Quiz practice Flashcards
Price
The amount asked, offered or paid for a property
How must an appraiser perform assignments?
With objectivity, impartiality and independence
What is tenancy in serverality?
1 owner
What kind of restrictions are deed restriction and mechanic’s lien?
Private restrictions
What is a market analysis?
Examines a type of property
What is a marketability analysis?
It examines a specific property
What does a states statute of frauds require?
That certain docs be in writing
Who establishes criteria for people to become appraisers?
AQB
What does USPAP include performance standards for?
Real property, personal property and business/intangible property
Who makes changes to USPAP?
ASB
Define appriasal
Developing an opinion of value
How is the appraisal subcommittee funded?
A national registry fee charged to each appraiser
Where is ethics defined in USPAP?
nowhere
What is absorbtion?
The rate at which vacant space is expected to be sold or leased
What is a feasability analysis?
A study of the cost-benefit relationship of an economic endeavor
What and when was the first appraiser organization?
The Role of the Appraiser in Society in the 1930’s
What does a real estate contract need to be valid?
Consideration, lawful objective, in writing and signed
Who maintains an appraiser registry?
The appraisal subcommittee
Low interest rates encourage ____, high interest rates encourage_____
borrowing, saving
What is a capital market?
The interaction of buyers and sellers who trade long-term or immediate-term money instruments
What are the 4 agents of production?
Land, labor, capital and entrepreneurial coordination
What is a leased fee interest?
Ownership interest held by lessor and their right to receive contract rent
What is the 1st rule of USPAP?
Ethics
Building permits are a ____ factor
Supply factor
Does a client need to be identified in the appraisal report?
No, but identify in the workfile
Are property rights real estate?
NO
An ____ contract is one that has not been fully formed or completed.
execuatory
How many education hours are required for Certified General?
300
“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?
leasehold estate
Transportation is an example of what kind of force affecting property values?
governmental
