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Real Estate Appraisal and Property Management

A course equips students with the knowledge and skills to assess property value and effectively manage real estate assets in a dynamic market.

real estate

appraisal

property

management

valuation

market analysis

investment

property inspection

lease

rent

tenant

landlord

property maintenance

property marketing

asset management

property portfolio

The principle maintains that between dissimilar properties, the value of the better property will be adversely affected by the presence of the property of lesser value.

  • Principle of regression
  • Principle of conformity
  • Principle of progression
  • Principle of competition

It presents all vehicular and pedestrian movement patterns on and around the site.

  • Man-made features
  • Natural physical features
  • Utilities
  • Circulation

It is the legal climate at a particular time or in particular place may overshadow the natural market forces of supply and demand.

  • Environmental conditions
  • Economic forces
  • Social forces
  • Legal forces

It is a surface over which a demand or supply offered at a specific location is expressed.

  • Inflation
  • Market range
  • Market threshold
  • Market area

Real property is physical commodity only, the supply of real estate refers to the amount of service or the usability of the space and the quantity of physical space.

  • True
  • False

The primary responsibility of the assessor is to estimate the market value of each property within the jurisdiction.

  • True
  • False

Which of the following are the natural and man-made forces that may be analyzed for real estate appraisal purposes?

  • all of the above
  • I and III
  • II and III
  • I and II

It is a value estimate that should consider an arm’s length transaction between two unrelated parties.

  • Ownership interest
  • Conditions of sale
  • Cash equivalency
  • Market conditions

It is a deed that provides the highest level of protection to the buyer and establishes that the seller owns a property and has legal right to sell it.

  • General warranty
  • Bargain and sale deeds
  • Special warranty
  • Deed

It is executory contracts for the purchase of real property under the terms of which legal title to the property is retained by the seller until such time as all the conditions stated in the contract have been fulfilled.

  • Trust deeds
  • Tax deeds
  • Sheriff deeds
  • Land contracts

This principle states that the value of a particular component is measured in terms of its contribution to the value of the whole property.

  • Principle of supply
  • Principle of contribution
  • Principle of distribution
  • Principle of demand

It is the value of any component of a property is measured by how much it adds to the net income by reason of its presence or detracts from the net income by reason of its absence.

  • Principle of contribution
  • Principle of external factors
  • Principle of highest and best use
  • Principle of increasing and decreasing returns

This is the date on which the sale was closed or completed.

  • Legal description
  • Full consideration
  • Sale and deed information
  • Date of transfer

This method of real estate appraisals where a property’s value is surmised by looking at the sales price of similar properties for sale in the same area or market.

  • All of the above
  • Income capitalization approach
  • Sales comparison approach
  • Cost approach

It is implicitly or explicitly assert the grantor’s ownership of the property conveyed, but make no guarantee to defend the title.

  • Special warranty
  • General warranty
  • Deed
  • Bargain and sale deeds

Real estate is pricey because individuals, businesses and institution want to buy property and this creates an economic value.

  • True
  • False

Which of the following are the factors to watch out for assessing a neighbourhood?

  • II and III
  • I and III
  • all of the above
  • I and II

Individual markets also set standards of conformity especially in terms of _______?

  • Price
  • Demand
  • Competition
  • Supply

It is the total amount paid for the property including the cash down payment and amounts financed.

  • Sale and deed information
  • Full consideration
  • Legal description
  • Date of transfer

The physical factor that has natural boundaries such as river, lakes and ocean.

  • Soil condition
  • Natural Geographic boundaries
  • Topography
  • Location

The demand in real estate is the amount of a certain type of real estate desired for purchase or rent at various prices in a given market for a given period of time.

  • True
  • False

An appraisal can be used as a guide if you are planning to sell a house and indication of what the price you may achieve when you sell.

  • True
  • False

It is a key element in real estate valuation because an individual property’s value is dependent upon the properties and area that surrounds it.

  • Economic characteristics
  • Usage
  • Location
  • Physical characteristics

Which of the following are the jobs of an Appraiser?

  • I and II
  • all of the above
  • II and III
  • I and III

This profession that specialized in property that produces income like hotels, buildings etc.

  • Appraisers
  • Commercial appraisers
  • Evaluator
  • Residential appraisers

Neighborhood characteristics and trends influence the value of one to four unit residences.

  • True
  • False

These are real estate consumers and they do not invest real estate.

