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V_General Appraiser > Highest and Best Use - II > Flashcards

Highest and Best Use - II Flashcards

1
Q

Important supply factors include _____________trends relating to the current economy.
- Historic
- Future
- Both historic and future
- Secondary

A

Both historic and future

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2
Q

Which Principle is also known marginal productivity?
- Surplus Productivity
- Conformity
- Competition
- Contribution

A

Contribution

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3
Q

The extent to which individual data values have departed from the mean is the ________________.
- Measure of dispersion
- Deviation
- Average range
- Range

A

Measure of dispersion

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4
Q

The application of mathematical and statistical techniques to economic data and problems is ___________.
- Physcographics
- Econometrics
- Spotting process
- Economic base analysis

A

Econometrics

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5
Q

A market analysis studies supply and demand for ______________.
- A neighborhood
- A market area
- A specific property
- A property type

A

A specific property

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6
Q

Part of the definition of Highest and Best Use says that it is the “use of ____________________ ……”
- Vacant land
- An improved property
- Vacant land or an improved property
- Integrated property

A

Vacant land or an improved property

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7
Q

The highest and best use of the land, as vacant, determines the land value in the ________________.
- Sales Comparison Approach
- Residual Approaches
- Cost Approach
- GRM Approach

A

Cost Approach

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8
Q

A subject’s capture rate is calculated as a ___________.
- Ratio
- Lump sum
- Capitalized figure
- Pro rata share

A

Pro rata share

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9
Q

Identifying the competing and complementary properties for a specific property is called Market _____________.
- Delineation
- Selection
- Distinction
- Segmentation

A

Delineation

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10
Q

In a market value appraisal, the property ___________ valued under its interim use.
- Should be
- Should not be
- May be
- Its up to the appraiser

A

Should not be

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11
Q

Development proposals should be analyzed objectively. Many concepts come from architects or land planners and are focused more on __________ than economic issues.
- Design
- Utility
- Physical issues
- Social issues

A

Design

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12
Q

Households and household size breakdown, average household income and disposable income and Trade area disposable income are important factors in the demand analysis for ____________ properties.
- Apartment
- Retail
- Industrial
- Condominium

A

Retail

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13
Q

The square root of the variance, which measures the extent of the values within the data set is the ______________.
- Standard deviation
- Average Deviation
- Squared Deviation
- Standard error of the mean

A

Standard deviation

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14
Q

Which of these is a type of market condition study?
- Feasibility Analysis
- Investment Analysis
- Economic Base Analysis
- Inferred Analysis

A

Economic Base Analysis

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15
Q

Local authorities base their zoning decisions on all of these reasons, EXCEPT for _______________.
- The needs of the community
- The best interests of the property owner
- Regional zoning
- Their own personal preferences and biases

A

Regional zoning

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16
Q

A _______________ analysis often addresses the time required to absorb a particular real estate product in the marketplace at a certain price or rent level.
Marketability
Feasibility
Functional
Absorption

A

Marketability

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17
Q

__________________ creates an equity or debt instrument for the purpose of owning a tangible asset.
- Securitization
- A mortgage
- A bond
- A pledge

A

Securitization

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18
Q

A _________ distribution uses both qualitative and quantitative data placed in a table that summarizes groups of data and observations divided into specific classes and the number of occurrences in each class.
- Staged
- Frequency
- Combination
- Tiered

A

Frequency

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19
Q

In an appraisal, in which step of the scientific method is the implementation of a plan to collect and analyze data which determines the approaches necessary?
- Analysis
- Observation
- Prediction
- Formulation

A

Prediction

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20
Q

Historical growth and absorption data are analyzed as part of which step in the Six-Step Process?
-Demand Analysis
-Supply analysis
-Market Delineation
-Define the Product

A

**Demand Analysis”

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21
Q

______________ measurement includes nominal data with values from the highest to the lowest.
Interval
Ratio
Ordinal
Nominal

A

Ordinal

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22
Q

Which is NOT one of the steps in the scientific method?
Observation
Formulation
Verification
Prediction

A

Verification

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23
Q

All of these reasons could cause a property to become legally non-conforming, EXCEPT for _______________ .
Zoning changes
Code ordinance changes
Deed restrictions
Partial taking under eminent domain

A

Deed restriction

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24
Q

You took photographs of a subject property and then drove past and photographed multiple comparables sales. What kind of data is that?
General
Primary
Secondary
Tertiary

A

Primary

25
Q

NCREIF members have a significant involvement in ___________real estate investments.
Pension fund
Insurance Company
Foreign
Apartment

A

Pension Fund

26
Q

In a __________ analysis the appraiser utilizes capitalization rates for specific property types within the subject market area to forecast the estimated value of the subject.
Inferred
Feasibility
Statistical
Fundamental

A

Fundamental

27
Q

An interim use is until a property is ready for its ______________ highest and best use.
Current
Predicted
Eventual future
Pending

A

Eventual Future

28
Q

Simply extending the historic trend beyond the present to project future demand is ______________________ .
Standard practice
Usually acceptable
Not acceptable
Risky

A

Not acceptable

29
Q

__________ data relates to information that considers the effects of all four great forces.
General
Specific
Property
Primary

A

General

30
Q

The focus of Level __ analysis is to demonstrate demand for the property type based on trends in the area and general development patterns.
A
D
B
C

