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






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






3. When the rate of return continues to increase at a lower rate and begin to decrease.






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






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






6. DUST - Demand - Utility - Scarcity - Transferability






7. Land that has been prepared for use.






8. Self Contained - Summary - Restricted Use






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






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






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






12. Value determination based on sales of similar properties.






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






28. 43 - 560 square feet






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






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






31. I=RxV - R=I/V - V=I/R






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






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






34. Nonexclusive right to use property of another.






35. Proof of ownership.






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






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






38. The amount actually paid.






39. Person that receives property.






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






41. An entity pursuing an economic activity






42. Value placed by tax assessing official.






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






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






45. 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.






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






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






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






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






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







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