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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






3. Person that receives property.






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






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






6. Self Contained - Summary - Restricted Use






7. 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.






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






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






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






11. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.






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






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






14. 5 - 280 feet






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






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






17. 640 acres.






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






19. The value of an ongoing business or project.






20. Nonexclusive right to use property of another.






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






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






23. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)






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






25. Value determination based on sales of similar properties.






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






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






28. That which is taken to be true






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






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






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






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






33. DUST - Demand - Utility - Scarcity - Transferability






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






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






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






37. Any piece of land.






38. The amount actually paid.






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






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






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






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






43. 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.






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






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






46. An estate that includes possession without title.






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






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






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






50. Runs east and west.