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Core Course Q's
Example Questions from Core Course
| Question | Answer |
|---|---|
| The process of determining the non-monetary qualities of an item is known as | Evaluation |
| What is the present worth of $100 received two years from today assuming an annual rate of return of 5% | 90.70 |
| Replacement cost minus depreciation is known as | Actual Cash Value |
| Which market principle is exemplified by the example of a buyer not paying more for a poster from one dealer if they can buy one from another at a lower price? | Principle of Substitution |
| Principle of Contribution states the value of a component part of the property is the amount it deducts from the value of the whole | false |
| Dating Nomenclature "circa 1950" means which time frame? | 1940-1960 |
| Purchase price has no relevance to current value | false |
| The insurance appraisal is prepared to document that the property was described as it existed and what else | The value at the time of inspection |
| Which of the following is not an example of inherent vice | Creases in boxed textiles |
| What IRA Procedure provides guidelines for all Federal Function appraisals? | 66-49 |
| The effective date for an estate is the date of death or what other date | 6 months after the date of death |
| A qualified appraiser is one who has earned a designation from a organized professional appraisal organization | False |
| Chapter 7 in a US Bankruptcy is called what | Liquidation |
| Common Law states are states in which personal property of the divorcing couple is divided equally according to its fair market value | false |
| Divorce regulations for appraisal s are set by which of the following? | State or Province |
| The normal objective for the intended use of a family division appraisal is which of the following | market value |
| Third Party appraisal intervention can take the form of pressure from which of the following | The third Party |
| USPAP is primarily aimed at two groups. They are: | Appraisers and users of appraisal services |
| AQB (Appraiser Qualifications Board) develops and implements - true or false | false |
| The cover document requires the valuation results of the property | false |
| Which of the following is NOT a factor to consider when gathering comparable | Listings in the Market |
| Market contextualization is a term used by the IRS to describe how items should be analyzed | False |
| Which of the following court cases provide particular information on how appraisal values should be supported? | Kohler v. Commissioner |
| A Mission Statement is the business plan of a company | False |
| The Value of a Property is maintained when the characteristics of that property are similar to those in demand in the marketplace. Ex. Fads or Trends | Principle of Similarity |
| This principle relates to the Bundle or Rights Theory, which recognizes that owners of property anticipate receiving future benefits by virtue of ownership. | Principle of Anticipated Benefits |
| A prudent purchaser will not pay more for an item than he has to pay to buy an equally desirable substitute | Principle of Substitution |
| The value of property can be influenced by its association with property higher or lesser value. Ex. placement | Principle of Association |
| The amount of satisfaction one gains from ownership is inversely proportional to the amount consumed. Ex. The more one has, the less his demand is for more of the same. | Principle of Marginal Utility |
| The reasonable and legal use of a property that results in the greatest value. | Principle of Highest and Best Use |
| An investment in a property might yield positive returns at first, but as investment increases, returns diminish and may become negative. | Principle of Diminished Returns |
| Value is proportional to the cost to produce or replace. | Principle of Cost to Produce |
| relative value/quality of an item is proportional to the degree of similarity between the relevant characteristics subject property and the characteristics of comparable property. As relative quality increases, normally the relative value increases. | Principle of Qualitative Ranking |
| The value of a component part of the property is the amount it adds to the value of the whole | Principle of Contribution |
| If taken fairly, a sample of the total can serve as a factual basis for analyzing the entirety providing the items are identical or sufficiently similar. | Principle of Sampling |
| Charitable Contributions Publication from the IRS | IRS Pub 526 |
| Noncash Charitable Contributions plus Instructions Publication from the IRS | iRS Pub 8283 |
| Donee Information Return from the IRS | IRS Pub 8282 |
| IRS Procedure for Taxpayers to request a review of art valuations for income, estate and gift returns | Revenue Procedure 96-15 |
| Form IRS requires to be submitted by the taxpayer if all non-cash charitable contributions for the year exceeds $500. | IRS Form 8283 |
| If the donee or a successor of the donee org disposes of the property within 3 years after the date of donation, the org must file IRS form _________ and send a copy to the IRS and donor, unless items are valued at less than $500 or other exceptions. | IRS Form 8282 |
