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. Runs east and west.






2. All the beneficial rights of ownership.






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






4. Value placed by tax assessing official.






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






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

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






8. That which is taken to be true






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






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






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






12. 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.






13. 5 - 280 feet






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






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






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






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






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






19. Lay of the land.






20. 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).






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






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






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






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






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






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






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






28. 6x6 mile square piece of land. (36 square miles)






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






30. Eminent Domain - Taxation - Police Power - Escheat

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






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






33. Person that receives property.






34. Services pertaining to aspects of property value.






35. 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.






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






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






38. 640 acres






39. DUST - Demand - Utility - Scarcity - Transferability






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






41. 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.






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






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






44. An estate that includes possession without title.






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






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






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






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






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






50. An unbiased opinion of value