Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

GA Dept of Rev Tax Assessor > Course V > Flashcards

Course V Flashcards

1
Q

Location, Economic Trends and Factors, Date of sale physical characteristics, Condition of sale

A

Elements of comparison

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

calculated from the market.

A

Sales comparison Approach

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Total Economic Life

A

Total period of time that the improvements contributes value to the property (TEL) Formula: REL+EFF=TEL

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

a loss in utility and value from ANY CAUSE

A

Depreciation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

The process of finding intermediate terms or numbers in a sequence of terms or numbers

A

Interpolation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Design deficiency that is not economically feasible to remedy.

A

Functional Obsolescence incurable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Square ft./cubic ft. method

A

(Total gross living area) must be careful to compare houses of similar type of construction.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Conformity

A

Homogeneity terms; retirement community with deed restrictions and similar size houses.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Quantity Survey Method

A

The most detailed and most precise method of cost estimating. (Used by contractor’s not mass app)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Value of lessor object enhance by value of better object

A

Progression & Regression

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Sales comparison Approach

A

calculated from the market.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Homogeneity terms; retirement community with deed restrictions and similar size houses.

A

Conformity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

The combining of property for greater utility and greater value

A

Plottage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Observed condition

A

most detailed method that breaks down depreciation into all components (curable & incurable)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Plottage

A

The combining of property for greater utility and greater value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

FMV

A

Knowledgeable buyer willing seller arms length transaction.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Employs the elements of the Cost approach it involves subtracting out the cost of improvements what is leftover is the land value

A

Abstraction method

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Remaining Economic Life

A

Period of time from the date of appraisal to the end of the improvements economic life (REL)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Based on the principle of SUBSTITUTION; most important of all evaluation principles.

A

Market Approach

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Straight line depreciation with extra

A

Modified age/life

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Actual age

A

Number of years lapsed since the original structure was built (chronological or historical age).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

most detailed method that breaks down depreciation into all components (curable & incurable)

A

Observed condition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Elements for land valuation

A

Front foot, square foot, acre and section, site, units buildable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Functional obsolescence curable

A

design deficiency that can be replaced or redesigned at a relatively low cost.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Elements of comparison

A

Location, Economic Trends and Factors, Date of sale physical characteristics, Condition of sale

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Separating a comparable sale into its components part

A

Allocation method

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Value created by future benefits.

A

Anticipation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Factored Historical Cost Method

A

Applies an index or trend factor to a previous value from an appropriate construction cost index.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Income earned by the land. What is leftover after labor, management and capital has been paid.

A

Surplus Productivity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Balance

A

Proper mix of types and uses of properties

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Forces that affect market

A

Change

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Progression & Regression

A

Value of lessor object enhance by value of better object

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Detailed age-life method that can be used in quantity survey and unit in place cost method. Each building component is depreciated separately.

A

Engineering breakdown

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Substitution

A

Pay no more for real estate when you can buy equal for less.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Allocation method

A

Separating a comparable sale into its components part

36
Q

Assemblage

A

Merging of adjacent properties into one of common ownership or use.

37
Q

(Total gross living area) must be careful to compare houses of similar type of construction.

A

Square ft./cubic ft. method

38
Q

Unit-In-Place

A

Method-Breaks the cost down into components of work done by subcontractors using workable units such as sq. foot, linear foot, and other units.

39
Q

Consistent use

A

Transition; value land building the same; McDonald’s buy lot with house on it. Build commercial structure.

40
Q

Engineering breakdown

A

Detailed age-life method that can be used in quantity survey and unit in place cost method. Each building component is depreciated separately.

41
Q

Transition; value land building the same; McDonald’s buy lot with house on it. Build commercial structure.

A

Consistent use

42
Q

The most detailed and most precise method of cost estimating. (Used by contractor’s not mass app)

A

Quantity Survey Method

43
Q

Number of years lapsed since the original structure was built (chronological or historical age).

A

Actual age

44
Q

Merging of adjacent properties into one of common ownership or use.

