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






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






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






4. Land that has been prepared for use.






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






6. Land that is not needed for the highest and best use of the site






7. Value based on sale within a relatively short period of time.






8. Any piece of land.






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






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






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






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






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






14. Taxes based on property value.






15. Nonexclusive right to use property of another.






16. Services pertaining to aspects of property value.






17. An assumption directly related to a specific assignment - which - if found to be false - could alter the opinions or conclusions of the appraisal.






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






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






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






21. The value of an ongoing business or project.






22. 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.






23. Runs east and west.






24. Proof of ownership.






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






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






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






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






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






30. 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.






31. Value determination based on sales of similar properties.






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






33. Eminent Domain - Taxation - Police Power - Escheat

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






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






36. 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.






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






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






39. Lay of the land.






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






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






42. The amount actually paid.






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






44. 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).






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






46. 6x6 mile square piece of land. (36 square miles)






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






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






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






50. All the beneficial rights of ownership.