Basic Appraisal Principles Study Guide

<p>Decline</p> Signup and view all the answers

<p>The rights associated with ownership of property such as the right to sell, lease, occupy, mortgage, and give it away.</p> Signup and view all the answers

<p>Police Power</p> Signup and view all the answers

<p>Joint Tenancy</p> Signup and view all the answers

<p>A system of ownership where each spouse has an equal interest in property acquired during marriage.</p> Signup and view all the answers

<p>Uniform Standards of Professional Appraisal Practice.</p> Signup and view all the answers

<p>The ability of a product to satisfy a human want, need, or desire.</p> Signup and view all the answers

<p>The present or anticipated undersupply of an item relative to the demand for it.</p> Signup and view all the answers

<p>A purchaser's wish for an item to satisfy human needs.</p> Signup and view all the answers

<p>The ability of an individual or group to participate in a market.</p> Signup and view all the answers

<p>The most probable price for which a property should sell after reasonable exposure in a competitive market.</p> Signup and view all the answers

<p>The specific value based on individual investment requirements, distinguished from market value.</p> Signup and view all the answers

<p>All tangible and intangible assets of an established and operating business with an indefinite life.</p> Signup and view all the answers

<p>The perception that value is created by the expectation of benefits derived in the future.</p> Signup and view all the answers

<p>Change is the result of the cause-and-effect relationship among the forces influencing real property value.</p> Signup and view all the answers

<p>The principle stating that the price of real property varies directly with demand and inversely with supply.</p> Signup and view all the answers

<p>The interactive efforts among potential purchasers or tenants to make a sale or secure a lease.</p> Signup and view all the answers

<p>The principle that when similar items are available, the one with the lowest price will attract the highest demand.</p> Signup and view all the answers

<p>The concept that value is created when contrasting elements are in a state of equilibrium.</p> Signup and view all the answers

<p>The idea that the value of a component is based on its contribution to the whole property value.</p> Signup and view all the answers

<p>Real property value is created and sustained when its characteristics meet market demands.</p> Signup and view all the answers

<p>The concept that the value of an inferior property is enhanced by association with better properties.</p> Signup and view all the answers

<p>The concept that the value of a superior property is adversely affected by association with an inferior property.</p> Signup and view all the answers

<p>Grouping properties together based on similar attributes or characteristics.</p> Signup and view all the answers

<p>A period when the market area gains favor and acceptance.</p> Signup and view all the answers

<p>A period of equilibrium without marked gains or losses.</p> Signup and view all the answers

<p>A period of diminishing demand.</p> Signup and view all the answers

<p>A period of renewal, redevelopment, modernization, and increasing demand.</p> Signup and view all the answers

<p>The core or downtown area of a city where major activities are concentrated.</p> Signup and view all the answers

<p>Real estate typically bought with a combination of equity capital and debt funds.</p> Signup and view all the answers

<p>A pledge of property interest as collateral for loan repayment.</p> Signup and view all the answers

<p>A legal instrument that transfers property title to a trustee.</p> Signup and view all the answers

<p>A contract where a purchaser pays a portion of the price and the seller delivers the deed upon full payment.</p> Signup and view all the answers

<p>The ownership claim on property.</p> Signup and view all the answers

<p>A type of investment with a priority claim on earnings.</p> Signup and view all the answers

<p>A market for the purchase and sale of existing mortgages.</p> Signup and view all the answers

<p>The fullest freehold estate one can have in real property.</p> Signup and view all the answers

<p>An interest in real property allowing use but not ownership.</p> Signup and view all the answers

<p>The right of government to raise revenue through assessments.</p> Signup and view all the answers

<p>The right of government to take private property for public use.</p> Signup and view all the answers

<p>The right to regulate property to protect public welfare.</p> Signup and view all the answers

<p>The right of government to claim property with no rightful owner.</p> Signup and view all the answers

<p>The holding of property by any form of title.</p> Signup and view all the answers

<p>Joint ownership with the right of survivorship.</p> Signup and view all the answers

<p>An estate held by a husband and wife with no disposable interest during each other's lifetimes.</p> Signup and view all the answers

<p>An estate where two or more persons have undivided interests without the right of survivorship.</p> Signup and view all the answers

<p>Ownership of a space in a building without ownership of the land it is on.</p> Signup and view all the answers

<p>Ownership in a cooperative apartment building with proportional lease rights.</p> Signup and view all the answers

<p>Limited ownership interests in residential spaces or hotel rooms.</p> Signup and view all the answers

<p>The type and extent of research and analyses in an assignment.</p> Signup and view all the answers

<p>An appraiser compares the subject property with similar properties to produce a value indication.</p> Signup and view all the answers

<p>An organized collection of tools for capturing and analyzing geographic data.</p> Signup and view all the answers

<p>A process for examining demand and supply of a property type.</p> Signup and view all the answers

<p>Investigates how a property will be absorbed, sold, or leased under market conditions.</p> Signup and view all the answers

<p>A survey of industries generating employment and income in a community.</p> Signup and view all the answers

<p>A macroeconomic analysis examining supply, demand, and pricing.</p> Signup and view all the answers

<p>Examines the demand segments for a specific property.</p> Signup and view all the answers

<p>A study of the cost-benefit relationship of an economic endeavor.</p> Signup and view all the answers

<p>Functional</p> Signup and view all the answers

<p>Market Approach</p> Signup and view all the answers

<p>Comparing analysis indications to determine the greatest value.</p> Signup and view all the answers

<p>The greatest estate of ownership in real property, transferable and inheritable.</p> Signup and view all the answers

<p>A legal description for platted property using lot and block numbers.</p> Signup and view all the answers

<p>A legal description outlining boundaries in terms of directions and distances.</p> Signup and view all the answers

<p>Plants growing on land, treated the same regardless of how they occur.</p> Signup and view all the answers

<p>A detailed survey map of a subdivision.</p> Signup and view all the answers

<p>Time</p> Signup and view all the answers

<p>Planned Unit Development.</p> Signup and view all the answers

<p>Ownership of a space in a building without ownership of the land it’s on.</p> Signup and view all the answers

<p>When land does not conform to zoning laws but is grandfathered.</p> Signup and view all the answers

<p>Permission allowing property owners to deviate from strict zoning laws.</p> Signup and view all the answers

<p>Regulations governing land prior to subdivision.</p> Signup and view all the answers

<p>A government tax fund for cleaning hazardous waste sites.</p> Signup and view all the answers

<p>Comprehensive Environmental Response, Compensation, and Liability Act.</p> Signup and view all the answers

<p>Anything interfering with an owner's quiet enjoyment from outside property boundaries.</p> Signup and view all the answers

<p>The contour of the land.</p> Signup and view all the answers

<p>Properties considered undesirable due to past events or conditions.</p> Signup and view all the answers

<p>Identify the problem.</p> Signup and view all the answers

<p>Scope of Work.</p> Signup and view all the answers

<p>A market where the government or central authority controls production and distribution.</p> Signup and view all the answers

<p>A known false assumption.</p> Signup and view all the answers

<p>A reasonable belief by the appraiser about something uncertain and unprovable.</p> Signup and view all the answers

<p>Property acquired during marriage.</p> Signup and view all the answers

<p>Property acquired before marriage.</p> Signup and view all the answers

<p>Preserves evidence of the appraiser's adherence to USPAP.</p> Signup and view all the answers