The most common definition of appraisal is a) an opinion of value b) an absolute amount c) an uneducated guess d) all of the above 2 In a bundle of rights, each stick is a) made of oak b) the equivalent of a dollar c) a right d) none of the above 3 Non possessory interests are known as a) encumbrances b) estates c) leasehold estates d) worthless 4 A lien is a) a financial encumbrance b) an interest held by a creditor c) a building that doesn't stand upright d) both a and b 5 A non exclusive right to use someone else's property for a particular purpose is known as a) grossly unfair b) an embankment c) an easement d) trespassing 6 Eminent domain is the power of the government to a) take private property for public use b) arrest spies c) set lending rates d) none of the above 7 Ad Valorem taxes are based on the value of a) a loan amount b) real estate c) sales totals d) all of the above 8 The monetary worth of property, goods, or services to buyers and sellers is the common definition of a) desirability b) value c) liquid assets d) all of the above 9 The ability to will, lease, give, or sell a property is known as a) transferability b) flexibility c) liquidity d) bankruptcy 10 Direct costs refer to the costs of a) loans to finance an improvement b) material and labor used to build an improvement c) bribing officials for a building permit d) all of the above 11 The amount of property for sale in a given market combined with the amount of property buyers want to purchase at that price is known as the principle of a) give and take b) supply and demand c) scarcity and abundance d) none of the above 12 The first stage in the development cycle is called the a) financing stage b) development stage c) maturity stage d) decline stage 13 Surplus productivity is a way of measuring the value of land a) that has been improved b) that is left over after development c) that is vacant d) none of the above 14 Value estimates are always made as of a specific date called a) monthlies b) the market date c) the effective date of appraisal d) none of the above 15 A statement that specifically limits the application of the conclusions contained in a report is called a(n) a) limiting condition b) assumption c) blackout clause d) all of the above 16 An estimate of value of vacant land, excluding any existing or proposed improvements, is called a) a drive by appraisal b) data analysis c) a site valuation d) all of the above 17 What approach assumes that the value of improved property is indicated by the value of the site, plus the cost of improvements, minus depreciation a) Cost approach b) Income approach c) Gross multiplier d) All of the above 18 With the sales comparison approach, a property's value is compared to a) the value of other similar properties in the market b) the value of unimproved properties in adjoining neighborhoods c) the cost of tearing down the structure d) sales in foreign markets 19 Analyzing the appraisal problem, selecting the appropriate method of valuation, and giving it the most weight is called a) an oral report b) restitution c) reconciliation d) all of the above 20 A legal description of property is one that is adequate to a) identify the properties exact boundaries b) identify the owners of the property c) satisfy lawyers the property is free of liens d) all of the above 21 An identifiable, fixed position from which measurements can be taken is called a) a measuring thingy b) a reference point c) global satellite positioning system d) none of the above 22 Benchmarks are a) a unit of measure based on the length of a park bench b) survey markers set in concrete c) a German form of currency d) none of the above 23 The east west lines running parallel to the base line are called a) flat lines b) San Bernardino lines c) township tier lines d) all of the above 24 Volume is the size of an object in how many dimensions a) Two b) Three c) Eight d) None of the above 25 A triangle where two of the sides meet at a right angle is called a a) right triangle b) left sided triangle c) complex figure d) appraiser's triangle 26 What number do you divide a number into to get a reciprocal a) 1 b) 2 c) 100 d) 10000 27 Interest earned on both principal and accrued (paid) interest is called a) a big payday b) an annuity c) compound interest d) none of the above 28 According to market trend data, what forces interact to affect value a) Social and economic b) Governmental and environmental c) Trendy and superficial d) Both a and b 29 A property that is similar to the subject property in certain characteristics is called a) a relative property b) a comparable property c) a reasonable facsimile property d) a twin 30 When a neighborhood includes only one type of land use, it is sometimes referred to as a) bland b) a ghetto c) a district d) all of the above 31 Frontage is the length of a property's boundary where it adjoins a a) street or body of water b) neighbor's property or fence c) church property or school district d) all of the above 32 Sub structure data a) is also known as foundation data b) is information about the parts of the building below grade level c) includes basement or crawl space d) all of the above 33 EER stands for a) Equal Economic Reciprocal b) Energy Efficiency Ratio c) Elderly Entertainment Room d) none of the above 34 The type of data used in the cost approach to determine the replacement or reproduction cost of the subject property is called a) cost data b) conditional data c) copycat data d) guestimation data 35 To qualify as the highest and best use, the use must result in a) church ownership b) the highest present value c) the most attractive property on the block d) none of the above 36 The principle of anticipation states that the value of property is affected