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 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.






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






3. Person that receives property.






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






5. Lay of the land.






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






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






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






9. 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).






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






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






12. The value of an ongoing business or project.






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






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






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






16. An unbiased opinion of value






17. An entity pursuing an economic activity






18. 5 - 280 feet






19. Land that has been prepared for use.






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






21. An estate that includes possession without title.






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






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






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






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






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






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






28. That which is taken to be true






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






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






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






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






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






34. Value determination based on sales of similar properties.






35. 640 acres






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






37. The amount actually paid.






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






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






40. 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.






41. Taxes based on property value.






42. DUST - Demand - Utility - Scarcity - Transferability






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






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






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






46. Runs east and west.






47. Runs north and south.






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






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






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