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






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






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






4. An entity pursuing an economic activity






5. Public improvements that support basic needs - such as transportation and utilities.






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






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


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






9. 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.






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






11. DUST - Demand - Utility - Scarcity - Transferability






12. An unbiased opinion of value






13. Runs east and west.






14. When supply and demand are out of balance. Too much competition






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






16. 5 - 280 feet






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






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






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






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






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






22. Any piece of land.






23. 6x6 mile square piece of land. (36 square miles)






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






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






26. Person that receives property.






27. 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.






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






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






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






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






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






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






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






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






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






37. 640 acres






38. Bundle of Rights - Estate - Encumbrances






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






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






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






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






43. Proof of ownership.






44. Value determination based on sales of similar properties.






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






46. Worthy of belief






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






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






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






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