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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. That which is taken to be true






2. All the beneficial rights of ownership.






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






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






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






6. Value determination based on sales of similar properties.






7. 43 - 560 square feet






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






9. The value of an ongoing business or project.






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






11. An entity pursuing an economic activity






12. 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.






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






14. Value placed by tax assessing official.






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






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






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






18. Eminent Domain - Taxation - Police Power - Escheat

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






20. Worthy of belief






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






22. Nonexclusive right to use property of another.






23. Proof of ownership.






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






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






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






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






28. Bundle of Rights - Estate - Encumbrances






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






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






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






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






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






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






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






36. An assignment condition that voids the force of a part of USPAP - when compliance with part of USPAP is contrary to law or public policy applicable to the assignment.






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






38. 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.






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






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






41. The amount actually paid.






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






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






44. Land that is not needed for the highest and best use of the site






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






46. An estate that includes possession without title.






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






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






49. Land that has been prepared for use.






50. Services pertaining to aspects of property value.







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