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






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






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






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






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






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






7. The value of a component is equal to the amount of value it adds to the property as a whole.






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






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






10. That which is taken to be true






11. An interest in real estate that does not include possessory rights.






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






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






14. 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.






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






16. Proof of ownership.






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






18. Value placed by tax assessing official.






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






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






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






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






23. Bundle of Rights - Estate - Encumbrances






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






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






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






27. Self Contained - Summary - Restricted Use






28. The amount actually paid.






29. 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.






30. An identified parcel or tract of land including improvements.






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






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






33. 5 - 280 feet






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






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






36. 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.






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






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






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






40. Person that receives property.






41. Value determination based on sales of similar properties.






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






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






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






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






46. Land that has been prepared for use.






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






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






49. DUST - Demand - Utility - Scarcity - Transferability






50. Lay of the land.