SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
Test your basic knowledge |
Real Estate Appraisal
Start Test
Study First
Subjects
:
business-skills
,
industries
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. Land that has been prepared for use.
Regression
Appraiser's Peers
Site
Section
2. CLLC (MLLM) - Capital - Land - Labor - Coordination
Principle of Balance
Legally Nonconforming Uses
Principle of Contribution
Agents of Production
3. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Types of Value
Regional and Community Data
Section
Township
4. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.
Mass Appraisal Model
Intended User
Credible
Real Estate
5. 5 - 280 feet
Deed
Types of Value
mile
Ad Valorem Taxes
6. 43 - 560 square feet
Effects of Use on Real Estate Value
Gov't Restrictions
Ad Valorem Taxes
acre
7. An estate that includes possession without title.
Market Value
Leasehold Estate
Appraiser's Peers
Fee Simple
8. A former item of personal property which has become part o the realty.
Gov't Restrictions
Assessed Value
Fixtures
square mile
9. The party or parties who engage an appraiser in a specific assignment.
Intended User
Client
Principle of Competition
Real Estate
10. An estate that ends upon the death of a designated party.
Real Estate Cycle
Encumbrance
Life Estate
Appraiser's Peers
11. An appraiser's opinions and conclusions developed specific to an assignment.
Principle of Contribution
Types of Real Property
Types of Value
Assignment Results
12. 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.
Site
Forces Affecting Value
Appraisal Consulting
Appraisal Review
13. Worthy of belief
Credible
Infrastructure
Three Appraisal Reports
Types of Value
14. A valuation service provided as a consequence of an agreement between an appraiser and a client
Assignment
Assessed Value
square mile
Principle of Contribution
15. An assumption directly related to a specific assignment - which - if found to be false - could alter the opinions or conclusions of the appraisal.
Jurisdictional Exception
Encumbrance
Extraordinary Assumption
mile
16. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Plottage
Types of Real Property
Easement
Reference Point (monument)
17. 640 acres
Characteristics of Highest and Best Use
Principle of Change
square mile
Baseline
18. DUST - Demand - Utility - Scarcity - Transferability
Characteristics of Value
Appraisal Consulting
Fixtures
Cost
19. The process of valuing a universe of properties as of a given date using standard methodology - employing common data and allowing for statistical testing.
Assignment Results
Direct Capitalization
Mass Appraisal
Fee Simple
20. An unbiased opinion of value
Leasehold Estate
Meridian
Principle of Change
Appraisal
21. The value of an ongoing business or project.
Principle of Balance
Forces Affecting Value
Income Approach
Going Concern
22. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).
Principle of Substitution
Life Estate
Appraisal Consulting
Characteristics of Value
23. As the amount invested in other agents is incrementally increased - the rate of return on the investment will increase.
Real Estate
Principle of Increasing Returns
Client
Baseline
24. Legally permitted - Physically possible - Economically Feasible - Maximally Productive Use
Credible
Characteristics of Highest and Best Use
Scope of Work
Principle of Supply and Demand
25. That which is taken to be true
Appraisal Review
Assumption
mile
Appraisal Practice
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).
