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Appraisal Basics > Quiz practice > Flashcards

Quiz practice Flashcards

1
Q

Price

A

The amount asked, offered or paid for a property

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2
Q

How must an appraiser perform assignments?

A

With objectivity, impartiality and independence

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3
Q

What is tenancy in serverality?

A

1 owner

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4
Q

What kind of restrictions are deed restriction and mechanic’s lien?

A

Private restrictions

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5
Q

What is a market analysis?

A

Examines a type of property

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6
Q

What is a marketability analysis?

A

It examines a specific property

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7
Q

What does a states statute of frauds require?

A

That certain docs be in writing

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8
Q

Who establishes criteria for people to become appraisers?

A

AQB

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9
Q

What does USPAP include performance standards for?

A

Real property, personal property and business/intangible property

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10
Q

Who makes changes to USPAP?

A

ASB

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11
Q

Define appriasal

A

Developing an opinion of value

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12
Q

How is the appraisal subcommittee funded?

A

A national registry fee charged to each appraiser

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13
Q

Where is ethics defined in USPAP?

A

nowhere

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14
Q

What is absorbtion?

A

The rate at which vacant space is expected to be sold or leased

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15
Q

What is a feasability analysis?

A

A study of the cost-benefit relationship of an economic endeavor

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16
Q

What and when was the first appraiser organization?

A

The Role of the Appraiser in Society in the 1930’s

17
Q

What does a real estate contract need to be valid?

A

Consideration, lawful objective, in writing and signed

18
Q

Who maintains an appraiser registry?

A

The appraisal subcommittee

19
Q

Low interest rates encourage ____, high interest rates encourage_____

A

borrowing, saving

20
Q

What is a capital market?

A

The interaction of buyers and sellers who trade long-term or immediate-term money instruments

21
Q

What are the 4 agents of production?

A

Land, labor, capital and entrepreneurial coordination

22
Q

What is a leased fee interest?

A

Ownership interest held by lessor and their right to receive contract rent

23
Q

What is the 1st rule of USPAP?

A

Ethics

24
Q

Building permits are a ____ factor

A

Supply factor

25
Q

Does a client need to be identified in the appraisal report?

A

No, but identify in the workfile

26
Q

Are property rights real estate?

A

NO

27
Q

An ____ contract is one that has not been fully formed or completed.

A

execuatory

28
Q

How many education hours are required for Certified General?

A

300

29
Q

“The right held by the lessee to use and occupy real estate for a stated term and under the conditions specified in the lease” is the definition of what?

A

leasehold estate

30
Q

Transportation is an example of what kind of force affecting property values?

A

governmental

Appraisal Basics (1 decks)

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