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. Nonexclusive right to use property of another.






2. 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.






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






4. That which is taken to be true






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






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






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






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






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






10. Any piece of land.






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






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






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






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






15. Self Contained - Summary - Restricted Use






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






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






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






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






20. An entity pursuing an economic activity






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






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






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






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






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






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






27. Worthy of belief






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






29. Lay of the land.






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






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






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






33. Services pertaining to aspects of property value.






34. Value placed by tax assessing official.






35. DUST - Demand - Utility - Scarcity - Transferability






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






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






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






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






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






41. Runs north and south.






42. Land that has been prepared for use.






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






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






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






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






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






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






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






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