Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/49

Click to flip

49 Cards in this Set

  • Front
  • Back
A COMPETITIVE MARKET ANALYSIS IS MORE LIKELY TO RESULT IN A RANGE OF VALUE, WHILE AN _____IS SUPPOSE TO RESULT IN A SPECIFIC VALUE
APPRAISAL
IS AN APPRAISER AN AGENT? DOES HE NEED A REAL ESTATE LICENSE?
NO
NO
4 TYPES OF APPRAISER CLASSIFICATIONS ARE 1.APPRAISER_____2. _____APPRAISER 3. CERTIFIED ___APPRAISER 4.CERTIFIED______GENERAL APPRAISER
APPRENTICE
LICENSED
RESIDENTIAL
GENERAL
AN APPRAISER APPRENTICE MUST HAVE COMPLETED __CLASSROOM HOURS OF APPROVED COURSES.
75
A LICENSED APPRAISER MUST HAVE __ HOURS OF APPROVED APPRAISAL COURSES,HAVE A MINIMUM OF __MONTHS EXPERIENCE,PASS STATE EXAM AND ACCRUE ___ HOURS EXPERIENCE.
90
24
2000
A CERTIFIED RESIDENTIAL APPRAISER MUST HAVE ___CLASS HOURS, PASS EXAM,HAVE ___HOURS EXPERIENCE IN 24 MONTHS
120
2500
A CERTIFIED GENERAL APPRAISER MUST HAVE ___CLASSROOM HOURS,AND HAVE A MINIMUM OF__HOURS EXPERIENCE OVER 30 MONTHS
180
3000
AN APPRAISAL IS AN ____OF VALUE.
ESTIMATE
VALUE OF A HOME MAY BE CONSIDERED BY THE VIEWPOINT OF _____,_____,OR _____.
WORTH
CAPACITY
PRICE
_____VALUE IS IS THE MOST PROBABLE PRICE THAT A PROPERTY SHOULD BRING IN A COMPETITIVE AND OPEN MARKET
MARKET
THE FOUR ELEMENTS OF VALUE ARE ____,____,____,&_____
HINT (DUST)
DEMAND
UTILITY
SCARCITY
TRANSFERABILITY
DEMAND IS THE DESIRE FOR _____.
POSSESSION
USEFULNESS THAT CAN FULFILL A HUMAN WANT OR NEED BY INCREASING SATISFACTION OR DECREASING DISSATISFACTION IS CALLED_____.
UTILITY
THE PRINCIPLE OF SUPPLY AND DEMAND IS REFERRED TO AS _____IN ACCORDANCE WITH APPRAISALS.
SCARCITY
TO BE OF VALUE A PRODUCT OR ITS LEGAL TITLE MUST BE _____THROUGH A SALE OR EXCHANGE OR VALUE IS DIMINISHED.
TRANSFERABLE
THE FOUR FORCES THAT AFFECT THE VALUE OF PROPERTY ARE?
HINT (PEPS)
PHYSICAL
ECONOMIC
POLITICAL
SOCIAL
_____FORCES AFFECTING PROPERTY VALUES INCLUDE,CLIMATE,NATURAL RESOURCES,TOPOGRAPHY,SOIL,
DRAINAGE,PESTS,
PHYSICAL
______ FORCES AFFECTING PROPERTY VALUE INCLUDE EMPLOYMENT TRENDS,WAGE LEVELS, PRICE RANGES, TAX BURDENS
ECONOMIC
______FORCES AFFECTING PROPERTY VALUES COME FROM GOVERNMENTAL CONTROL.
POLITICAL
EXAMPLES OF POLITICAL FORCES AFFECTING PROPERTY VALUE ARE:
ZONING ORDINANCES, BUILDING CODES, ENVIRONMENTAL REGULATIONS, WELFARE PROGRAMS, GOVT GUARANTEED OR INSURED LOANS
______FORCES THAT INFLUENCE VALUE ARE ALL THE FACTORS THAT RELATE TO THE SOCIETY IN WHICH MAN EXISTS
SOCIAL
EXAMPLES OF SOCIAL FORCES INFLUENCING PROPERTY VALUES ARE:
POPULATION SIZE AND DENSITY, RATES OF MARRIAGE,DIVORCE,BIRTHS AND DEATH,
A _____IS A GEOGRAPHICAL AREA WITH NATURAL OR MAN-MADE BOUNDARIES WITHIN A LARGER GEOGRAPHICAL AREA.
NEIGHBORHOOD
THE PRINCIPLE OF ____AND _____IS WHEN THE SCARCER THE SUPPLY, THE GREATER THE VALUE
SUPPLY AND DEMAND
THE PRINCIPLE OF ____AND ____USE IS WHEN THE VALUE OF PROPERTY IS GREATEST WHEN IT'S ADAPTED TO THAT USE WHICH,AT A GIVEN TIME WILL YIELD THE HIGHEST RETURN
HIGHEST
BEST
THE PRINCIPLE OF ____IS WHEN THE PROPERTY VALUE IS SIGNIFICANTLY DETERMINED BY THE COST OF THE TIMELY ACQUISITION OF A SUBSTITUTE PROPERTY
SUBSTITUTION
