Gold Cards

Question 0

Is one that is surrounded by other lots with a frontage on the street. It is the most common type of lot and may be desirable or not, depending on other factors.

Answer 0

Interior lot

Question 1

Subdivisions located in sparsely populated areas of California and made up of 50 parcels or more

Answer 1

Land projects

Question 2

The rent a property should bring in the open market.

Answer 2

Market rent

Question 3

The price the property would bring if freely offered on the open market with both a willing buyer and a willing seller.

Answer 3

Fair market value

Question 4

Negligent care of a building

Answer 4

Deferred maintenance

Question 5

The study of how a development will affect the ecology of it’s surroundings

Answer 5

Environmental impact report

Question 6

Looks like a flag on a pole. The pole represents the access to the site, which is usually located to the rear of another lot fronting the main street.

Answer 6

Flag lot

Question 7

The amount of rental income do from the tenant as agreed in the lease agreement

Answer 7

Contract rent

Question 8

An estimate or opinion of value supported by factual information as of a certain date

Answer 8

Appraisal

Question 9

An accounting concept which refers to an allowance taken to provide for recovery of investment capitol

Answer 9

Book depreciation

Question 10

A written report setting forth an appraiser’s estimate of value of a subject property

Answer 10

Appraisal report

Question 11

Any permanent improvement made to real estate for the purpose of increasing the useful life of the property or increasing the property value

Answer 11

Capital improvements

Question 12

An exception granted to existing zoning regulations for special reason

Answer 12

Variance

Question 13

Sometimes called correlation, this is the adjustment process of weighing the results of all three appraisal methods to arrive at a final estimate of market value for the subject property

Answer 13

Reconciliation

Question 14

A year as reckoned for taxing or accounting purposes

Answer 14

Fiscal year

Question 15

The usefulness of the property

Answer 15

Utility value

Question 16

The depreciation occurring as a result of physical, functional, and economic forces that cause loss in the value to a building

Answer 16

Actual depreciation

Question 17

What is paid for something

Answer 17

Price

Question 18

The years or age shown by the condition and utility of a structure, rather than its actual or chronological age

Answer 18

Effective age

Question 19

A statistical table that may be used to estimate the value of the added depth of a lot

Answer 19

Depth table

Question 20

The current cost of building a replica of the subject structure using similar quality materials; refers to exact duplication of the buildings; usually costs more than replacement costs

Answer 20

Reproduction costs

Question 21

The deed given to a successful bidder at a tax auction

Answer 21

Text deed

Question 22

Putting several smaller, less valuable parcels together under one ownership to increase value of total property

Answer 22

Assemblage

Question 23

The real age of the building

Answer 23

Actual age

Question 24

A lot found at the intersection of two street

Answer 24

Corner lot

Question 25

A term sometimes used to refer to capitalization rate

Answer 25

Cap rate

Question 26

An appraisal method using the principles of substitution to compare similar properties

Answer 26

Market comparison approach

Question 27

Loss in value from any cause

Answer 27

Depreciation

Question 28

A plot of land divided into smaller portions for the purpose of building

Answer 28

Subdivision

Question 29

Surrounded by the backyards of other lots, it is least desirable because of the lack of privacy

Answer 29

Key lot

Question 30

Sometimes known as net operating income. The remaining income after operating expenses have been subtracted from the gross income of a property

Answer 30

Net income

Question 31

A common name for the eminent domain, or the right of the government to take private property from an owner for public use, paying Fair market value

Answer 31

Condemnation

Question 32

Any buildings or structures on a lot

Answer 32

Improvements

Question 33

A Latin prefix meaning "according to value." Local governments levy real property tax based on the assessed value. Property taxes are known as ad valorem taxes.

Answer 33

Ad valorem

Question 34

Value placed on property by a public tax assessor as a basis for taxation

Answer 34

Assessed value

Question 35

The cost of replacing improvements with modern materials and techniques.

Answer 35

Replacement costs

Question 36

, in name only, of real property to the state when a taxpayer is delinquent in paying his property taxes

Answer 36

Book sale

Question 37

The combined factors of usefulness with desirability.

Answer 37

Functional utility

Question 38

The difference between the cost to replace the property and the properties current appraised value

Answer 38

Accrued depreciation

Question 39

A tax exemption for eligible residents who have been in the military during wartime.

Answer 39

Veterans exemption

Question 40

The right of the government to take a private property from the owner for public use and paying the market value

Answer 40

Eminent domain

Question 41

The width of a property along the street.

Answer 41

Front footage

Question 42

Income (figured annually) received from rental units before any expenses are deducted

Answer 42

Gross rent

Question 43

The power of goods or services to command other goods in exchange for the present worth of future benefits arising from ownership

Answer 43

Value

Question 44

The initial cost of the property plus capital improvements and minus the total accrued depreciation

Answer 44

Book value

Question 45

The anticipated income resulting from estimated potential gross income from a rental property less an allowance for vacancy and bad debt

Answer 45

Effective gross income

Question 46

A term used by real estate agents and appraisers to mean comparable property

Answer 46

Comps

Question 47

This starts on January 1 and continues through December 31 of the same year

Answer 47

Calendar year

Question 48

Represents expenses in money, labor, material or sacrifices in acquiring or producing some

Answer 48

Cost

Question 49

The estimated period over which an improved property may be profitable used to yield a return.

Answer 49

Economic life

Question 50

Age of the building determined by its condition usefulness.

Answer 50

Economic age

Question 51

Accumulated over a period of time

Answer 51

Accrued

Question 52

A tax exemption available to all owner-occupied dwellings

Answer 52

Homeowners exemption

Question 53

A lot on a dead-end street

Answer 53

Cul-de-sac

Question 54

The process of calculating the present worth of a property on the basis of its capacity to continue to produce an income stream

Answer 54

Capitalization

Question 55

The desire coupled with purchasing power

Answer 55

Effective demand

Question 56

An increase in value

Answer 56

Appreciation

Question 57

Outlines rules for filing subdivision maps to create subdivisions; concerned with physical aspects of a development

Answer 57

Subdivision map act

Question 58

A lot that is fronted head-on by a street. The noise and glare from the headlights may be detractors from this type of lot

Answer 58

T intersection lot

Question 59

Lost income because a vacant unit.

Answer 59

Vacancy factor