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. 43 - 560 square feet






2. Services pertaining to aspects of property value.






3. 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.






4. Bundle of Rights - Estate - Encumbrances






5. The amount actually paid.






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






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






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






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






10. Nonexclusive right to use property of another.






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






12. An unbiased opinion of value






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






14. All the beneficial rights of ownership.






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






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






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






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






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






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






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






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

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23. 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.






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






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






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






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






28. 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.






29. 6x6 mile square piece of land. (36 square miles)






30. Value determination based on sales of similar properties.






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






32. Proof of ownership.






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






34. Lay of the land.






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






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






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






38. DUST - Demand - Utility - Scarcity - Transferability






39. An entity pursuing an economic activity






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






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






42. Land that has been prepared for use.






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






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






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






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






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






48. Eminent Domain - Taxation - Police Power - Escheat

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






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