THE PRINCIPLE OF _____HOLDS THAT THE COMPONENT PART OF A PROPERTY DEPENDS UPON HOW MUCH IT CONTRIBUTES TO THE VALUE OF THE WHOLE PROPERTY
CONTRIBUTION
THE PRINCIPLE OF _____HOLDS THAT EVERYTHING IS IN A STATE OF CONTINUOUS MOVEMENT,CHANGE,DEVELOPMENT,DECAY AND DISINTEGRATION.
CHANGE
THE PRINCIPLE OF _____HOLDS THAT PROPERTY REACHES AND MAINTAINS ITS HIGHEST VALUE WHEN IT CONFORMS TO SURROUNDING PROPERTY
COMFORMITY
THE PRINCIPLE OF _____STATES THAT PROPERTIES OF HIGHER VALUES WILL ENHANCE THE VALUE OF LESS DESIRABLE PROPERTY IN THEIR PROXIMITY
PROGRESSION
THE PRINCIPLE OF ____SUGGESTS THAT PROPERTIES OF LOWER VALUE WILL ADVERSELY AFFECT THE VALUE OF BETTER PROPERTIES IN THEIR PROXIMITY
REGRESSION
THE PRINCIPLE OF ____SUGGESTS THE VALUE OF PROPERTY IS THAT PERCEIVED BY PURCHASERS IN THE MARKET TO BE THE FUTURE BENEFITS OF OWNERSHIP,NOT THE PRICE PAID
ANTICIPATION
THE PRINCIPLE OF ____HOLDS THAT PROFITS BREED COMPETITION AND EXCESS PROFITS BREED RUINOUS COMPETITION
COMPETITION
THE PRINCIPLE OF _____AND DIMINISHING RETURNS SUGGESTS THAT THE VALUE OF LAND MAY BE INCREASED BY PLACING IMPROVEMENTS ON THE LAND
INCREASING
THE PRINCIPLE OF ____HOLDS THAT OPTIMUM VALUE IS ACHIEVED WHEN THERE IS AN ECONOMIC BALANCE IN THE FACTORS OF PRODUCTION,LAND,LABOR,CAPITAL AND COORDINATION
BALANCE
THE PRINCIPLE OF ____HOLDS THAT THE CONSOLIDATION OF ADJACENT LOTS UNDER DIFFERENT OWNERSHIP INTO THE COMMON OWNERSHIP OF ONE LARGER UNIT RESULTS IN IMPROVED USABILITY AND INCREASED VALUE
PLOTTAGE
THE TERM____RELATES TO PAST EXPENDITURES OF MONEY, MATERIAL, AND LABOR TO EITHER PRODUCE OR ACQUIRE A PRODUCT
COST
_____IS THE AMOUNT PRESENTLY ASKED FOR AN ITEM AND SUGGESTS THAT THE ITEM IS FOR SALE
PRICE
_____RELATES TO THE PRESENT WORTH OF FUTURE ANTICIPATED BENEFITS ARISING FROM OWNERSHIP.
VALUE
WHAT IS THE PURPOSE OF AN APPRAISAL?
THE PURPOSE IS THE SPECIFIC TYPE OF VALUE BEING SOUGHT,(BOOK VALUE,LOAN VALUE,ASSESSED VALUE,RENTAL OR MARKET VALUE, ETC)
WHAT IS THE PURPOSE OF THE APPRAISAL?
IT REFERS TO THE USE OF THE APPRAISAL, THE ESTIMATED VALUE WILL HELP IN ESTABLISHING A SELLING PRICE, BID,OFFERING PRICE, OR A PRICE FOR A CONDEMNATION PROCEEDING,ETC
THE ___ ___ APPRAISAL APPROACH METHOD COMPARES THE SUBJECT PROPERTY WITH SIMILIAR PROPERTIES IN THE SAME COMPETING AREAS WHICH HAVE RECENTLY BEEN SOLD OR ARE ON THE MARKET
SALES COMPARISON
THE SALES COMPARISON APPROACH IS ALSO CALLED THE ____DATA APPROACH AND THE DIRECT___ COMPARISON APPROACH
MARKET
SALES
IN THE ____APPRAISAL APPROACH, THE VALUE OF LAND IS ESTIMATED SEPERATELY THEN ADDED TO THE COST OF ALL IMPROVEMENTS MINUS THE ESTIMATED ACCRUED DEPRECIATION
COST
_____OBSOLESCENCE IS MANIFESTED BY INTERNAL DEFICIENCIES(TOO SMALL AIR CONDITIONER, STRUCTUAL DEFICIENCES,OVER-IMPROVEMENTS)
FUNCTIONAL
_____OBSOLESCENCE IS THE RESULT OF EXTERNAL CAUSES, SUCH AS CHANGES IN THE CHARACTER OF THE AREA (USUALLY INCURABLE)
EXTERNAL
A _____MARKET ANALYSIS COMPARES THE SUBJECT PROPERTY WITH CURRENT LISTINGS AND EXPIRED LISTINGS AS WELL AS COMPARABLE PROPERTIES THAT HAVE RECENTLY BEEN SOLD.
COMPARATIVE
____OPERATING INCOME IS INCOME FROM PROPERTY AFTER EXPENSES HAVE BEEN DEDUCTED: EFFECTIVE GROSS INCOME LESS OPERATING EXPENSES
NET
A SECTION EQUALS __ MILE(S) SQUARE
1