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






2. 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).






3. Runs north and south.






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






5. The amount actually paid.






6. An unbiased opinion of value






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






8. Runs east and west.






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






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






11. 640 acres






12. Nonexclusive right to use property of another.






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






14. Person that receives property.






15. Land that has been prepared for use.






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






17. All the beneficial rights of ownership.






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






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






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






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






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






23. An entity pursuing an economic activity






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






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






26. Value determination based on sales of similar properties.






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






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






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






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






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






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






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






34. 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.






35. 6x6 mile square piece of land. (36 square miles)






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






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






38. 640 acres.






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






40. That which is taken to be true






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






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






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






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






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






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






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






48. Taxes based on property value.






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






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