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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
Uses gross rent or income instead of net operating income to estimate the value
Gross Rent Multiplier
26
What is it called when the estimated cost at current prices to construct a comparable building with equal utility
Replacement Cost
27
The cost to construct at current prices an exact duplicate or replica of the building
Reproduction Cost
28
What approach is best used to estimate the cost of newer buildings properties
The cost depreciation approach
29
A deficiency or over improvement in a property is called
Functional Obsolescence
30
A property that has loss in value because of boundaries beyond owners ...example house being near a landfill
External Obsolescence
31
The use or used or an appraiser reported appraisal, opinion & conclusions or valuation services is called
Intended use
32
The 3 approaches to value are
Sales comparison approach Cost depreciation Income approach
33
The sales approach is also called
The comparable approach
34
What approach is the most common
Sales comparison
35
GRM means
Gross rent multiplier
36
An act or process of developing an opinion of value is called
An Appraisal
37
A person who is expected to perform valuation services competently and in a manner that is independent, impartial and objective
An Appraisal
38
What is it called when the estimated cost at current prices to construct a comparable building with equal utility called
Replacement Cost
39
The cost to construct at current prices an exact duplicate or replica of the building
Reproduction Cost
40
The approach best used to estimate the cost of newer buildings that will have renovation or insurance purposes
The cost depreciation approach
41
A deficiency or over improvement in a property is called
Functional Obsolescence
42
A property that has lost in value due to boundaries out of ownership control is called eg...wastewater..landfill
External Obsolescence
43
The use or uses of an Appraiser reported Appraisal..opinion and conclusions or valuation is called
Intended Use
44
The 3 approaches to value are
The Sales Comparison Approach Cost Depreciation Income Approach
45
The Comparable Approach is also called
Sales comparison approach
46
The most common approach is
Sales comparison approach
47
This principle states the best use for the property will be more profitable
Highest and best Use
48
This principle states that the value of a property is the sum of future benefits
Anticipation
49
The amount or profit it adds to the value of a property is called
Principle of Contribution
50
How many members on the Florida Appraisal Board
9
51
The board is appointed by the
Governor
52
The 3 levels of appraiser
Registered Trainee Certified Residential Appraiser Certified General Appraiser
53
What approach is best used for a estimate for a newer property for renovation..insurance etc..
The Cost depreciation
54
The 3 categories of depreciation
Physical deterioration Functional Obsolescence External Obsolescence
55
The total loss in value of the improvement overtime is called
Accrued Depreciation
56
The simplest method used by appraiser to estimate the amount of accrued depreciation
Economic Age Life
57
The estimate of the value that a property net earning power will support
The Income Approach
58
The two techniques that can be applied for the income approach
Direct Capitalization Gross Multipler
59
Mathematical process where future income is converted into value
Direct Capitalization
60
When u estimate the current cost of reproducing or replacing a building minus an estimate for depreciation plus value of land
The Cost depreciation
61
A rate that is adequate to provide the investor with a return on the investment
OVERALL CAPITALIZATION RATE
62
63
Uses gross rent or income instead of net income to estimate the value
GRM ..GROSS RENT MULTIPLIER
64
A rate that provides adequate rate with return on the investment to a investor is called
Overall Capitalization Rate
65
The total loss in value of the improvement overtime is called
Accrued Depreciation
66
The simplest method used by am appraiser to estimate the amount of accrued Depreciation overtime
Economic Age Life
67
The two techniques that can be applied for the income approach are.
Direct Capitalization Gross Multiplier
68
69
70
Name some types of value
Assessed Value Going concern value Insurable Value Investment Value Liquidation Value Market Value Salvage Value Plottage Value Value in use
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REAL ESTATE (12 decks)

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