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






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






3. All the beneficial rights of ownership.






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






5. An unbiased opinion of value






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






7. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.






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






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






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






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






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






13. 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.






14. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).






15. Eminent Domain - Taxation - Police Power - Escheat

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






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






18. Proof of ownership.






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






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






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






22. Any piece of land.






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






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






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






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






27. An estate that includes possession without title.






28. 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.






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






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






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






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






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






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






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






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






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






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






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






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






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






42. 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).






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






44. DUST - Demand - Utility - Scarcity - Transferability






45. Person that receives property.






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






47. 5 - 280 feet






48. Worthy of belief






49. An entity pursuing an economic activity






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