| This Publication discusses information that the appraiser should include in a qualified appraisal. | IRS Publication 561 |
| IRS Form on United States Estate Tax Returns - Records Personal Property on Schedule F, Miscellaneous Property | IRS Form 706 |
| IRS Publication "Introduction to Estate and Gift Taxes" | IRS Publication 950 |
| IRS Appraisal Guidelines and Formats | IRS Revenue Procedure 66-49 |
| IRS Publication relating to Gift Tax, Survivors, Executors, and Administrators | IRS Pub. 559 |
| IRS Form United States Gift and Generation- Skipping Transfer Tax Return | IRS Form 709 |
| IRS Publication relating to Casualty Loss- Nonbusiness disasters, Casualties, and Thefts | IRS Pub. 547 |
| IRS Pub. Nonbusiness Disaster, Casualties, and Thefts workbook | IRS Pub. 584 |
| IRS Pub. Basis of Assets | IRS Pub 551 |
| IRS Pub. Casualties and Thefts | IRS PUB 4684 |
| The anticipated gross proceeds expected from a hypothetical sale the property, minus any expenses associated with the sale, including any liens or encumbrances. | Net Value |
| States in which personal property of the divorcing couple is divided equitibly according to it's fair market value | Community Property States |
| States in which each spouse owns whatever he or she earns. The court awards each party a percentage of the total value of the combined holdings of the marital property based on several factors, one being the value of the property | Common Law States |
| Takes place within 30 days | Forced liquidation |
| Key Ingredient to Forced Liquidation Sale | Proper Exposure to Buyer isn't Possible |
| Immediate sale due to extreme urgency of needing cash | Quick Sale |
| Takes 3-6 Months | |
| Consignments | |
| Sales to Dealers or Collectors | |
| Advertisements | Traits Orderly Liquidations |
| Form, Quantity, Quality, and Condition | Nature of Property |
| Chapter 7 | Liquidation Bankruptcy |
| Chapter 11 (Businesses) Chapter 12 (Farming), Chapter 13 (Individuals) | Reorganization Bankruptcy |
| Every opinion of value is an | Appraisal |
| USPAP | Uniform Standards of Professional Appraisal Practice |
| Minimum set of standards that provide the appraiser with a guideline for performing professional appraisals and appraisal reviews | USPAP definition |
| G.W. Bush Law of 1989 which created supervisory mechanishms to ensure the safety and soundness of our nations thrifts and commercial banks. Title XI refers to real estate appraisers. | FIRREA |
| Additional Requirements of ISA members in addition to USPAP | ISA Code of Ethics |
| ISA Appraisal Report Writing Standard | |
| Not - For - Profit educational organization dedicated to the advancement of professional valuation. Has established USPAP. | The Appraisal Foundation |
| Governs The Appraisal Foundation | TAF Board of Trustees |
| Publishes qualification criteria for appraisers, maintains knowledge database, and promulgates guidelines. | |
| AQB Also sets minimum qualification standards for personal property appraisers | Appraiser Qualifications Board |
| Develops and implements of the USPAP. May amend, alter, interpret, or supplement the standards from time to time, but only after appropriate exposure to the profession. | The Appraisal Standards Board |
| Who enforces USPAP? | FIRREA |
| USPAP Preamble - 5 Rules | Ethics, Record Keeping, Competency, Scope of Work, Jurisdictional Exception |
| USPAP Standard 1 and 2 | Development and Reporting of Real Property |
| USPAP Standards 3 and 4 | Appraisal Review |
| USPAP Standards 5 and 6 | Mass Appraisal |
| USPAP Standards 7 and 8 | Development and Reporting of Personal Property |
| USPAP Standards 9 and 10 | Business Appraisals |
| By the Artist: | In the writer's opinion, the item is authentic and is a work of the artist. (authenticated and identified) |
| Attributed to | In the writer's opinion, this item is a work of the perior of the artist or maker which may, in whole or in part, be the work of the artist or maker. |
| studio of | work of an unknown hand possibly made under the master's supervision |
| circle of | a work in the period of the master, closely related to his or her style |
| school of: | work by a pupil or follower of the master |
| in the manner of... in the style of... | style of the master, but possibly of a later date |
| after: | a copy of a known work of the artist, often of a later date |
| signed: | has a signature, and in the writer's opinion it is the signature of the artist (goes beyond identification and authentication) |
| bears a signature | having a signature which in the writer's opinion might have been added by another's hand |
| dated: | is so dated and in the writer's opinion was executed about that date (indentified and executed) |
| bears a date: | is so dated and in the writer's opinion might have been executed at about that date. |
| Circa | "in approximately" or "about" plus or minus 10 years from the date. |
| Flourished | Twenty years either side of the date |
| Before | Is used to mean up to 100 years before the date given |
| After | The word after is used to mean up to 100 years after the date given |
| Probably | This is used for fairly certain dates |
Created by:
laevillarreal
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