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






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






3. Runs east and west.






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






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






6. Land that is not needed for the highest and best use of the site






7. Services pertaining to aspects of property value.






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






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






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






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






12. DUST - Demand - Utility - Scarcity - Transferability






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






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






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






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






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






18. An unbiased opinion of value






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






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






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






22. Value determination based on sales of similar properties.






23. Person that receives property.






24. 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.






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






26. Nonexclusive right to use property of another.






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






28. The amount actually paid.






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






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






31. An estate that includes possession without title.






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






33. 43 - 560 square feet






34. Other appraisers who have expertise and competency in a similar type of assignment.

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






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






37. 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.






38. That which is taken to be true






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






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






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






42. Bundle of Rights - Estate - Encumbrances






43. Land that has been prepared for use.






44. 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.






45. Taxes based on property value.






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






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






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






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






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