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 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.






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






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






4. Nonexclusive right to use property of another.






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






6. Value determination based on sales of similar properties.






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






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






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






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






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






12. A former item of personal property which has become part o the realty.






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






14. 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.






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






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






17. Worthy of belief






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






19. Runs east and west.






20. The value of an ongoing business or project.






21. Self Contained - Summary - Restricted Use






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






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






24. Person that receives property.






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






26. Taxes based on property value.






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






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






29. 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).






30. 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.






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






32. An entity pursuing an economic activity






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






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






35. 640 acres






36. An unbiased opinion of value






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






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






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






40. 5 - 280 feet






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






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






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






44. An estate that includes possession without title.






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






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






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






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






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






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