by the a) potential future benefits of ownership b) buyer's enthusiasm c) stock market d) all of the above 37 A use that is legally nonconforming is allowed to continue even though what laws have changed a) Liquor b) Tax c) Zoning d) None of the above 38 The principle of consistent use states that a) both land and improvements must be appraised for the same use b) the property must have been consistently occupied since construction c) the use of the property must be consistent with the builders original intention d) all of the above 39 Land above and beyond what is needed for the highest and best use of the site is known as a) throw away land b) non conforming land c) excess land d) none of the above 40 What method is considered the most important and reliable approach to land valuation a) Sales comparison b) Allocation c) Extraction d) None of the above 41 An attached house is one that a) is not connected to any other property b) shares one or more walls c) often involves a party wall agreement d) both b and c 42 A three quarter bath has a) a tub, a sink, and a toilet b) a shower, a sink, and a toilet c) only a sink and a toilet d) none of the above 43 A horizontal piece at the bottom of a window is a a) foundation b) joist c) sill d) none of the above 44 A roof that has inclined surfaces that rise from every wall of the house is called a a) leaky roof b) hip roof c) pointy roof d) all of the above 45 In what type of framing is larger size lumber used so the framing members can be spaced further apart a) Shoddy b) Balloon c) Post and beam d) None of the above 46 The skin that is attached to the frame of the house is called a) epidermis b) sheathing c) paint d) all of the above 47 The quantity of heat required to raise one pound of water one degree Fahrenheit is called a) a BTU b) thermonuclear dynamics c) the EER d) none of the above 48 The difference in value between the cost (new) of the improvements and their current value is called a) depreciation b) appreciation c) desalination d) none of the above 49 Estimating the cost to exact replica of improvements at current prices is called a) replacement cost b) reproduction cost c) entrepreneurial profit d) all of the above 50 Multiplying the length times the width of a building determines the a) square footage b) size of the mortgage c) number of rooms d) none of the above

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The most common definition of appraisal is: a) an opinion of value b) an absolute amount c) an uneducated guess d) all of the above

The most common definition of appraisal is:
a) an opinion of value
b) an absolute amount
c) an uneducated guess
d) all of the above
2. In a bundle of rights, each "stick" is:
a) made of oak
b) the equivalent of a dollar
c) a right
d) none of the above
3. Non-possessory interests are known as:
a) encumbrances.
b) estates.
c) leasehold estates.
d) worthless.
4. A lien is:
a) a financial encumbrance.
b) an interest held by a creditor.
c) a building that doesn't stand upright.
d) both a and b.
5. A non-exclusive right to use someone else's property for a particular purpose is known as:
a) grossly unfair.
b) an embankment.
c) an easement.
d) trespassing.
6. Eminent domain is the power of the government to:
a) take private property for public use.
b) arrest spies.
c) set lending rates.
d) none of the above.
7. Ad Valorem taxes are based on the value of:
a) a loan amount.
b) real estate.
c) sales totals.
d) all of the above.
8. The monetary worth of property, goods, or services to buyers and sellers is the common definition of:
a) desirability.
b) value.
c) liquid assets.
d) all of the above.
9. The ability to will, lease, give, or sell a property is known as:
a) transferability.
b) flexibility.
c) liquidity.
d) bankruptcy.
10. Direct costs refer to the costs of:
a) loans to finance an improvement.
b) material and labor used to build an improvement.
c) bribing officials for a building permit.
d) all of the above.
11. The amount of property for sale in a given market combined with the amount of property buyers want to purchase at that price is known as the principle of:
a) give and take.
b) supply and demand.
c) scarcity and abundance.
d) none of the above.
12. The first stage in the development cycle is called the:
a) financing stage.
b) development stage.
c) maturity stage.
d) decline stage.
13. Surplus productivity is a way of measuring the value of land:
a) that has been improved.
b) that is left over after development.
c) that is vacant.
d) none of the above.
14. Value estimates are always made as of a specific date called:
a) monthlies.
b) the market date.
c) the effective date of appraisal.
d) none of the above.
15. A statement that specifically limits the application of the conclusions contained in a report is called a(n):
a) limiting condition.
b) assumption.
c) blackout clause.
d) all of the above.
16. An estimate of value of vacant land, excluding any existing or proposed improvements, is called:
a) a drive-by appraisal.
b) data analysis.
c) a site valuation.
d) all of the above.
17. What approach assumes that the value of improved property is indicated by the value of the site, plus the cost of improvements, minus depreciation?
a) Cost approach
b) Income approach
c) Gross multiplier
d) All of the above
18. With the sales comparison approach, a property's value is compared to:
a) the value of other similar properties in the market.
b) the value of unimproved properties in adjoining neighborhoods.
c) the cost of tearing down the structure.
d) sales in foreign markets.
19. Analyzing the appraisal problem, selecting the appropriate method of valuation, and giving it the most weight is called:
a) an oral report.
b) restitution.
c) reconciliation.
d) all of the above.
