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






2. The amount actually paid.






3. Other appraisers who have expertise and competency in a similar type of assignment.

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






5. Land that has been prepared for use.






6. Any piece of land.






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






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






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






10. Nonexclusive right to use property of another.






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






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






13. Proof of ownership.






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






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






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






17. 640 acres.






18. Person that receives property.






19. 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.






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






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






22. Services pertaining to aspects of property value.






23. 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).






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






25. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).






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






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






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






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






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






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






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






33. 43 - 560 square feet






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






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






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






37. Taxes based on property value.






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






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






40. Eminent Domain - Taxation - Police Power - Escheat

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






42. That which is taken to be true






43. The type and extent of research and analyses in an assignment.






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






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






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






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






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






49. 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.






50. The act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal - appraisal review - or appraisal consulting assignment.