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. Any piece of land.






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






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






4. DUST - Demand - Utility - Scarcity - Transferability






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






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






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






8. 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.






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






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






11. An identifiable - fixed position from which measurements may be taken.






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






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






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






15. An estate that includes possession without title.






16. Taxes based on property value.






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






18. Proof of ownership.






19. An entity pursuing an economic activity






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






21. Value determination based on sales of similar properties.






22. Runs east and west.






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






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






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






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






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






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






29. Services pertaining to aspects of property value.






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






31. The value of an ongoing business or project.






32. 43 - 560 square feet






33. That which is taken to be true






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






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






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






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






38. Lay of the land.






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






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






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






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






43. The amount actually paid.






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






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






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






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






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






49. 640 acres.






50. Bundle of Rights - Estate - Encumbrances