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Basic Appraisal Principles > Chapter 16 > Flashcards

Chapter 16 Flashcards

1
Q

A process for examining the demand for and supply of a property type and the geographic market area for that property type

A

Market analysis

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2
Q

Buyers and sellers of particular real estate and the transactions that occur among them.

A

Real estate market

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3
Q

The area associated with a subject property that contains its direct competition.

A

Market area

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4
Q

The objective analysis of observable and/or quantifiable data indicating discernible patterns of urban growth, structure, and change that may detract from or enhance property values

A

Market area analysis

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5
Q

Study of the economy as an aggregate system, focusing on national/domestic production, national/domestic income, the supply of money, the rate of inflation, the national budget, the balance of trade, and the interrelationships among constituent sectors

A

Macroeconomics

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6
Q

The study of the economics of individual spheres of activity or patterns and behaviors, e.g., a firm, an industry, a retail market, a consumer segment, pricing, local employment.

A

Microeconomics

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7
Q

A division of a total market that reflects the preferences of a particular set of buyers and sellers, e.g., fast food restaurants as a submarket of the overall restaurant market

A

Submarket

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8
Q

The process by which submarkets within a larger market are identified and analyzed

A

Market segmentation

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9
Q

The differentiation of a subject property from other properties on the basis of subclassifications with differing product characteristics

A

Disaggregation

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10
Q

Finding the existing supply is easier with a specific type of

A

commercial/industrial property

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11
Q

A macroeconomic analysis that examines the general market conditions of supply, demand, and pricing or the demographics of demand for a specific area or property type.

A

Market Study

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12
Q

The rate at which properties for sale or lease have been or are expected to be successfully marketed, sold, or leased in a given area over a duration of time

A

Absorption rate

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13
Q

The actual or expected period required from the time a property, group of properties, or commodity is initially offered for lease, purchase, or use by its eventual users until all portions have been sold or stabilized occupancy has been achieved

A

Absorption Period

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14
Q

A microeconomic study that examines the marketability of a given property or class of properties, usually focusing on the market segment(s) in which the property is likely to generate demand.

A

Marketability Study

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15
Q

This is a similar type of analysis that may be conducted by an appraiser as a service to an investor.

A

Feasibility Analysis

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16
Q

the value of a property to a particular investor, according to his or her own particular investment criteria.

A

Investment Value

17
Q

Buyers and sellers of particular real estate and the transactions that occur among them” is the definition of a(n)

A

real estate market

18
Q

What process would an appraiser use to identify submarkets within a larger market?

A

Market Segmentation

19
Q

A process for examining the demand and supply of a property type and the geographic market area for that property type” is the definition of ____________ analysis.

A

Market

20
Q

Which field of study focuses on the economy as an aggregate system, considering national/domestic income, the supply of money, the rate of inflation, and the national budget?

A

Macroeconomics

21
Q

the area from where demand comes and that contains its competition

A

subject property’s market area

22
Q

If you are trying to determine the number of existing single-family residences in a local municipality, your best source of this information would be

A

Existing stock

23
Q

Why Availability of financing is part of supply analysis ?

A

builders and developers need to be able to obtain financing in order to build homes/buildings

24
Q

Researching and analyzing the number of new building permits issued is primarily an element of __________ analysis.

A

supply

25
Q

A large local employer announces plans for immediate expansion, which will add 400 new jobs. There are only 180 houses available for sale in the market at this time. What is MOST likely to happen in the near future?

A

Number of building permits issued will increase

26
Q

A market analysis examines the supply and demand for ___________, while a marketability analysis examines ___________ .

A

a type of property

a specific property

27
Q

Which of these would NOT be a submarket of the market for residential properties in Anytown, USA?

starter houses under $60,000
residential properties
rural houses
new houses

A

residential properties

28
Q

“The differentiation of a subject property from other properties on the basis of subclassifications with differing product characteristics” is the definition of

aggregation
disaggregation
subdivision
layering

A

disaggregation

29
Q

Which of the following would NOT be considered in supply analysis for a residential property?

income and wage levels
number of building permits recently issued
existing stock of homes
availability of financing

A

income and wage levels

30
Q

“The rate at which vacant space in a property or group of properties has been or is expected to be successfully sold or leased over a specified period of time” is the definition of a(n) __________ rate.

feasibility
absorption
prime
saturation

A

absorption

31
Q

“The study of the supply and demand in a specific area for a specific type of property” is the definition of

highest and best use analysis
economic base analysis
market analysis
marketability study

A

market analysis

32
Q

“Buyers and sellers of particular real estate and the transactions that occur among them” is the definition of a(n)

market
real estate market
market area
market analysis

A

real estate market

33
Q

Which of the following would NOT be considered in supply analysis?

existing stock
conversions in progress
properties offered for sale
population trends

A

population trends

34
Q

The study of the economics of individual spheres of activity or patterns and behaviors, e.g., a firm, an industry, a retail market, a consumer segment, pricing, local employment is the definition of

Demographics
Microeconomics
Macroeconomics
Disaggregation

A

Microeconomics

Basic Appraisal Principles (19 decks)

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