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






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






3. That which is taken to be true






4. Personalized evidence indicating authentication of the work performed by the appraiser and the acceptance of the responsibility for content - analyses - and the conclusions in the report.






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






6. All the beneficial rights of ownership.






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






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






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






10. Any piece of land.






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






12. An entity pursuing an economic activity






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






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






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






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

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






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






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






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






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






22. Value placed by tax assessing official.






23. 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.






24. 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).






25. Taxes based on property value.






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






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






28. Services pertaining to aspects of property value.






29. Self Contained - Summary - Restricted Use






30. Value determination based on income generated by a property.






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






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






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






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






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






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






37. An unbiased opinion of value






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






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






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






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






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






43. 43 - 560 square feet






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






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






46. The value of an ongoing business or project.






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






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






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






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







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Can you answer 50 questions in 15 minutes?


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