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






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






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






4. Value determination based on sales of similar properties.






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






6. 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.






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






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






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






10. Eminent Domain - Taxation - Police Power - Escheat

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






12. An unbiased opinion of value






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






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






15. The interests - benefits - and rights inherent in the ownership of real estate.






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






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






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






19. Worthy of belief






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






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






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






23. Self Contained - Summary - Restricted Use






24. Any piece of land.






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






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. 640 acres.






28. Runs north and south.






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






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






31. Nonexclusive right to use property of another.






32. 6x6 mile square piece of land. (36 square miles)






33. Any communication - written or oral - of an appraisal - appraisal review - or appraisal consulting service that is transmitted to the client upon completion of an assignment.






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






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






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






37. 43 - 560 square feet






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






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






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






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






42. 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.






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






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






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






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






47. An entity pursuing an economic activity






48. Proof of ownership.






49. Runs east and west.






50. The amount actually paid.