Basic Appraisal For Real Estate Brokers

Front 1

The criteria in determining the highest & best use includes the following except:

Back 1

Effect of community welfare

Front 2

Major cause of depreciation except

Back 2

MAJOR CALAMITY

Front 3

Bank accounts for the purchase of Land. It holds the land deed and other transfer documents for the seller, and the purchase money for the buyer.

Back 3

ESCROW

Front 4

Elements of comparison in VALUATION are:

Back 4

Characteristics that cause for Real Estate to vary

Front 5

What are the four elements of valuation?

Back 5

DEMAND
UTILITY
SCARCITY
TRANSFERABILITY

Front 6

Which of the following does not compromise supply

Back 6

ABSORPTION

Front 7

When data are available this approach to value is called direct and systematic approach to estimate value

Back 7

SALES COMPARISON APPROACH

Front 8

Which study, examine the profitability of proposed property?

Back 8

FEASIBILITY

Front 9

What are the two components that comprise effective demand?

Back 9

Desire and Purchasing power

Front 10

CONSIDER THE SALES ARE SIMILAR FOR MARKET DATA APPROACH.

Back 10

COMPARATIVE

Front 11

THE FUNDAMENTAL ECONOMIC PRINCIPLE UNDERLYING THE SALES COMPARISON APPROACH TO VALUE IS known as

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SUBSTITUTION

Front 12

The period over which a building may be profitably use in its

Back 12

EFFECTIVE LANDS

Front 13

CONSIDER THE SALES ARE SIMILAR FOR MARKET DATA APPROACH involving a comparison

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COMPARATIVE APPROACH

Front 14

It is geographically called local community often within a city or suburb:

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NEIGHBORHOOD

Front 15

Recent sales of comparable sights competitive within the subject site:

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are the most reliable right of probable current

Front 16

Which of the following is not economic characteristic of Real Estate

Back 16

Indestructibility

Front 17

A group of complimentary land uses is called a

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NEIGHBORHOOD

Front 18

A period of opinion market value by sales comparison approach through the eyes of the

Back 18

PURCHASER

Front 19

When bodies estimated by analyzing sales price is referred to as

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MARKET APPROACH similar properties

Front 20

Which characteristics is indicative of an efficient market?

Back 20

organized exchange conduit

Front 21

What is the meaning of USPAP?

Back 21

UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE

Front 22

It is the act or process of developing an opinion of value

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APPRAISAL

Front 23

IT IS NEVER A _____ BUT ALWAYS AN ________ OF THE WORTH OF PROPERTY AT A GIVEN TIME IN ACCORDANCE WITH A SPECIFIC DEFINITION OF VALUE

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FACT, OPINION

Front 24

What is the economic concept of appraisal?

Back 24

VALUE IS ALWAYS STATED AS AN OPINION

Front 25

Both provide data for the appraiser to consider in an analysis but both of these should not be mistaken for the meaning of value

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COST OR PRICE

Front 26

COST OR PRICE, once analyzed, may help to provide

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an indication of VALUE

Front 27

TRANSFER OF OWNERSHIP, FINANCING AND CREDIT, INVESTMENT COUNSELING, DECISION MAKING, ACCOUNTING AND AUDIT are typical uses of ?

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REAL ESTATE APPRAISAL

Front 28

The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale

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MARKET VALUE

Front 29

An ownership interest held by a landlord with the right of use and occupancy conveyed by lease to others;

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LEASED FEE ESTATE

Front 30

Absolute ownership unencumbered by any other interest or estate subject only to the four powers of government

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FEE SIMPLE ESTATE

Front 31

THE FOUR CRITERIA OF THE HIGHEST AND BEST USE ARE

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PERMISSIBILITY, PHYSICAL POSSIBILITY, FINANCIAL FEASIBILITY, AND MAXIMUM PROFITABILITY

Front 32

That which is contrary to what exists, but is supposed for the purpose of analysis

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HYPOTHETICAL CONDITION

Front 33

What are the two factors that help determine the highest and best use for a given property using the process of elimination of all possible uses by the application of certain tests to the subject site?

Back 33

as though vacant, as improved,

Front 34

Factors affecting real estate value

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Physical Forces, Social Forces, Economic Forces and Political Forces

Front 35

What are the four essential elements of value?

Back 35

Demand
Utilization
Scarcity
Transferability

Front 36

The following are basic steps in valuation process which one is not?
Highest and Best Use Analysis
Preliminary Analysis
Definition of the Objective
Appraisal Report

Back 36

Appraisal Report