20. A legal description of property is one that is adequate to:
a) identify the properties exact boundaries.
b) identify the owners of the property.
c) satisfy lawyers the property is free of liens.
d) all of the above.
21. An identifiable, fixed position from which measurements can be taken is called:
a) a measuring thingy.
b) a reference point.
c) global satellite positioning system.
d) none of the above.
22. Benchmarks are:
a) a unit of measure based on the length of a park bench.
b) survey markers set in concrete.
c) a German form of currency.
d) none of the above.
23. The east-west lines running parallel to the base line are called:
a) flat lines.
b) San Bernardino lines.
c) township/tier lines.
d) all of the above.
24. Volume is the size of an object in how many dimensions?
a) Two
b) Three
c) Eight
d) None of the above
25. A triangle where two of the sides meet at a right angle is called a:
a) right triangle.
b) left-sided triangle.
c) complex figure.
d) appraiser's triangle.
26. What number do you divide a number into to get a reciprocal?
a) 1
b) 2
c) 100
d) 10000
27. Interest earned on both principal and accrued (paid) interest is called:
a) a big payday.
b) an annuity.
c) compound interest.
d) none of the above.
28. According to market trend data, what forces interact to affect value?
a) Social and economic
b) Governmental and environmental
c) Trendy and superficial
d) Both a and b
29. A property that is similar to the subject property in certain characteristics is called:
a) a relative property.
b) a comparable property.
c) a reasonable facsimile property.
d) a twin.
30. When a neighborhood includes only one type of land use, it is sometimes referred to as:
a) bland.
b) a ghetto.
c) a district.
d) all of the above.
31. Frontage is the length of a property's boundary where it adjoins a:
a) street or body of water.
b) neighbor's property or fence.
c) church property or school district.
d) all of the above.
32. Sub-structure data:
a) is also known as foundation data.
b) is information about the parts of the building below grade level.
c) includes basement or crawl space.
d) all of the above.
33. EER stands for:
a) Equal Economic Reciprocal.
b) Energy Efficiency Ratio.
c) Elderly Entertainment Room.
d) none of the above.
34. The type of data used in the cost approach to determine the replacement or reproduction cost of the subject property is called:
a) cost data.
b) conditional data.
c) copycat data.
d) guestimation data.
35. To qualify as the highest and best use, the use must result in:
a) church ownership.
b) the highest present value.
c) the most attractive property on the block.
d) none of the above.
36. The principle of anticipation states that the value of property is affected by the:
a) potential future benefits of ownership.
b) buyer's enthusiasm.
c) stock market.
d) all of the above.
37. A use that is legally nonconforming is allowed to continue even though what laws have changed?
a) Liquor
b) Tax
c) Zoning
d) None of the above
38. The principle of consistent use states that:
a) both land and improvements must be appraised for the same use.
b) the property must have been consistently occupied since construction.
c) the use of the property must be consistent with the builders original intention.
d) all of the above.
39. Land above and beyond what is needed for the highest and best use of the site is known as:
a) throw-away land.
b) non-conforming land.
c) excess land.
d) none of the above.
40. What method is considered the most important and reliable approach to land valuation?
a) Sales comparison
b) Allocation
c) Extraction
d) None of the above
41. An attached house is one that:
a) is not connected to any other property.
b) shares one or more walls.
c) often involves a party wall agreement.
d) both b and c.
42. A three-quarter bath has:
a) a tub, a sink, and a toilet.
b) a shower, a sink, and a toilet.
c) only a sink and a toilet.
d) none of the above.
43. A horizontal piece at the bottom of a window is a:
a) foundation
b) joist
c) sill
d) none of the above
44. A roof that has inclined surfaces that rise from every wall of the house is called a:
a) leaky roof.
b) hip roof.
c) pointy roof.
d) all of the above.
45. In what type of framing is larger size lumber used so the framing members can be spaced further apart?
a) Shoddy
b) Balloon
c) Post and beam
d) None of the above
46. The "skin" that is attached to the frame of the house is called:
a) epidermis
b) sheathing
c) paint
d) all of the above
47. The quantity of heat required to raise one pound of water one degree Fahrenheit is called:
a) a BTU.
b) thermonuclear dynamics.
c) the EER.
d) none of the above.
48. The difference in value between the cost (new) of the improvements and their current value is called:
a) depreciation
b) appreciation
c) desalination
d) none of the above.
49. Estimating the cost to
exact replica of improvements at current prices is called:
a) replacement cost.
b) reproduction cost.
c) entrepreneurial profit.
d) all of the above.
50. Multiplying the length times the width of a building determines the:
a) square footage.
b) size of the mortgage.
c) number of rooms.
d) none of the above.