Test your basic knowledge |

Real Estate Appraisal

Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Runs north and south.






2. The monetary relationship between properties and those who buy - sell - or use those properties.






3. CLLC (MLLM) - Capital - Land - Labor - Coordination






4. As the amount invested in other agents is incrementally increased - the rate of return on the investment will increase.






5. Services pertaining to aspects of property value.






6. The use of an appraiser's reported appraisal - appraisal review - or appraisal consulting assignment options and conclusions - as identified by the appraiser based on communication with the client at the time of the assignment.






7. An assignment condition that voids the force of a part of USPAP - when compliance with part of USPAP is contrary to law or public policy applicable to the assignment.






8. Recognizes that supply and demand are in constant flux.






9. That which is contrary to what exists but is supposed for the purpose of analysis.






10. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment






11. An appraiser's opinions and conclusions developed specific to an assignment.






12. Land that is not needed for the highest and best use of the site






13. The value determination based on cost to build less depreciation - plus value of the land.






14. The act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal - appraisal review - or appraisal consulting assignment.






15. Reflects the effects of local - social - economic - gov't - and physical forces on value.






16. Property that is much more luxurious than surrounding properties (Decline in value).






17. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)






18. Economic Concept. The price of a good rises and falls depending on how many people want it (demand) and depending on how much of the good is available (supply).






19. Person that receives property.






20. The right of government to title when an owner dies without a will or heirs.






21. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)






22. The process of providing information - analysis of real estate data and recommendations and/or conclusions






23. The party or parties who engage an appraiser in a specific assignment.






24. Value determination based on sales of similar properties.






25. Method of identifying property in relation to its boundaries - distances - and angles from a given point.






26. An assumption directly related to a specific assignment - which - if found to be false - could alter the opinions or conclusions of the appraisal.






27. 640 acres






28. Proof of ownership.






29. Value placed by tax assessing official.






30. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution






31. An increase in value that results from combining two or more lots for a more profitable highest and best use.






32. Value based on sale within a relatively short period of time.






33. One who is expected to perform valuation services competently and in a manner that is independent - impartial - and objective.






34. The amount actually paid.






35. Eminent Domain - Taxation - Police Power - Escheat


36. The process of valuing a universe of properties as of a given date using standard methodology - employing common data and allowing for statistical testing.






37. An estate that ends upon the death of a designated party.






38. Other appraisers who have expertise and competency in a similar type of assignment.


39. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle






40. I=RxV - R=I/V - V=I/R






41. Taxes based on property value.






42. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.






43. An unbiased opinion of value






44. Complete form of real propert - includes entire bundle of rights.






45. DUST - Demand - Utility - Scarcity - Transferability






46. Non-physical assets. Trademarks - patents - copyrights - equities - ...






47. The value of an ongoing business or project.






48. When supply and demand are out of balance. Too much competition






49. Public improvements that support basic needs - such as transportation and utilities.






50. An identifiable - fixed position from which measurements may be taken.