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






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






3. 640 acres.






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






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






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






7. An entity pursuing an economic activity






8. Eminent Domain - Taxation - Police Power - Escheat

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9. Any piece of land.






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






11. Lay of the land.






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






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






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






15. 5 - 280 feet






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






17. Value determination based on sales of similar properties.






18. 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.






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






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






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






22. Self Contained - Summary - Restricted Use






23. 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.






24. Proof of ownership.






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






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






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






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






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






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






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






32. Taxes based on property value.






33. 640 acres






34. The value of an ongoing business or project.






35. Bundle of Rights - Estate - Encumbrances






36. Nonexclusive right to use property of another.






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






38. The monetary relationship between properties and those who buy - sell - or use those properties.






39. Person that receives property.






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






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






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






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






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

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






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






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






48. 43 - 560 square feet






49. That which is taken to be true






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