Brainscape's Knowledge GenomeTM

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


See full index

Real Estate Exam 2.24 > Value > Flashcards

Value Flashcards

1
Q

the value results from the interaction of the supply available and the extent of demand

A

supply and demand

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

systematic procedures used by an appraiser to gather and analyze data in order to arrive at a final conclusion

A

The Appraisal process

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

an estimate or opinion of value made by a qualified person

A

Appraisal

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

a person qualified by experience education and licencing to make estimate values

A

Appraiser

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

increase in value

A

Appreciation

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

people employed by lending institutions government agencies or insurance companies to make appraisals for their employees

A

Staff Appraisers

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

are self employed person s who perform their services on a individual basis for a negotitated fee

A

Fee Appraisers

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

used to determine ad valorumproperty tax

A

Accessed Value

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

establishes just compensation for Eminent Domain

A

Condemnation Value

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

determines replacement value for reimbursement under a insurance policy

A

Insured Value

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

the price a property would be expected to bring in the open market under normal conditions (estimated price)

A

Market Value

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

The amount a property actually sells

A

Market Price

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

the parties are not related in a transaction

A

Arms Length transacrion

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

it is the sum of all past expenses that have gone into bringing a property into being

A

Cost

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

an increase in value brought about by the process of assemblage.the result of combining several lots

A

Plottage

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

The period of time over which a property is estimated to be profitable

A

Economic Life

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

Loss in value to adverse conditions external to the property and there for beyond the owners control

A

Economic Obsolescence

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

The amount of rent a property could command in a open marketq

A

Economic rent/Market Rent

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

Property’s age based upon its condition and appearancce

A

Effective Age

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

The actual gross income property is expected to produce

A

Effective gross income

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

process for recovery of investment in a building

A

Accrual Depreciation(return on investment)

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

actual depreciation in a property that has already occurred as of a given date

A

Accrued Depreciation

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

the use of a property which will yield the greatest return on the property and greatest current value

A

Highest and best use

24
Q

the basis for the valuation process and applies to all 3 approaches (Market Data Approach,Cost Approach, and Income Approach

A

Principle of substitution

25
Q

explains the old adage(newest house in the neighborhood

A

Principle of regression

26
Q

the least expensive property gains value

A

Principle of progression

27
Q

location of area or preference

A

situs

28
Q

are used by appraisers to estimate value when the front portion of lot is more valuable than added depth at the rear

A

Depth tables

29
Q

a lot that joins the rear of a corner lot

A

key lot

30
Q

is the process of combining several individually owned adjoining parcels ion one tract

A

Assemblage

31
Q

above grade heated enclosed and finished area

A

Gross living area

32
Q

(BPO) using resent sales and listings

A

Market Data Approach/Sales Comparison

33
Q

(investment property) uses net operating income to project an estimate value

A

Income or Capitalization approach

34
Q

determining the value on how to build a replica

A

Cost or replacement approach

35
Q

how long a structure with normal maintenance will remain physically sound

A

Physical Life

36
Q

the only approach in which land is evaluated seperately

A

Estimated land value

37
Q

the number of years at the time of the appraisals the property would remain economically productive

A

remaining economic life

38
Q

effective gross income minus the total operating expenses

A

Net Operating Income

39
Q

a number that when multiplied by a property’s estimated gross rent ,produces an indication of the property’s vaule

A

Gross Rent Multiplier

40
Q

items of economic obsolescence (sometimes physical deterioration or functional obsolesce beyond owners control)

A

Incurable Depreciation

41
Q

determines replacement value for reimbursement under a insurance

A

Insured value

42
Q

The _______ for an item might be based on actual need or desire(D in DUST)

A

Demand

43
Q

An item must serve some purpose,even

A

Utility/Usefulness(U in DUST)

44
Q

Short supply relative to the demand

A

Scarcity(S in DUST)

45
Q

________ refers to the ability for ownership to be conveyed from one person to another with relative case

A

Transferabilty (T in DUST)

46
Q

an appraisal report summarizing all data, techniques, and methods to arrive at a final value

A

Narrative Report

47
Q

analysis if a homogeneous grouping of individuals or business as a part of a appraisals

A

Neighborhood Analysis

48
Q

method of estimating accrued depreciation by calculating the cost to correct all curable depreciation

A

Cost to Cure/Observed Conditions

49
Q

Placement of improvements in relation to the positive and negative features of a lot

A

Orientation

50
Q

The ability for soil to absorb water

A

Percolation

51
Q

occurs because of normal wear and tear by natural elements

A

Physical Detoration

52
Q

map showing how a property is subdivided into lotts

A

Plat

53
Q

expected rental income from a property based upon full occupancy for a year

A

Potential Gross Income

54
Q

method of estimating the current cost of reconstructing an improvement using a detailed breakdown of all labor

A

Quantity Survey

55
Q

an increase in value due to no effort on the part of the owner

A

Unearned increment

56
Q

method of estimating the current cost of reconstructing an improvement by estimating cost (breakdown of price into units)

A

Unit in Place

57
Q

interest earned by an investor on the investment

A

Yield/Return

Real Estate Exam 2.24 (6 decks)

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