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






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






3. Value determination based on sales of similar properties.






4. Taxes based on property value.






5. Person that receives property.






6. Worthy of belief






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






8. 5 - 280 feet






9. Eminent Domain - Taxation - Police Power - Escheat

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






11. All the beneficial rights of ownership.






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






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






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






15. 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.






16. Bundle of Rights - Estate - Encumbrances






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






18. 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.






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






20. 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.






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






22. 43 - 560 square feet






23. Public improvements that support basic needs - such as transportation and utilities.






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






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






26. An unbiased opinion of value






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






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






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






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






31. 640 acres.






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






50. Recognizes that supply and demand are in constant flux.