A

B

31
Q

Identifying the economic base industries of the metropolitan area is part of ______________.
Market segmentation
Market development
Market area delineation
Delineating market study area(s)

A

Market area delineation

32
Q

Part of the definition of Highest and Best Use says that it is the “reasonably probable and ________ use……”
Possible
Legal
Likely
Consistent

A

Legal

33
Q

The _______________________ provides yearly estimates of demographic, housing, social, and economic characteristics for all population groups of at least 65,000 people.
American Fact Finder
Am The _______________________ provides yearly estimates of demographic, housing, social, and economic characteristics for all population groups of at least 65,000 people.
American Fact Finder
American Community Survey
BLS
American Community Survey
BLS
American Census Update

A

American Community Survey

34
Q

Which is not a type of office building?
Multi-tenant
High rise
Government
Class D

A

Class D

35
Q

Which is not a type of office building?
Multi-tenant
High rise
Government
Class D

A

Class D

36
Q

The Principle of Consistent Use says that the land and improvements need to be valued based on ___________ .
Compatibility
The same use
Similar uses
A future use

A

The same use

37
Q

A survey of the industries and businesses that generate employment and income in a community as well as the rate of population growth and levels of income is defined as ____________________.
Market analysis
Marketability analysis
Econometrics
Economic base analysis

A

Economic Base Analysis

38
Q

Which of these is a characteristic of a market segment?
Heterogeneous
Indistinct from other segments
Consistent within the segment
Responds differently to a market stimulus

A

Consistent within the segment

39
Q

A _______________ analysis often addresses the time required to absorb a particular real estate product in the marketplace at a certain price or rent level.
Marketability
Feasibility
Functional
Absorption

A

Marketability

40
Q

The subject property is not appraised within the Level __ analysis, but is one of many properties within the general market area affected by supply and demand factors.
C
B
D
A

A

A

41
Q

The study of consumer behaviors within a market, segmenting by factors such as level of education, income, occupation, familial status, age, sex, race, etc. is known as ______________.
Inferred analysis
Econometrics
Psychographics
Microeconomics

A

Psychographics

42
Q

Part of the definition of Highest and Best Use says that it is the use “that is ______________ supported……”
Credibly
Economically
Appropriately
Physically

A

Appropriately

43
Q

An extraordinary assumption is used to assume otherwise uncertain information as ________________.
Fact
Possible
Value
Reasonably certain

A

Fact

44
Q

If the data is describing a characteristic within a population, it is a _______________. (Chapter 3, Data Analysis)
Statistic
Sample
Parameter
Variant

A

Parameter

45
Q

A capture rate applies to property that is _____________.
Sold or leased
Valued
Sold
Leased

A

Sold or Leased

46
Q

__________________ real estate professionals in particular can benefit from the Census information.
Commercial
Residential
Land
Condominium

A

Commercial

47
Q

A _________ distribution uses both qualitative and quantitative data placed in a table that summarizes groups of data and observations divided into specific classes and the number of occurrences in each class.
Staged
Frequency
Combination
Tiered

A

Frequency

48
Q

Depending upon the strength of the data, and the intended use of the appraisal, the highest and best use conclusion can be __________________________.
Primary or secondary
General or Specific
General or secondary
Specific or ordinary

A

General or specific

49
Q

_______________ analysis uses technical statistics to forecast changes in future value by analyzing historical macroeconomic information.
Fundemental
Inferred
Descriptive
Feasibility

A

Inferred

50
Q

______________ developed probability theories which predict future probabilities from past events.
Thomas Paine
Thomas Bayes
Thomas Edison
Thomas Jefferson

A

Bayes

51
Q

A _______________ relates to a specific product type or development project within a defined market area based on the four factors that create value.
Marketability analysis
Comprehensive analysis
Feasibility analysis
Market analysis

A

Marketability Analysis

52
Q

The two components of the Capital Market are ______________.
Supply and demand
Debt and equity
Debt and profit
Bonds and mortgages

A

Debt and equity

53
Q

A _______________ analysis often addresses the time required to absorb a particular real estate product in the marketplace at a certain price or rent level.
Marketability
Feasibility
Functional
Absorption

A

Marketability

54
Q

Market _____________ identifies specific boundaries in which the subject property is located, along with the comparable sales, rentals, and land sales.
Aggregation
Segmentation
Modeling
Delineation

A

Delineation

55
Q

A trend analysis is also known as ____________ analysis?
Inferential
Descriptive
Risk
Inferred

A

Inferred

56
Q

“Stealing” occupants from existing facilities is a ______________.
Discount rate
Capture rate
Misdemeanor
Vacancy allowance

A

Capture rate

57
Q

Which of these is a question that could be asked to help determine supply?
How much space is currently being absorbed in the competitive market area?
How much space, at what price, has historically been absorbed in the competitive market area?
Is current absorption influenced by any form of concessions?
How much space is under construction in the competitive market area?

A

How much space is under construction in the competitive market area?

58
Q

The primary purpose of the Census is to provide population counts used in ______________________________.
Statistical analysis
Apportioning seats in the House of Representatives
Local assessment
Helping appraisers

A

Apportioning seats in the House of Representatives

V_General Appraiser (13 decks)

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