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






2. 43 - 560 square feet






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






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






5. Value placed by tax assessing official.






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






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






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






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






10. The interests - benefits - and rights inherent in the ownership of a business enterprise or a part thereof in any form






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






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






13. Worthy of belief






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






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






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






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






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






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






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






21. An entity pursuing an economic activity






22. That which is taken to be true






23. All the beneficial rights of ownership.






24. 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.






25. Bundle of Rights - Estate - Encumbrances






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






27. 640 acres.






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






29. An unbiased opinion of value






30. An estate that includes possession without title.






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






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. Person that receives property.






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






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






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






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






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






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






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






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






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






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






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






45. 6x6 mile square piece of land. (36 square miles)






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






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






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






49. 5 - 280 feet






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