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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. 43 - 560 square feet






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






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






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






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






6. Runs east and west.






7. An estate that includes possession without title.






8. DUST - Demand - Utility - Scarcity - Transferability






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






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






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






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






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






14. 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.






15. Runs north and south.






16. 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).






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






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






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






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






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






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






23. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)






24. Taxes based on property value.






25. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.






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






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






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






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






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






31. Eminent Domain - Taxation - Police Power - Escheat

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32. An unbiased opinion of value






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






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






35. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle






36. 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.






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






38. 5 - 280 feet






39. Bundle of Rights - Estate - Encumbrances






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






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






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






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






44. Worthy of belief






45. The amount actually paid.






46. All the beneficial rights of ownership.






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






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






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






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







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