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. 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.






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






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






4. Person that receives property.






5. All the beneficial rights of ownership.






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






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






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






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






10. Services pertaining to aspects of property value.






11. The amount actually paid.






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






13. Land that has been prepared for use.






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






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






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






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






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






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






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






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






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






23. Value determination based on sales of similar properties.






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






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






26. 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.






27. Self Contained - Summary - Restricted Use






28. An estate that includes possession without title.






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






30. Worthy of belief






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






32. 640 acres






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






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






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






36. 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.






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






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






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






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






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






42. DUST - Demand - Utility - Scarcity - Transferability






43. 5 - 280 feet






44. 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).






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






46. An entity pursuing an economic activity






47. Lay of the land.






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






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






50. 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.