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






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






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






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






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






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






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






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






9. Lay of the land.






10. Any piece of land.






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






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






13. Bundle of Rights - Estate - Encumbrances






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






15. 6x6 mile square piece of land. (36 square miles)






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






17. That which is taken to be true






18. Nonexclusive right to use property of another.






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






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






21. An entity pursuing an economic activity






22. Person that receives property.






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






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






25. 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.






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






27. Self Contained - Summary - Restricted Use






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






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






30. Eminent Domain - Taxation - Police Power - Escheat


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






32. Legally permitted - Physically possible - Economically Feasible - Maximally Productive Use






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






34. Runs east and west.






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






36. All the beneficial rights of ownership.






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






38. 640 acres






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






40. 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.






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






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






43. 5 - 280 feet






44. DUST - Demand - Utility - Scarcity - Transferability






45. Proof of ownership.






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






47. 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.






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






49. Value determination based on sales of similar properties.






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