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1. The two key words in the definition of appraisal are:
a. opinion and value.
b. opinion and guesswork.
c. value and commission.
d. none of the above.
2. The process of estimating market value= and investment value of an identified interest in a specific parcel of real est= ate as of a given date is known as:
a. evaluation.
b. valuation.
c. opinionation.
d. misrepresentation.
3. The act or process of critically study= ing a report prepared by another is known as:
a. appraisal.
b. integration.
c. review.
d. all of the above.
4. USPAP stands for:
a. United Society for Persons Acting Professionally.
b. Uniform Standards of Professional Apprais= al Practice.
c.
d. Uniform Standards of People Appraising Property.
=
5. Something added to land=
by
human effort, such as utilities, buildings, or landscaping, is known as:
a. an improvement.
b. a wasted investment.
c. a fixture.
d. both a and c.
6. When testing to determine if an item i= s a fixture, the acronym “MARIA” represents:
a. method of attachment, adaptability, relationship of the parties, intention, and agreement.
b. method of appraisal, assessed value, relationship of the parties, indirect costs, and affordability.
c. market value, adaptability, replacement c= ost, insurable value, and assessed value.
d. none of the above.
7. Fixtures installed by a tenant in conn= ection with the operation of a business on leased property are known as:
a. business improvements.
b. personal property.
c. trade fixtures.
d. all of the above.
8. An estate that includes possession wit= hout title is known as a(n):
a. leasehold estate.
b. freehold estate.
c. estate in reversion.
d. none of the above.
9. Private restrictions are also known as= :
a. private deed restrictions.
b. covenants, conditions, and restrictions (CC&Rs).
c. both a and b.
d. neither a nor b.
10. Taxation based on value is known as:<= /p>
a. ad hoc taxes.
b. ad valorem taxes.
c. special assessments.
e. profit a prendre.
Real Estate Appraisal Answer Key - Quiz B - Chapter 1
1. a - p. 3
2. b - p. 4
3. c - p. 5
4. b - p. 7
5. d - pp. 10,11
6. a - p. 11
7. c - p. 13
8. a - p. 14
9. c - p. 19
10. b - p. 20