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






2. An estate that includes possession without title.






3. DUST - Demand - Utility - Scarcity - Transferability






4. 43 - 560 square feet






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






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






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






8. All the beneficial rights of ownership.






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






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






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






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






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






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






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






16. Eminent Domain - Taxation - Police Power - Escheat


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






18. Any piece of land.






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






20. 5 - 280 feet






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






22. The interests - benefits - and rights inherent in the ownership of real estate.






23. The amount actually paid.






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






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






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






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






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






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






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






31. Value determination based on sales of similar properties.






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






33. An entity pursuing an economic activity






34. The value of an ongoing business or project.






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






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






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






38. 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.






39. Proof of ownership.






40. Runs north and south.






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






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






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






44. 640 acres.






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






46. Self Contained - Summary - Restricted Use






47. 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.






48. Bundle of Rights - Estate - Encumbrances






49. Lay of the land.






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