Welcome! The appraisal related flash cards will help you get ready for your appraisal trainee exam and the certified residential appraisal appraisal exam as well. These appraisal related flash cards will help you crush that upcoming appraisal test! For more specific appraisal test questions, be sure to check out our other material!
the ability of a product to satisfy a human want, need, or desire.
This value answers the question: "What can be done with the product?"
a willing buyer will pay and a willing seller will sell for, if neither is under undue pressure.
the Four Characteristics of Value
Demand Utility Scarcity Transferability
the the purpose of USPAP?
The purpose is
to promote and maintain a high level of public trust in appraisal practice.
of Physical Deterioration is
due to ordinary wear and tear. Normally curable.
caused by a loss of utility is
Example: A poor floor plan
a property's highest and best use?
The use of a property
that provides the greatest financial return.
the three approaches to value?
Cost Approach Sales Approach Income Appraoch
of lower priced properties in an area will cause a decline in the value of the subject property is called ______.
of combining several parcels of land into one larger tract.
postponed maintenance on property that results in increased physical depreciation (wear and tear).
step in the appraisal process using weighted averages to determine an estimate of value.
the five attributes of land?
1. unique 2. immobile 3. durable 4. finite 5. useful
the difference between real estate and real property?
is an identified parcel of land and its improvement. Real property is the ownership, rights, and benefits in that real property.
USPAP stand for?
Uniform Standards of Professional Appraisal Practice.
the important consideration regarding special use properties?
Their value may be affected due to their limited purpose use.
the four agents of production?
(1) Land (2) Labor (3) Capital (4) Entrepreneurial Profit
of a property measured in years.
the four phases that a neighborhood goes through?
(1) Growth (2) Stability (3) Decline (4) Revitalization
the most complete form of ownership of a property?
the four government powers that can be imposed on a property?
(1) Eminent domain (2) Taxation (3) Police power (4) Escheat
the rights in property or “sticks” in the bundle?
(1) Right to sell (2) Right to lease (3) right to occupy (4) Right to mortgage (5) Right to give away
a "life estate"
The absolute rights to a property limited to the lifetime of the designated party.
user and payer of the appraisal report always the client?
The client could simply be an agent, and is just the person who is engaging the appraiser.
right to use another's real property for a particular use is _________.
in a less than typical marketing period and exposure is what type of value?
the four tests of highest and best use?
Physically Possible Legally Permissible Economically Feasible Maximally Productive
is the portion over and above what is needed for the highest and best use and does not have a stand alone value.
is land that is not necessary to support improvements. It has its own value.
of income to value is called?