  • Owners
  • Renters
  • Owner user
  • Developers

Real estate development requires investments such as equipment, buildings and infrastructure etc.

  • Capital
  • Labor
  • Land
  • Entrepreneural Coordination

It documents on the site conditions such as buildings, walls, drives curb cuts, hydrants, power poles and paving patterns.

  • Utilities
  • Man-made features
  • Natural physical features
  • Circulation

Which of the following are the appraiser’s investigation to access property type?

  • I and III
  • I and II
  • all of the above
  • II and III

Lenders rely on appraisal because the property serves as a collateral for a mortgage loan.

  • True
  • False

A physical factor that define the property boundaries and consider the neighboring properties as well.

  • Topography
  • Location
  • Soil condition
  • Natural Geographic boundaries

The appraiser must indicate the price range and predominant price of properties in the subject neighbourhood.

  • True
  • False

This principle is about how the land is utilized in a particular area.

  • Principle of anticipation
  • Principle of conformity
  • Principle of substitution
  • Principle of Demand and supply

It is the comparison that include homes oaf about the same square footage on parcels of land that are about the same size.

  • Recently sold listings
  • Age and condition of homes
  • Features of home for sale with similar ones
  • Location and Neighborhood

It is essentially toward strengthening the meaning transfer between what the diagram is saying visually and what site fact is saying contextually.

  • Simplification
  • Refinement
  • Improvement
  • Revision

It represents between buyer and seller the interactive efforts of two or more potential buyers or seller to make purchase or secure a lease.

  • Price
  • Supply
  • Demand
  • Competition

It presents all the pertinent climate conditions such as rainfall, snowfall, humidity and temperature variations over the month of the year.

  • Climate
  • Human and capital
  • Sensory
  • Circulation

When the supply of the agents of production declines, the property values again tend to rise.

  • True
  • False

It states that when several similar or commensurate commodities, goods and services are available the one with the lowest price attracts the greatest demand and widest distribution.

  • Substitute
  • Competition
  • Demand
  • Supply

Real estate buyers might view the appraisal as a check on their own willingness to pay.

  • True
  • False

Activities offering the same service will occupy locations in view to offer goods or services to the whole area.

  • Range expansion
  • Market Coverage
  • Concentric circles
  • Star map

This principle is the major reason why a market value estimate is only valid at a specific point in time.

  • Principle of conformity
  • Principle of balance
  • Principle of change
  • Principle of competition

It holds that the real property value is created and sustained when the characteristics of a property conform to the demands of its market.

  • Overhead
  • Conformity
  • Shortage production
  • Surplus production

It is a method where the appraiser uses the income approach to determine the value of a property.

  • Principle of conformity
  • Principle of substitution
  • Principle of Demand and supply
  • Principle of anticipation

It is the value created and sustained when there is a proper equilibrium in the amount and location of essential type of real estate.

  • Principle of conformity
  • Principle of balance
  • Principle of change
  • Principle of competition

This profession specialized in appraising homes like condominium, and family houses.

  • Commercial appraisers
  • Appraisers
  • Residential appraisers
  • Evaluator

It is the desire and ability to purchase or lease goods and services.

  • Commodity
  • Supply
  • Demand
  • Price

Which of the following are market characteristics in the analysis of economic forces?

  • I and II
  • I and III
  • all of the above
  • II and III

Which of the following are the methods of marketing the real estate?

  • all of the above
  • I and II
  • I and III
  • II and III

The physical factor that influence issues as runoff and flooding hazards as well as availability of land for development.

  • Natural Geographic boundaries
  • Location
  • Soil condition
  • Topography

Which of the following are the policy issues of appraisers?

  • all of the above
  • II and III
  • I and II
  • I and III

The minimum demand is necessary to support an economic activity such as service.

  • Market area
  • Market range
  • Inflation
  • Market threshold

It is the value of a residential or commercial real estate goes up depending on its demand and supply position.

  • Principle of substitution
  • Principle of Demand and supply
  • Principle of conformity
  • Principle of anticipation

These are the deeds by which title or property sold to discharge delinquent taxes is transferred by a tax collector or other authorized officer of the law to the purchaser at a tax sale.

  • Sheriff deeds
  • Tax deeds
  • Land contracts
  • Trust deeds

it include state map and city map showing location of site relation to city as a whole.

  • Size and zoning
  • Location
  • Legal
  • Neighborhood context

It is a deed is not nearly as protective as the general warranty deed in that the seller warrants he or she has received title and ensures the property was not encumbered during his or her ownership.

