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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. 5 - 280 feet






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






3. 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.






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






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






6. 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).






7. Value placed by tax assessing official.






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






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






10. Any piece of land.






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






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






13. 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.






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






15. An unbiased opinion of value






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






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






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






19. Eminent Domain - Taxation - Police Power - Escheat

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






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






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






23. Services pertaining to aspects of property value.






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






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






26. Lay of the land.






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






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






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






30. 640 acres.






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






32. Land that has been prepared for use.






33. Proof of ownership.






34. 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.






35. 43 - 560 square feet






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






37. Runs east and west.






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






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






40. Self Contained - Summary - Restricted Use






41. Runs north and south.






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






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






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






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






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






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






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






49. Nonexclusive right to use property of another.






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







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