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






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






3. Land that has been prepared for use.






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






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






6. Proof of ownership.






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






8. Person that receives property.






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






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






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






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






13. Self Contained - Summary - Restricted Use






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






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






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






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






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






19. 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.






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






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






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






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






24. Value placed by tax assessing official.






25. Runs north and south.






26. 640 acres.






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






28. The amount actually paid.






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






30. Taxes based on property value.






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






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






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






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






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






36. 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.






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






38. Any piece of land.






39. 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.






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






41. Worthy of belief






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






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






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






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






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






47. DUST - Demand - Utility - Scarcity - Transferability






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






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






50. An unbiased opinion of value