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






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






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






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






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






6. Runs north and south.






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






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






9. Value placed by tax assessing official.






10. Other appraisers who have expertise and competency in a similar type of assignment.

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11. That which is taken to be true






12. The amount actually paid.






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






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






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






16. 640 acres.






17. 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.






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






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






20. Proof of ownership.






21. Self Contained - Summary - Restricted Use






22. An unbiased opinion of value






23. 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.






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






25. Any piece of land.






26. Person that receives property.






27. 640 acres






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






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






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






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






32. Worthy of belief






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






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






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






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






37. 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.






38. Nonexclusive right to use property of another.






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






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






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






42. DUST - Demand - Utility - Scarcity - Transferability






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






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






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






46. 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).






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






48. Taxes based on property value.






49. Lay of the land.






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