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76 Multiple choice questions

  1. The cost to build a building similar size and purpose using today's methods and materials
  2. An area within a municipality that is taxed for a specific improvement- unlike a special assessment, property owners were permitted to vote for the improvement district to be created
  3. The rate of return on an income producing property
  4. A court order to cease, stop, or refrain from actin- can be used to enforce c,c & r's
  5. The action of an individual trying to force the government to buy his property
  6. The increased value resulting from the combining of several parcels of land into one larger tract
  7. What one must pay for a property- usually very close or equal to market value
  8. Local laws to control land use
  9. A comprehensive guidline for the long term physical development of a particular area- mixed land use is designed to meet the needs of future residents
  10. Original cost less the depreciation
  11. A tax rate per $1,000. (Assessed Value/1,000 x mills=tax)
  12. Environment Impact Statement- A study done to determine the effect of a proposed project on a community
  13. The right to use water from a lake or ocean that borders a property
  14. Something of value pledge as security for a loan
  15. Appraisers must make adjustments for changes in market conditions and time
  16. Water rights under prior appropriation
  17. The four basic characteristic of value-
  18. Depreciation due to factors in the property that do not meet expectations of buyers
  19. Deed restrictions for condominium complexes
  20. An opinion of value
  21. Combining several parcels of land into one larger tract
  22. The area of a building under the roof- includes unfinished areas
  23. The condition of a property measured in years
  24. The cost to exactly duplicate a building
  25. The right of the government to take real property if an owner dies without a will and with no heirs or no kindred
  26. An appraisal used to determine the value of a property that produces income or rent, also called capitalization method (Net Annual Income= Rate of Return x Market Value)
  27. Depreciation due to factors outside the property also called external obsolescence or environmental obsolescence
  28. Postponed maintenance on property that results in increased physical depreciation (Wear and Tear)
  29. The value of a part is determined by its contribution to the total value of the property rather than by the cost of the part
  30. Books showing the assessed value of all properties in the tax district
  31. Permission to violate current zoning regulations- obtained by a hearing
  32. The legal use of property giving the greatest return in money or amenities
  33. The finished space of a structure measured by the exterior walls
  34. The conversion of income into an indication of value
  35. An estimate of past expenditures
  36. A factor based on location and rent- a price per annual rent used to give an initial estimate of value for a commercial property
  37. According to value- real property taxes are ad valorem taxes
  38. Competitive Market Analysis- A range of value for a provided by a licensee to help a seller determine a realistic price- also called comparative market analysis
  39. Pricing today based on the expectation of future appeal and/or benefits
  40. Higher valued properties in the neighborhood lead to an increase in value of a subject property
  41. Invest in property whenever each dollar invested will return a dollar more of increased value and stop when each dollar invested returns less than a dollar in value- do not over-improve a property
  42. A theory of water law starting the first landowner to claim riparian rights has the exclusive right to take all the water for specific beneficial uses
  43. Depreciation due to ordinary wear and tear - durable - little impact on an appraisal
  44. Uniform Standards of Professional Appraisal Practice- Appraiser's Rules
  45. A permissible use under former rules that is now prohibited- automatically granted when zoning regulations change
  46. Depreciation of equal annual installment amounts
  47. An area of land separating one land use from another incompatible such as residential from commercial
  48. The stages of growth and development of a community-
  49. Maximum value is found when there is a reasonable degree of similarity or homogeneity
  50. A tax levied against only those property owners who benefit from a government improvement such as curbs, or sidewalks
  51. Member Appraisal Institute- designation earned by a licensed appraiser
  52. The actual age of a property
  53. An estimate of the future benefits to be derived from a property
  54. The right to use water from a river or stream that borders a property
  55. An appraisal used primarily on residential properties- it involves company the subject property to recent sales to determine a value- also called sales comparison approach
  56. Yearly gross rents less gross expenses
  57. An appraisal used to determine the value of unique property- one with no comparable and no income (Land + Building Reproduction Cost - Depreciation = Value)
  58. Increased competition results in decreased profits for current providers
  59. No person is justified in paying more for a property when a similar property can be purchased for less - sets an upper limit on price
  60. The right of government to take private property for public use
  61. The action of the government in taking private property under the right of eminent domain
  62. A unit of prefabricated housing- offset constuction
  63. A neighborhood in the revitalization stage of the life cycle
  64. Property value for tax purposes
    Tax rate x Assessed value= Tax
  65. The recorded document outlining the C, C & R's for a particular area of land
  66. Government right to regulate and control the character and use of property for the health, safety and general welfare of the public
  67. A recently sold property similar to a property being valued
  68. The amount of space required between the lot line and the building line
  69. The right of government to tax real property
  70. Regulations regarding specific construction requirements- plumbing, electrical, etc.
  71. A factor based on location and rent- a price per monthly rent used to give an initial estimate of value for a residential rental property
  72. Lower valued properties in the neighborhood lead to a decline in value of a subject property
  73. Broker's )pinion of Value- similar to a CMA used by a relocation firm, bank or attorney- also called BPO (Broker's Price Opinion)
  74. The price a willing seller will sell for and a willing buyer will pay when neither is acting under exceptional pressure- most probable price
  75. The final step in the appraisal process using weighted averages to determine an exact number
  76. Deed covenants, conditions and restrictions are private controls of land use, development, methods and materials for construction, including style and appearance requirements in some cases