Valuation Terms Quiz

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Which approach is also known as the comparative or comparable Sales Approach?

Market Rent

Mass Appraisal

Market Data Approach (correct)

Market Value

What is the estimated amount for which a property should exchange between a willing buyer and a willing seller in an arm's-length transaction after proper marketing?

Market Value (correct)

Obsolescence

Market Rent

Net Present Value

What is the measure of the differences between the discounted revenues and the costs in a discounted cash flow analysis?

Net Present Value (correct)

Obsolescence

Market Data Approach

Market Rent

What is a loss in value due to a decrease in the usefulness of property caused by various factors?

Obsolescence Signup and view all the answers

Which term refers to the cost of creating a virtual replica of an existing structure, employing the same design, features, and materials?

Reproduction Cost (New) Signup and view all the answers

What is the estimated amount that an entity would currently obtain from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life?

Residual Value Signup and view all the answers

Which approach to value considers the sales of similar properties and establishes a value estimate by processes involving comparison?

Sales Comparison Approach Signup and view all the answers

What is a table of market values of real properties within a local government unit, prepared by assessors?

Schedule of Market Values (SMV) Signup and view all the answers

Which of the following best defines Tax Mapping?

A method of identifying property boundaries Signup and view all the answers

What is the definition of Useful Life?

The period of time over which a property can perform its intended function Signup and view all the answers

What is the definition of Valuation?

The process of estimating value Signup and view all the answers

What is the definition of Zoning?

The process of directing and regulating land use in a community Signup and view all the answers

Which one of the following best describes Lease Interest?

The ownership interest created by the terms of a lease Signup and view all the answers

What are Leasehold Improvements also known as?

Tenant's Improvements Signup and view all the answers

Which of the following is considered machinery for RPt purposes?

Machines used for manufacturing purposes Signup and view all the answers

Which one of the following best defines the Principle of Substitution?

A prudent person will not pay more for a good or service than the cost of acquiring an equally satisfactory substitute Signup and view all the answers

Which one of the following is true about Real Estate?

Real Estate includes both land and all things that are a natural part of the land, as well as buildings and site improvements that are attached to the land Signup and view all the answers

Which one of the following best defines Remaining Economic Life?

The period of time expressed in years from the date of appraisal to the date when a machinery or building/improvement becomes valueless Signup and view all the answers

Which one of the following best defines Replacement Cost (New)?

The cost of replacing an asset with an equally satisfactory substitute asset, derived from the current acquisition cost of a similar asset Signup and view all the answers

Which of the following statements accurately describes how to compute the value of a triangular lot with its base on the street?

Adopt a value per square meter of two-thirds the SMV for similarly sized rectangular lot in the location. Signup and view all the answers

How should the value of a triangular lot with its apex on the street be computed?

Adopt a value per square meter of one-third the SFMV for a similarly sized rectangular shaped lot in the location. Signup and view all the answers

How should the value of a trapezoidal lot be computed?

Compute the values of the rectangular and triangular portions separately, according to the guide for that shape, and take the sum of the computed values for the total value. Signup and view all the answers

Valuation Terms Quiz

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Questions and Answers

Which approach is also known as the comparative or comparable Sales Approach?

What is the estimated amount for which a property should exchange between a willing buyer and a willing seller in an arm's-length transaction after proper marketing?

What is the measure of the differences between the discounted revenues and the costs in a discounted cash flow analysis?

What is a loss in value due to a decrease in the usefulness of property caused by various factors?

Which term refers to the cost of creating a virtual replica of an existing structure, employing the same design, features, and materials?

What is the estimated amount that an entity would currently obtain from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life?

Which approach to value considers the sales of similar properties and establishes a value estimate by processes involving comparison?

What is a table of market values of real properties within a local government unit, prepared by assessors?

Which of the following best defines Tax Mapping?

What is the definition of Useful Life?

What is the definition of Valuation?

What is the definition of Zoning?

Which one of the following best describes Lease Interest?

What are Leasehold Improvements also known as?

Which of the following is considered machinery for RPt purposes?

Which one of the following best defines the Principle of Substitution?

Which one of the following is true about Real Estate?

Which one of the following best defines Remaining Economic Life?

Which one of the following best defines Replacement Cost (New)?

Which of the following statements accurately describes how to compute the value of a triangular lot with its base on the street?

How should the value of a triangular lot with its apex on the street be computed?

How should the value of a trapezoidal lot be computed?

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