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






2. Services pertaining to aspects of property value.






3. An unbiased opinion of value






4. 6x6 mile square piece of land. (36 square miles)






5. Any piece of land.






6. 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.






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






8. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.






9. The value of an ongoing business or project.






10. 5 - 280 feet






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






12. Bundle of Rights - Estate - Encumbrances






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






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






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






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






17. 640 acres






18. Personalized evidence indicating authentication of the work performed by the appraiser and the acceptance of the responsibility for content - analyses - and the conclusions in the report.






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






20. Self Contained - Summary - Restricted Use






21. A valuation service provided as a consequence of an agreement between an appraiser and a client






22. Runs east and west.






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






24. 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.






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






26. An entity pursuing an economic activity






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






28. Cost Approach - Sales Comps - Income Approach (IRV)






29. Proof of ownership.






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






31. DUST - Demand - Utility - Scarcity - Transferability






32. Runs north and south.






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






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






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






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






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






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






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






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






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






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






43. Land that has been prepared for use.






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






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






46. 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.






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






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






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






50. Value placed by tax assessing official.