A

Assemblage

45
Q

Competition

A

Profit tends to breed competition and excel profit tends to breed ruinous competition.

46
Q

Capitalizes net income into value

A

Income

47
Q

(Manure Theory) once you get too much you start to loose the value.

A

Increasing and Decreasing returns

48
Q

Period of time from the date of appraisal to the end of the improvements economic life (REL)

A

Remaining Economic Life

49
Q

Surplus Productivity

A

Income earned by the land. What is leftover after labor, management and capital has been paid.

50
Q

Applies an index or trend factor to a previous value from an appropriate construction cost index.

A

Factored Historical Cost Method

51
Q

Change

A

Forces that affect market

52
Q

design deficiency that can be replaced or redesigned at a relatively low cost.

A

Functional obsolescence curable

53
Q

Cost

A

RCN normally sets the upper limits of value

54
Q

Increasing and Decreasing returns

A

(Manure Theory) once you get too much you start to loose the value.

55
Q

Profit tends to breed competition and excel profit tends to breed ruinous competition.

A

Competition

56
Q

Contribution

A

Basis for adjustment process in sales comparison approach fireplaces on house contributes so much of th

57
Q

the cost of creating an EXACT REPLICA based on current prices for labor and materials.

A

Reproduction Cost

58
Q

Front foot, square foot, acre and section, site, units buildable

A

Elements for land valuation

59
Q

Income

A

Capitalizes net income into value

60
Q

Basis for adjustment process in sales comparison approach fireplaces on house contributes so much of th

A

Contribution

61
Q

Age/Life

A

Cost of building is depreciated at a fixed annual percentage rate.

62
Q

Negative Plottage

A

Combining of property causing a new site to have lesser utility.

63
Q

Cost of building is depreciated at a fixed annual percentage rate.

A

Age/Life

64
Q

RCN normally sets the upper limits of value

A

Cost

65
Q

Abstraction method

A

Employs the elements of the Cost approach it involves subtracting out the cost of improvements what is leftover is the land value

66
Q

Pay no more for real estate when you can buy equal for less.

A

Substitution

67
Q

Functional Obsolescence incurable

A

Design deficiency that is not economically feasible to remedy.

68
Q

Effective Age

A

The age of a building based on the actual wear and tear and maintenance or lack of it. (EFF AGE)

69
Q

Reproduction Cost

A

the cost of creating an EXACT REPLICA based on current prices for labor and materials.

70
Q

Knowledgeable buyer willing seller arms length transaction.

A

FMV

71
Q

Proper mix of types and uses of properties

A

Balance

72
Q

Combining of property causing a new site to have lesser utility.

A

Negative Plottage

73
Q

The age of a building based on the actual wear and tear and maintenance or lack of it. (EFF AGE)

A

Effective Age

74
Q

Modified age/life

A

Straight line depreciation with extra

75
Q

Supply & Demand

A

Opening of a major industrial plant in a small rural town. Housing may be in great demand.

76
Q

The cost of creating an improvement having the same or equivalent utility as another.

A

Replacement Cost

77
Q

Replacement Cost

A

The cost of creating an improvement having the same or equivalent utility as another.

78
Q

Opening of a major industrial plant in a small rural town. Housing may be in great demand.

A

Supply & Demand

79
Q

Anticipation

A

Value created by future benefits.

80
Q

Depreciation

A

a loss in utility and value from ANY CAUSE

81
Q

Market Approach

A

Based on the principle of SUBSTITUTION; most important of all evaluation principles.

82
Q

Method-Breaks the cost down into components of work done by subcontractors using workable units such as sq. foot, linear foot, and other units.

A

Unit-In-Place

83
Q

Total period of time that the improvements contributes value to the property (TEL) Formula: REL+EFF=TEL

A

Total Economic Life

84
Q

Interpolation

A

The process of finding intermediate terms or numbers in a sequence of terms or numbers

85
Q
A

GA Dept of Rev Tax Assessor (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions