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. Value placed by tax assessing official.






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






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






4. Person that receives property.






5. Any piece of land.






6. Self Contained - Summary - Restricted Use






7. Proof of ownership.






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






9. Worthy of belief






10. 640 acres






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






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






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






14. DUST - Demand - Utility - Scarcity - Transferability






15. Eminent Domain - Taxation - Police Power - Escheat

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16. The amount actually paid.






17. 6x6 mile square piece of land. (36 square miles)






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






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






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






21. 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.






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






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






24. Services pertaining to aspects of property value.






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






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






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






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






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






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






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






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






33. Bundle of Rights - Estate - Encumbrances






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






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






36. 43 - 560 square feet






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






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






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






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






41. 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.






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






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






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






45. The value of an ongoing business or project.






46. Value determination based on sales of similar properties.






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






48. An estate that includes possession without title.






49. That which is taken to be true






50. Runs north and south.