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REAL ESTATE > Chap 16 > Flashcards

Chap 16 Flashcards

1
Q

The most common type of value

A

Market Value

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2
Q

This value is the amount that remains after all assets of a business have been sold in a hurry

A

Liquidation

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3
Q

The value of a business that assumes it will remain in business indefinitely and continue to be profitable

A

Going concern value

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4
Q

Value used by insurance companies as the basis for insurance companies

A

Insurable Value

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5
Q

The value used by insurance companies as the basis for insurance companies

A

Insurable value

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6
Q

The value assigned by the property appraiser for a ad-valorem tax purpose

A

Assessed value

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7
Q

Name 8 principles of value

A

Highest and best used
Anticipation
Change
Competition
Progression
Substitution
Contribution

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8
Q

An act or process of developing an opinion of value is called

A

Appraisal

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9
Q

An act or process of developing an opinion of value is called

A

Appraisal

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10
Q

The four characteristics of value is

A

Demand
Utility
Scarcity
Transferbility

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11
Q

An act or process of developing an opinion of value is called

A

Appraisal

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12
Q
A
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13
Q

Name 6 types value

A

Assessed value
Going concern value
Insurable value
Investment
Liquidation
Market value
Salvage
Plottage
Valve in use

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14
Q

This principle states that the best use for the property will be more profitable

A

Highest and best use

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15
Q

This principle states that the value of a property is the sum of future benefits

A

Anticipation

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16
Q

The principle is the amount of profit it adds to the value of a property is called

A

Principle of contribution

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17
Q

The florida real estate appraisal board has how many members

A

9

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18
Q

The 3 levels of a appraisals are

A

Registered trainee appraiser
Certified residential appraiser
Certified general appraiser

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19
Q

The age of a property appears to be due to extensive updates or excessive wear and tear is called

A

Effective age

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20
Q

What approach is used to estimate the value of income producing property and for the valuation of a business and to estimate the value that a property net earning power will support

A

The income approach

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21
Q

A mathematical process in which future income is converted into a present value

A

Direct Capitalization

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22
Q

The 3 types of operating expenses

A

Fixed. Variable…Reserves for replacement

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23
Q

A rate that provides adequate rate with return on the investment to a investor is called

A

Overall Capitalization Rate

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24
Q

How is a gross rent multiplier

A

Divide comp property sales by comparable rent…

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25
Q

Uses gross rent or income instead of net operating income to estimate the value

A

Gross Rent Multiplier

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26
Q

What is it called when the estimated cost at current prices to construct a comparable building with equal utility

A

Replacement Cost

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27
Q

The cost to construct at current prices an exact duplicate or replica of the building

A

Reproduction Cost

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28
Q

What approach is best used to estimate the cost of newer buildings properties

A

The cost depreciation approach

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29
Q

A deficiency or over improvement in a property is called

A

Functional Obsolescence

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30
Q

A property that has loss in value because of boundaries beyond owners …example house being near a landfill

A

External Obsolescence

31
Q

The use or used or an appraiser reported appraisal, opinion & conclusions or valuation services is called

A

Intended use

32
Q

The 3 approaches to value are

A

Sales comparison approach
Cost depreciation
Income approach

33
Q

The sales approach is also called

A

The comparable approach

34
Q

What approach is the most common

A

Sales comparison

35
Q

GRM means

A

Gross rent multiplier

36
Q

An act or process of developing an opinion of value is called

A

An Appraisal

37
Q

A person who is expected to perform valuation services competently and in a manner that is independent, impartial and objective

A

An Appraisal

38
Q

What is it called when the estimated cost at current prices to construct a comparable building with equal utility called

A

Replacement Cost

39
Q

The cost to construct at current prices an exact duplicate or replica of the building

A

Reproduction Cost

40
Q

The approach best used to estimate the cost of newer buildings that will have renovation or insurance purposes

A

The cost depreciation approach

41
Q

A deficiency or over improvement in a property is called

A

Functional Obsolescence

42
Q

A property that has lost in value due to boundaries out of ownership control is called eg…wastewater..landfill

A

External Obsolescence

43
Q

The use or uses of an Appraiser reported Appraisal..opinion and conclusions or valuation is called

A

Intended Use

44
Q

The 3 approaches to value are

A

The Sales Comparison Approach
Cost Depreciation
Income Approach

45
Q

The Comparable Approach is also called

A

Sales comparison approach

46
Q

The most common approach is

A

Sales comparison approach

47
Q

This principle states the best use for the property will be more profitable

A

Highest and best Use

48
Q

This principle states that the value of a property is the sum of future benefits

A

Anticipation

49
Q

The amount or profit it adds to the value of a property is called

A

Principle of Contribution

50
Q

How many members on the Florida Appraisal Board

51
Q

The board is appointed by the

52
Q

The 3 levels of appraiser

A

Registered Trainee
Certified Residential Appraiser
Certified General Appraiser

53
Q

What approach is best used for a estimate for a newer property for renovation..insurance etc..

A

The Cost depreciation

54
Q

The 3 categories of depreciation

A

Physical deterioration
Functional Obsolescence
External Obsolescence

55
Q

The total loss in value of the improvement overtime is called

A

Accrued Depreciation

56
Q

The simplest method used by appraiser to estimate the amount of accrued depreciation

A

Economic Age Life

57
Q

The estimate of the value that a property net earning power will support

A

The Income Approach

58
Q

The two techniques that can be applied for the income approach

A

Direct Capitalization
Gross Multipler

59
Q

Mathematical process where future income is converted into value

A

Direct Capitalization

60
Q

When u estimate the current cost of reproducing or replacing a building minus an estimate for depreciation plus value of land

A

The Cost depreciation

61
Q

A rate that is adequate to provide the investor with a return on the investment

A

OVERALL CAPITALIZATION RATE

63
Q

Uses gross rent or income instead of net income to estimate the value

A

GRM ..GROSS RENT MULTIPLIER

64
Q

A rate that provides adequate rate with return on the investment to a investor is called

A

Overall Capitalization Rate

65
Q

The total loss in value of the improvement overtime is called

A

Accrued Depreciation

66
Q

The simplest method used by am appraiser to estimate the amount of accrued Depreciation overtime

A

Economic Age Life

67
Q

The two techniques that can be applied for the income approach are.

A

Direct Capitalization
Gross Multiplier

70
Q

Name some types of value

A

Assessed Value
Going concern value
Insurable Value
Investment Value
Liquidation Value
Market Value
Salvage Value
Plottage Value
Value in use

REAL ESTATE (11 decks)

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