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!
What is
the ability of a product to satisfy a human want, need, or desire.
Utility
This value answers the question: "What can be done with the product?"
The price
a willing buyer will pay and a willing seller will sell for, if neither is under undue pressure.
Market Value
.
What are
the Four Characteristics of Value
They are....
Demand Utility Scarcity Transferability
What is
the the purpose of USPAP?
The purpose is
to promote and maintain a high level of public trust in appraisal practice.
The definition
of Physical Deterioration is
Depreciation
due to ordinary wear and tear. Normally curable.
Depreciation
caused by a loss of utility is
Functional Obsolescence
Example: A poor floor plan
What is
a property's highest and best use?
The use of a property
that provides the greatest financial return.
What are
the three approaches to value?
.
Cost Approach Sales Approach Income Appraoch
The presence
of lower priced properties in an area will cause a decline in the value of the subject property is called ______.
The principle
of Regression
The process
of combining several parcels of land into one larger tract.
Assemblage
.
What is
postponed maintenance on property that results in increased physical depreciation (wear and tear).
Deferred Maintenance
.
The final
step in the appraisal process using weighted averages to determine an estimate of value.
Reconciliation
.
What are
the five attributes of land?
.
1. unique 2. immobile 3. durable 4. finite 5. useful
What is
the difference between real estate and real property?
Real Estate
is an identified parcel of land and its improvement. Real property is the ownership, rights, and benefits in that real property.
What does
USPAP stand for?
Uniform Standards of Professional Appraisal Practice.
.
What is
the important consideration regarding special use properties?
.
Their value may be affected due to their limited purpose use.
What are
the four agents of production?
.
(1) Land (2) Labor (3) Capital (4) Entrepreneurial Profit
The condition
of a property measured in years.
Effective Age
.
What are
the four phases that a neighborhood goes through?
They are
(1) Growth (2) Stability (3) Decline (4) Revitalization
What is
the most complete form of ownership of a property?
Fee Simple
.
What are
the four government powers that can be imposed on a property?
.
(1) Eminent domain (2) Taxation (3) Police power (4) Escheat
What are
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
What is
a "life estate"
.
The absolute rights to a property limited to the lifetime of the designated party.
Is the
user and payer of the appraisal report always the client?
No
The client could simply be an agent, and is just the person who is engaging the appraiser.
The
right to use another's real property for a particular use is _________.
.
An easement
Property sold
in a less than typical marketing period and exposure is what type of value?
Liquidation Value
.
What are
the four tests of highest and best use?
.
Physically Possible Legally Permissible Economically Feasible Maximally Productive
_______ Land
is the portion over and above what is needed for the highest and best use and does not have a stand alone value.
Surplus Land
.
_________ Land
is land that is not necessary to support improvements. It has its own value.
Excess Land
.
The conversion
of income to value is called?
Capitalization
.