice.
  83. Base that a foundation sits on. Must be poured on solid ground, below frost depth, and wider at the bottom than the structure to be supported.
  84. A statistical value that adds a series of values and then divides the total by the number of values in the set. (Average)
  85. An exception that permits a property owner to use land in a way that is not allowed in that zone, such as a commercial use in a residential zone.
  86. Applied to address how much less the property will eventually sell for if positioned to sell in a less-than-typical period.
  87. The income that could be produced by a property in an ideal situation, with no vacancy or collection losses.
  88. Property use that does not conform to current zoning laws, but is allowed because the property was being used that way before the new zoning law was passed.
  89. A written type if appraisal report. It allows the appraiser to comment fully on the opinions and conclusions of the appraisal.
  90. The amount of goods or services offered in the marketplace in exchange for something else.
  91. Analyzing the values derived from the different appraisal approaches to arrive at a final opinion of value.
  92. Official government documents that acknowledge the proposed work meets the department;s standards and grants permission for it to be performed.
  93. Price the seller sets for the property when it is first put on the market.
  94. An economic theory that says value is created by the expectation of future benefits, such as profit, pleasure, tax shelter, production, income, etc. It is the foundation of the Income Approach.
  95. The time during which a building can be used for its intended purpose and generate more income than is paid out for operating expenses. Also called "Useful Life".
  96. The theory that a particular item or feature of a property is only worth what it actually contributes in value to that parcel of real estate.
  97. The area between a building and one side boundary of the lot on which it is located.
  98. 1. A condition that exists in the real estate market when there are slightly more homes available than buyers.
    2. The right mix of capital, entrepreneurship, labor, and land that results in best return on investment from land. This determines the lands highest and best use.
  99. Income after expenses
  100. A means of setting construction standards, requiring builders to use particular methods and materials. Adopted by authorities under their exercise of police power for building codes to be enforceable.
  101. Potential gross income, less vacancy and collection losses.