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 estate that ends upon the death of a designated party.






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






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






4. 43 - 560 square feet






5. Taxes based on property value.






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






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






8. 640 acres






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






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






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






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






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






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






15. Eminent Domain - Taxation - Police Power - Escheat

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






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






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






19. 640 acres.






20. Any piece of land.






21. 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.






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

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






24. 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).






25. The amount actually paid.






26. DUST - Demand - Utility - Scarcity - Transferability






27. 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.






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






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






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






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






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






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






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






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






36. The value of an ongoing business or project.






37. An estate that includes possession without title.






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






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






40. Services pertaining to aspects of property value.






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






42. Proof of ownership.






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






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






45. An unbiased opinion of value






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






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






48. 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.






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






50. Lay of the land.