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






2. 640 acres






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






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






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






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






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






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






9. An entity pursuing an economic activity






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






11. 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.






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






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






14. 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.






15. 43 - 560 square feet






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






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






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






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






20. Proof of ownership.






21. Eminent Domain - Taxation - Police Power - Escheat


22. Nonexclusive right to use property of another.






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






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






25. The value of an ongoing business or project.






26. Runs east and west.






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






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






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






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






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






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






33. Value placed by tax assessing official.






34. That which is taken to be true






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






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






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






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






39. An estate that includes possession without title.






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






41. 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.






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






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






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






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






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






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






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






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


50. An unbiased opinion of value