This is a quiz that asks different random questions that are designed to test your knowledge on how well you know valuation and appraisal terms. It might not be as easy as you think but just try it out to see how you will do.
Sales Comparison Method
Gross rent multipier
Cost approach
Income approach
The amount of the loan requested
Unpaid special assessments
The price the seller has agreed to pay
Economic changes in the arena
Numerous pillars supporting the ceiling in a store
Roof leaks, making the premises unrentable
An older building with very small rooms
Vacant and abandoned structures in the area
Supported estimate of value
Utility value
Selling price
Cost plus improvements less depreciation
Gross rent multiplier method
Cost approach
Income approach
Sales comparison approach
Fences
Agricultural land
Land under a structure
A vacant lot
Refusal to make an appraisal that the appraiser feels is beyond his or her expertise
Appraising a property in which the appraiser has disclosed interest
Accepting an appraisal where the fee will be a percentage of the value derived
Requesting payment in advance
Progression
Supply and demand
The principle of highest and best use
Market value
Gross multiplier
Income approach
Cost approach
Sales comparison approach
Contribution
Progression
Substitution
Change
External obsolesence
The gross multiplier effect
Progression
Physical deterioration
A 2 percent increase in appraised value
A $50,000 increase in appraised value
A $50,000 decrease in appraised value
No change in appraised value
Short form report
Narrative report
Uniform residential appraisal report
Certified appraisal report
Market value
Assessed value
Use value
Book value
The value of a property will eventually decline
Property value is best maintained in homogeneous areas
Extraordinary rofits will disappear with competition
The maximum value would be based on cost of a comparable property
Depreciation
Unusual expenses
Location
Amenity values
Adjoining a shopping area
Next to a church
Across from a school
In a center of a residential development
Regression
Competition
Substitution
Integration and disintegration
$400,000
$440 ,000
$500,000
$520,000
Economic life
Effective age
Period for depreciation
Period of profitability
Regression
Diminishing returns
Supply and demand
Conformity
Raise the value of the comparable
Lower the value of the home being appraised
Lower the value of the comparable
Raise the value of the home being appraised
Price paid by the owner
Present worth of future benefits
Assessed valuation
Price offered by a prospective buyer
Surplus productivity
The abstractive method
The development method
The land residual method
Benefit to the community
Gross
Value
Capitalization rate
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