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






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






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






4. Taxes based on property value.






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






6. Value determination based on sales of similar properties.






7. 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.






8. An assumption directly related to a specific assignment - which - if found to be false - could alter the opinions or conclusions of the appraisal.






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






10. Services pertaining to aspects of property value.






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






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






13. An unbiased opinion of value






14. Lay of the land.






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






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






17. Runs north and south.






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






19. Worthy of belief






20. 6x6 mile square piece of land. (36 square miles)






21. 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.






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






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






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






25. Nonexclusive right to use property of another.






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






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






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






29. Eminent Domain - Taxation - Police Power - Escheat


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






31. Land that has been prepared for use.






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






33. Value placed by tax assessing official.






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






35. Runs east and west.






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






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






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






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






40. As the amount invested in other agents is incrementally increased - the rate of return on the investment will increase.






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






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






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






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






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






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






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






48. The value of an ongoing business or project.






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






50. 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.