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. All the beneficial rights of ownership.






2. 5 - 280 feet






3. 640 acres.






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






5. Worthy of belief






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






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






8. Nonexclusive right to use property of another.






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






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






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






12. Value determination based on sales of similar properties.






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






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






15. Land that has been prepared for use.






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






17. Bundle of Rights - Estate - Encumbrances






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






19. The value of an ongoing business or project.






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






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






22. Any piece of land.






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






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






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






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






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






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






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






30. Self Contained - Summary - Restricted Use






31. An estate that includes possession without title.






32. Eminent Domain - Taxation - Police Power - Escheat


33. DUST - Demand - Utility - Scarcity - Transferability






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






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






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






37. The amount actually paid.






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






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






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






41. 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).






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






43. 43 - 560 square feet






44. An unbiased opinion of value






45. 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.






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






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






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






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






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