Principle of Supply and Demand
Signature
Baseline
Appraisal Review
27. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report
Feasibility Analysis
Township
Valuation Process
Price
28. A study of the cost-benefit relationship of an economic endeavor
Feasibility Analysis
Hypothetical Condition
square mile
Agents of Production
29. Value determination based on income generated by a property.
Jurisdictional Exception
Bias
Assessed Value
Income Approach
30. The value is affected by the expectations of buyers regarding the future benefits to be gained.
Regional and Community Data
acre
Lot - Block and Tract
Principle of Anticipation
31. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution
Principles of Appraisal
Assessed Value
Credible
Extraordinary Assumption
32. Self Contained - Summary - Restricted Use
Three Appraisal Reports
square mile
Types of Data
Regression
33. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Bundle of Rights
Intangible Property
acre
Topography
34. The type and extent of research and analyses in an assignment.
Scope of Work
Principle of Change
Principle of Decreasing Returns
Going Concern
35. Describes the direction one moves from the reference point to another and the distant points.
Metes
Remainder Man
Principle of Increasing Returns
Appraiser
36. Runs east and west.
Types of Value
Life Estate
Forces Affecting Value
Baseline
37. Public improvements that support basic needs - such as transportation and utilities.
Types of Data
Infrastructure
Lot - Block and Tract
Real Estate Cycle
38. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.
Signature
Conformity - Progression and Regression
Assumption
Types of Data
39. Value placed by tax assessing official.
Topography
Assessed Value
Appraiser's Peers
Section
40. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)
Meets and Bounds
Assignment
Report
Forces Affecting Value
41. I=RxV - R=I/V - V=I/R
Appraisal
Appraiser's Peers
Direct Capitalization
Mass Appraisal Model
42. 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.
Cost Approach
Principle of Contribution
Jurisdictional Exception
Intended User
43. Property that is much more luxurious than surrounding properties (Decline in value).
Regression
Conformity - Progression and Regression
Meets and Bounds
Gov't Restrictions
44. Services pertaining to aspects of property value.
Regional and Community Data
Valuation Services
Escheat
Hypothetical Condition
45. The monetary relationship between properties and those who buy - sell - or use those properties.
Sales Comparison Approach
Infrastructure
Gov't Restrictions
Value
46. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.
Gov't Restrictions
Constant Use
Characteristics of Value
Intangible Property
47. Identifiable tangible objects that are considered by the general public as being "personal".
Reference Point (monument)
Agents of Production
Personal Property
Principle of Decreasing Returns
48. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Meets and Bounds
Real Estate Cycle
Three Appraisal Reports
Types of Data
49. Nonexclusive right to use property of another.
Value
Easement
Highest and Best Use
Principle of Contribution
50. Value determination based on sales of similar properties.
Intended Use
square mile
Price
Sales Comparison Approach
Can you answer 50 questions in 15 minutes?
Let me suggest you:
Browse all subjects
Browse all tests
Most popular tests
Major Subjects
Tests & Exams
AP
CLEP
DSST
GRE
SAT
GMAT
Certifications
CISSP go to https://www.isc2.org/
PMP
ITIL
RHCE
MCTS
More...
IT Skills
Android Programming
Data Modeling
Objective C Programming
Basic Python Programming
Adobe Illustrator
More...
Business Skills
Advertising Techniques
Business Accounting Basics
Business Strategy
Human Resource Management
Marketing Basics
More...
Soft Skills
Body Language
People Skills
Public Speaking
Persuasion
Job Hunting And Resumes
More...
Vocabulary
GRE Vocab
SAT Vocab
TOEFL Essential Vocab
Basic English Words For All
Global Words You Should Know
Business English
More...
Languages
AP German Vocab
AP Latin Vocab
SAT Subject Test: French
Italian Survival
Norwegian Survival
More...
Engineering
Audio Engineering
Computer Science Engineering
Aerospace Engineering
Chemical Engineering
Structural Engineering
More...
Health Sciences
Basic Nursing Skills
Health Science Language Fundamentals
Veterinary Technology Medical Language
Cardiology
Clinical Surgery
More...
English
Grammar Fundamentals
Literary And Rhetorical Vocab
Elements Of Style Vocab
Introduction To English Major
Complete Advanced Sentences
Literature
Homonyms
More...
Math
Algebra Formulas
Basic Arithmetic: Measurements
Metric Conversions
Geometric Properties
Important Math Facts
Number Sense Vocab
Business Math
More...
Other Major Subjects
Science
Economics
History
Law
Performing-arts
Cooking
Logic & Reasoning
Trivia
Browse all subjects
Browse all tests
Most popular tests