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 value of an ongoing business or project.






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






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






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






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






6. 43 - 560 square feet






7. Land that has been prepared for use.






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






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






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






11. 5 - 280 feet






12. An estate that includes possession without title.






13. Bundle of Rights - Estate - Encumbrances






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






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






16. Services pertaining to aspects of property value.






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






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






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






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






21. Eminent Domain - Taxation - Police Power - Escheat

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






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






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






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






26. 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).






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






29. An entity pursuing an economic activity






30. The act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal - appraisal review - or appraisal consulting assignment.






31. DUST - Demand - Utility - Scarcity - Transferability






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






33. 640 acres






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






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






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






37. All the beneficial rights of ownership.






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






39. Taxes based on property value.






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






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






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






43. 640 acres.






44. 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.






45. That which is taken to be true






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






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






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






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






50. Value placed by tax assessing official.