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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. Runs east and west.






2. All the beneficial rights of ownership.






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






4. An entity pursuing an economic activity






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






6. Any piece of land.






7. Runs north and south.






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






9. Person that receives property.






10. DUST - Demand - Utility - Scarcity - Transferability






11. The amount actually paid.






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






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






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






15. Taxes based on property value.






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






17. 5 - 280 feet






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






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






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






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






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






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






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






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






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






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






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






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






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






32. Services pertaining to aspects of property value.






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






34. Proof of ownership.






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






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






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






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






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






40. Land that has been prepared for use.






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






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

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43. 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.






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






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






46. 43 - 560 square feet






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






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






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






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






Can you answer 50 questions in 15 minutes?



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