  • General warranty
  • Bargain and sale deeds
  • Special warranty
  • Deed

It comprises all direct and indirect costs required to construct and market the product as land alone or with the improvements.

  • Capital
  • Labor
  • Land
  • Entrepreneural Coordination

These are the deeds that give ownership rights in property bought at a sheriff’s sale.

  • Trust deeds
  • Tax deeds
  • Sheriff deeds
  • Land contracts

It is the net income to the land remaining after the costs of other agents of production have been paid.

  • Conformity
  • Overhead
  • Surplus production
  • Shortage production

These are real estate investors who prepare undeveloped land for construction and build new housing in the market.

  • Owner user
  • Renters
  • Owners
  • Developers

The principle that affirming that the property of lesser value will be enhanced by proximity to better properties.

  • Principle of regression
  • Principle of conformity
  • Principle of progression
  • Principle of competition

The property value is determined by the cost of an equally desirable substitute property.

  • Principle of anticipation
  • Principle of substitution
  • Principle of conformity
  • Principle of Demand and supply

The maximum distance each unit of demand is willing to travel to reach a service or the maximum distance a product can be shipped to a customer.

  • Market threshold
  • Market range
  • Inflation
  • Market area

The appraiser should provide an outline of the neighbourhood boundaries which should be delineated using north, south, east and west.

  • True
  • False

It documents the visual, audible, tactile and olfactory aspects of the site.

  • Climate
  • Sensory
  • Circulation
  • Human and capital

While the goods and services that are necessities do not see much fluctuation in the demand.

  • Utility
  • Inflation
  • Income level
  • Taxation

It documents all the dimensional aspects of the site including boundaries, location and dimension of easements and present zoning classification with all its dimensional implications.

  • Location
  • Size and zoning
  • Legal
  • Neighborhood context

Appraisals make the home buying process easier as you get accurate information about your property’s market value.

  • True
  • False

It is a property valued differently if the owner has a fee simple interest compared to a leased fee interest.

  • Ownership interest
  • Cash equivalency
  • Market conditions
  • Conditions of sale

It includes contours, drainage patterns, soil type and bearing capacity trees, rocks, ridges, peaks, valley, pools and ponds.

  • Natural physical features
  • Man-made features
  • Utilities
  • Circulation

Which of the following are the forces that influence real property markets?

  • I and II
  • I and III
  • all of the above
  • II and III

It can help to provide a starting point for the value of homes in the area.

  • Age and condition of homes
  • Features of home for sale with similar ones
  • Location and Neighborhood
  • Recently sold listings

It is a buyer that pays a higher sales price for a property in exchange for below market rating financing.

  • Conditions of sale
  • Ownership interest
  • Cash equivalency
  • Market conditions

A population with a high-income level has much more purchasing power than a population with a low income.

  • Income level
  • Taxation
  • Utility
  • Inflation

The principle where profits create competition and excessive profits breed competition that tends to destroy those profits.

  • Principle of competition
  • Principle of conformity
  • Principle of change
  • Principle of balance

The principle that real property value is created and sustained when contrasting, opposing or interacting elements are in a state of _________?

  • The principle that real property value is created and sustained when contrasting, opposing or interacting elements are in a state of _________?
  • Select one:
  • Inequilibrium
  • Equilibrium
  • Fairly elastic
  • Fairly inelastic

Which of the following are the factors that affect the accuracy of a cost approach real estate appraisal?

  • I and III
  • all of the above
  • II and III
  • I and II

Which of the following are the elements of comparison?

  • II and III
  • all of the above
  • I and II
  • I and III

It is the process of selling real estate without representation of real estate broker or agent.

  • Auctions
  • For sale by owner
  • Word of mouth
  • Internet

It is important to document and verify the sale transaction and obtain information on the type of deed associated with the sale.

  • Sale and deed information
  • Full consideration
  • Date of transfer
  • Legal description

Appraisals express value as the monetary relationship between properties and those who buy, sell or used those properties.

  • True
  • False

It is the law that holds that increments in the agents of production added to a parcel of property produce greater net income up to a certain point.

  • Law of equilibrium
  • Law of demand and supply
  • Law of diminishing marginal utility
  • Law of diminishing returns
  • Question text

It is the highest and best use is estimated by the appraiser based on current market conditions.

