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






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






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






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






5. 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.






6. Land that has been prepared for use.






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






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






9. Value placed by tax assessing official.






10. Runs north and south.






11. Any piece of land.






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






13. An estate that includes possession without title.






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






15. Lay of the land.






16. Economic Concept. The price of a good rises and falls depending on how many people want it (demand) and depending on how much of the good is available (supply).






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






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






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






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






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






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






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






24. Runs east and west.






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






26. 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.






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






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






29. Services pertaining to aspects of property value.






30. Eminent Domain - Taxation - Police Power - Escheat

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31. Nonexclusive right to use property of another.






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






33. Taxes based on property value.






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






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






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






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






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






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






40. An unbiased opinion of value






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






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






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






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






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






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






47. The value of an ongoing business or project.






48. All the beneficial rights of ownership.






49. Worthy of belief






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