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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. Value determination based on income generated by a property.






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






3. 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).






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






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






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






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






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






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






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






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






12. Value determination based on sales of similar properties.






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






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






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






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






17. Self Contained - Summary - Restricted Use






18. That which is taken to be true






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






20. Public improvements that support basic needs - such as transportation and utilities.






21. Bundle of Rights - Estate - Encumbrances






22. All the beneficial rights of ownership.






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






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






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






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






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






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






29. Person that receives property.






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






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






32. 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.






33. 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.






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






35. 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.






36. Any piece of land.






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






38. Eminent Domain - Taxation - Police Power - Escheat

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






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






41. Lay of the land.






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






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






44. Runs east and west.






45. Worthy of belief






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






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






48. Recognizes that supply and demand are in constant flux.






49. Taxes based on property value.






50. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.







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