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36 Cards in this Set

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The criteria in determining the highest & best use includes the following except:
Effect of community welfare
Major cause of depreciation except
MAJOR CALAMITY
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.
ESCROW
Elements of comparison in VALUATION are:
Characteristics that cause for Real Estate to vary
What are the four elements of valuation?
DEMAND
UTILITY
SCARCITY
TRANSFERABILITY
Which of the following does not compromise supply
ABSORPTION
When data are available this approach to value is called direct and systematic approach to estimate value
SALES COMPARISON APPROACH
Which study, examine the profitability of proposed property?
FEASIBILITY
What are the two components that comprise effective demand?
Desire and Purchasing power
CONSIDER THE SALES ARE SIMILAR FOR MARKET DATA APPROACH.
COMPARATIVE
THE FUNDAMENTAL ECONOMIC PRINCIPLE UNDERLYING THE SALES COMPARISON APPROACH TO VALUE IS known as
SUBSTITUTION
The period over which a building may be profitably use in its
EFFECTIVE LANDS
CONSIDER THE SALES ARE SIMILAR FOR MARKET DATA APPROACH involving a comparison
COMPARATIVE APPROACH
It is geographically called local community often within a city or suburb:
NEIGHBORHOOD
Recent sales of comparable sights competitive within the subject site:
are the most reliable right of probable current
Which of the following is not economic characteristic of Real Estate
Indestructibility
A group of complimentary land uses is called a
NEIGHBORHOOD
A period of opinion market value by sales comparison approach through the eyes of the
PURCHASER
When bodies estimated by analyzing sales price is referred to as
MARKET APPROACH similar properties
Which characteristics is indicative of an efficient market?
organized exchange conduit
What is the meaning of USPAP?
UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE
It is the act or process of developing an opinion of value
APPRAISAL
IT IS NEVER A _____ BUT ALWAYS AN ________ OF THE WORTH OF PROPERTY AT A GIVEN TIME IN ACCORDANCE WITH A SPECIFIC DEFINITION OF VALUE
FACT, OPINION
What is the economic concept of appraisal?
VALUE IS ALWAYS STATED AS AN OPINION
Both provide data for the appraiser to consider in an analysis but both of these should not be mistaken for the meaning of value
COST OR PRICE
COST OR PRICE, once analyzed, may help to provide
an indication of VALUE
TRANSFER OF OWNERSHIP, FINANCING AND CREDIT, INVESTMENT COUNSELING, DECISION MAKING, ACCOUNTING AND AUDIT are typical uses of ?
REAL ESTATE APPRAISAL
The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale
MARKET VALUE
An ownership interest held by a landlord with the right of use and occupancy conveyed by lease to others;
LEASED FEE ESTATE
Absolute ownership unencumbered by any other interest or estate subject only to the four powers of government
FEE SIMPLE ESTATE
THE FOUR CRITERIA OF THE HIGHEST AND BEST USE ARE
PERMISSIBILITY, PHYSICAL POSSIBILITY, FINANCIAL FEASIBILITY, AND MAXIMUM PROFITABILITY
That which is contrary to what exists, but is supposed for the purpose of analysis
HYPOTHETICAL CONDITION
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?
as though vacant, as improved,
Factors affecting real estate value
Physical Forces, Social Forces, Economic Forces and Political Forces
What are the four essential elements of value?
Demand
Utilization
Scarcity
Transferability
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
Appraisal Report