eQuizShow

Basic Appraisal Principles 11-12

Real Estate Analysis

Question:

New companies and industries that bring new business and jobs to the area are called what?


Answer:

Base Companies



Question:

A study of supply, demand and other economic conditions in an area is called what?


Answer:

Market Analysis



Question:

A study of the market climate for a specific property or type is referred to as what?


Answer:

Marketability Study



Question:

What economic principle is the Neighborhood Life Cycle primarily based on?


Answer:

Change



Question:

A Supply analysis that identifies properties by type, features and use, which are similar and likely to compete with the subject property is called what?


Answer:

Market Disaggregation



Mixed Bag

Question:

Brett is appraising a property for a client with the intended use of filing a tax appeal.  In this type of assignment, Brett should?


Answer:

not advocate for the client



Question:

The scope of work must include research and analyses necessary to produce what kind of results?


Answer:

credible



Question:

What is the term that describes real estate’s imperfect characteristic of not being able to move from one place to another?


Answer:

immobility



Question:

A detailed survey map of a subdivision or other grouped lots is known as?


Answer:

plat map



Question:

Riparian rights are associated with what type of water?


Answer:

flowing waters like rivers and streams



Ethical Principles

Question:

A condition, related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date but is used for the purpose of analysis, is called what?


Answer:

Hypothetical Condition



Question:

An assumption, directly related to a specific assignment, as of the effective date which, if found to be false, could alter the appraiser’s opinions or conclusions.


Answer:

Extraordinary Assumption



Question:

True or False /   According to USPAP the appraiser is required, without fail, to obtain a copy of the actual written sales contract.


Answer:

False  (if available in the normal course of business)



Question:

True or False  / According to USPAP the analysis of and disclosure of alls ales of the subject property that occurred within a four years prior to the effective date is required.  


Answer:

False  ( Three Years)



Question:

According to USPAP appraisers are prohibited from accepting assignments with what?


Answer:

Unacceptable Assignment Conditions



Mixed Bag B

Question:

What is the most basic form of co-ownership?


Answer:

Tenancy in common



Question:

The lessor’s (landlord’s) interest in leased property is known as what type of interest?


Answer:

Answer: a leased fee interest



Question:

What are the two major types of estates?


Answer:

Freehold (indefinite duration) and Leasehold (specific duration)



Question:

What do condominium and PUD’s have in common?


Answer:

HOA’s (Home owners’ association fees)



Question:

The time-distance relationship to services between properties and services that people in the market rely on is known as?


Answer:

linkages



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