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






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






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






4. Person that receives property.






5. Lay of the land.






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






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






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






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






10. An identifiable - fixed position from which measurements may be taken.






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






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






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






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






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






17. Any piece of land.






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






19. 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.






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






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






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






23. That which is taken to be true






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






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






26. 5 - 280 feet






27. 43 - 560 square feet






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






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






30. Runs north and south.






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






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






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






34. Worthy of belief






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






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






37. Eminent Domain - Taxation - Police Power - Escheat

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






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






40. Self Contained - Summary - Restricted Use






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






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






43. 640 acres






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






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






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






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






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






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






50. The value of an ongoing business or project.






Can you answer 50 questions in 15 minutes?



Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests



Major Subjects

Tests & Exams


AP
CLEP
DSST
GRE
SAT
GMAT

Browse all subjects

Browse all tests

Most popular tests