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 interest in real estate that does not include possessory rights.






2. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment






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






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






5. Valuation services performed by an individual acting as an appraiser - including but not limited to appraisal - appraisal review - or appraisal consulting.






6. Runs north and south.






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






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






9. Method of identifying property in relation to its boundaries - distances - and angles from a given point.






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






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






12. Services pertaining to aspects of property value.






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






14. Person that receives property.






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






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






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






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






19. Any piece of land.






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






21. 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.






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






23. An estate that ends upon the death of a designated party.






24. 6x6 mile square piece of land. (36 square miles)






25. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)






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






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






28. Nonexclusive right to use property of another.






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






30. 5 - 280 feet






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






32. 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).






33. 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.






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






35. 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.






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






37. An estate that includes possession without title.






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






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






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






41. Taxes based on property value.






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






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






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






45. Land that has been prepared for use.






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






47. The amount actually paid.






48. 640 acres.






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






50. Runs east and west.