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






2. 43 - 560 square feet






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






4. Value determination based on sales of similar properties.






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






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






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






8. 640 acres






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






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






11. The type and extent of research and analyses in an assignment.






12. That which is taken to be true






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






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






15. Taxes based on property value.






16. Services pertaining to aspects of property value.






17. Any piece of land.






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






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






20. 5 - 280 feet






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






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






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






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






25. Proof of ownership.






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






27. 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.






28. Runs east and west.






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






30. DUST - Demand - Utility - Scarcity - Transferability






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






32. An entity pursuing an economic activity






33. 640 acres.






34. 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.






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






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






37. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.






38. The amount actually paid.






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






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






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






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






43. The value of an ongoing business or project.






44. All the beneficial rights of ownership.






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






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






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






48. Value placed by tax assessing official.






49. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price






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