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






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






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






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






5. That which is taken to be true






6. Runs east and west.






7. Modest property in an expensive neighborhood (Increase in value).






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






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






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






11. An entity pursuing an economic activity






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






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






14. An unbiased opinion of value






15. 640 acres.






16. 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).






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






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






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






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






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






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






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






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






25. Land that has been prepared for use.






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






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






28. Any piece of land.






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






30. Worthy of belief






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






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






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






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






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






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






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






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






39. The value of an ongoing business or project.






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






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






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






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






44. General Data - Specific Date - Primary - Secondary.






45. Value determination based on sales of similar properties.






46. Lay of the land.






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






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






49. Services pertaining to aspects of property value.






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