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






2. Valuation services performed by an individual acting as an appraiser - including but not limited to appraisal - appraisal review - or appraisal consulting.






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






4. 6x6 mile square piece of land. (36 square miles)






5. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.






6. That which is taken to be true






7. The value of an ongoing business or project.






8. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.






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






10. The value of the property is determined by the most profitable use to which the property may be put.






11. Self Contained - Summary - Restricted Use






12. All the beneficial rights of ownership.






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






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






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






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






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






18. Highest and Best Use - Consistent Use - Conformity - Progression & Regression






19. Nonexclusive right to use property of another.






20. Money required to create - produce - or obtain a property






21. Services pertaining to aspects of property value.






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






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






24. A mathematical expression of how supply and demand factors interact in a market.






25. Worthy of belief






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






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






28. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.






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






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






31. 43 - 560 square feet






32. 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.






33. Personalized evidence indicating authentication of the work performed by the appraiser and the acceptance of the responsibility for content - analyses - and the conclusions in the report.






34. When the rate of return continues to increase at a lower rate and begin to decrease.






35. 640 acres.






36. The interests - benefits - and rights inherent in the ownership of a business enterprise or a part thereof in any form






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






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






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






40. Runs east and west.






41. Any piece of land.






42. Cost Approach - Sales Comps - Income Approach (IRV)






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






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






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






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






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






48. 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.






49. 640 acres






50. An entity pursuing an economic activity