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. An entity pursuing an economic activity






2. Eminent Domain - Taxation - Police Power - Escheat

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3. Self Contained - Summary - Restricted Use






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






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






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






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. The value of an ongoing business or project.






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






10. 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.






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






12. Person that receives property.






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






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






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






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






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






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






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






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






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






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






23. Runs east and west.






24. Value placed by tax assessing official.






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






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






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






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






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






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






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






32. 6x6 mile square piece of land. (36 square miles)






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






34. That which is taken to be true






35. Value determination based on sales of similar properties.






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






37. Worthy of belief






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






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






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






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






42. Lay of the land.






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






44. 640 acres






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






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






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






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






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






50. Bundle of Rights - Estate - Encumbrances