  • Principle of highest and best use
  • Principle of external factors
  • Principle of contribution
  • Principle of increasing and decreasing returns

It is a real estate appraisal method that compares a property to other properties with similar characteristics that have sold recently.

  • Sales approach
  • Sales comparison approach
  • Cost approach
  • Credit approach

Existing locations try to expand their ranges in order to attract more customers.

  • Market Coverage
  • Concentric circles
  • Star map
  • Range expansion

The first thing an entrepreneur generally considers in developing a property is the cost of acquiring the _____?

  • Land
  • Capital
  • Entrepreneural Coordination
  • Labor

It is studied by the appraisers primarily relate to population characteristics.

  • Economic forces
  • Legal forces
  • Environmental conditions
  • Social forces

Depending on the local economy and market for real estate, prices may trend in either a positive or negative direction over time.

  • Conditions of sale
  • Ownership interest
  • Cash equivalency
  • Market conditions

It is the transfer the title to the property to a trustee to be held in trust.

  • Sheriff deeds
  • Land contracts
  • Tax deeds
  • Trust deeds

The role of contextual analysis in design is that informing about the site prior to the beginning to the design concepts so that the early thinking about the building can incorporate meaningful responses to external conditions.

  • True
  • False

It involves the making the diagrammatic forms of communicative as possible.

  • Refinement
  • Improvement
  • Revision
  • Simplification

It is a measure of the value of property based upon the price that a professional appraiser believes the property could be sold for under normal market conditions.

  • Real estate marketing
  • Real estate evaluation
  • Real estate appraisal
  • Real estate management

Specific property may offer what seems to be no potential but if the surrounding houses are rough and uncared for.

  • True
  • False

It is the geography of where real estate is located and the condition of the local topography could have direct effects on the value assigned to all comparable properties.

  • Recently sold listings
  • Features of home for sale with similar ones
  • Location and Neighborhood
  • Age and condition of homes

The price of acquiring inequitable desirable substitute property tends to set property value.

  • True
  • False

It is the net income that remains after the proper cost of labour, coordinating expenses and capital have been paid or satisfied.

  • Principle of highest and best use
  • Principle of contribution
  • Principle of surplus productivity
  • Principle of external factors

The sales comparison approach helps real estate professionals and buyers determine if the price of a home is fair and comparable to the current market.

  • True
  • False

This category deals with the type capacity and location of all utilities on, adjacent to and near the site.

  • Circulation
  • Natural physical features
  • Man-made features
  • Utilities

The supply of real estate is dependent on the costs of the four agents of production, which are brought together to produce a product that is offered for sale.

  • True
  • False

A market will demand less of an item at a higher price and more at a lower price.

  • True
  • False

Neighborhood analysis is a report real estate investors create to help calculate the investment potential of a rental property based on the characteristics of the neighbourhood the property is located in.

  • True
  • False

This approach focuses on evaluating properties that will be used to generate income.

  • Cost approach
  • All of the above
  • Sales comparison approach
  • Income capitalization approach

It is the sole owner of the parcel of real property.

  • Community property
  • Joint Tenancy
  • Joint ownership
  • Single ownership

A real estate valuation is important to calculate a prediction of price-taking clues from the market forces, factor of finance, accounting, economics and law driving the real estate market.

  • True
  • False

These are people who exclusively invest in real estate and do not reside in the property themselves.

  • Renters
  • Owner user
  • Owners
  • Developers

It is the comparison of homes with ones of similar age and if an older home needs upgrades.

  • Features of home for sale with similar ones
  • Age and condition of homes
  • Recently sold listings
  • Location and Neighborhood

It is a written legal instrument that when duly executed, conveys an interest in the legal title of the property.

  • General warranty
  • Special warranty
  • Deed
  • Bargain and sale deeds

It presents the immediate surroundings of the site for three to four blocks beyond the site boundary.

  • Legal
  • Size and zoning
  • Location
  • Neighborhood context

It is concerned with the progress of subtracting any extraneous graphic information from the diagram.

  • Refinement
  • Revision
  • Simplification
  • Improvement

It involves an increase in the money supply in relation to the availability of assets, commodities, goods and services.

  • Utility
  • Inflation
  • Income level
  • Taxation

This group includes people who both own their homes and live in them making them investors and consumers.

  • Renters
  • Owner
  • Owner user
  • Developers

The sales comparison approach entails looking at local properties to see what they have in common.

  • True
  • False
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