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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. Land that has been prepared for use.






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






3. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price






4. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.






5. 5 - 280 feet






6. 43 - 560 square feet






7. An estate that includes possession without title.






8. A former item of personal property which has become part o the realty.






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






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






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






12. 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.






13. Worthy of belief






14. A valuation service provided as a consequence of an agreement between an appraiser and a client






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






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






17. 640 acres






18. DUST - Demand - Utility - Scarcity - Transferability






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






20. An unbiased opinion of value






21. The value of an ongoing business or project.






22. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).






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






24. Legally permitted - Physically possible - Economically Feasible - Maximally Productive Use






25. That which is taken to be true






26. 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).






27. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report






28. A study of the cost-benefit relationship of an economic endeavor






29. Value determination based on income generated by a property.






30. The value is affected by the expectations of buyers regarding the future benefits to be gained.






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






32. Self Contained - Summary - Restricted Use






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






34. The type and extent of research and analyses in an assignment.






35. Describes the direction one moves from the reference point to another and the distant points.






36. Runs east and west.






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






38. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.






39. Value placed by tax assessing official.






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






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






42. 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.






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






44. Services pertaining to aspects of property value.






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






46. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.






47. Identifiable tangible objects that are considered by the general public as being "personal".






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






49. Nonexclusive right to use property of another.






50. Value determination based on sales of similar properties.






Can you answer 50 questions in 15 minutes?



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