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






2. The value of an ongoing business or project.






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






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






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






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






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






8. An unbiased opinion of value






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






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






11. Proof of ownership.






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






13. That which is taken to be true






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






15. Lay of the land.






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






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






18. Other appraisers who have expertise and competency in a similar type of assignment.

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19. Self Contained - Summary - Restricted Use






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






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






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






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






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






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






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






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






28. 6x6 mile square piece of land. (36 square miles)






29. An estate that includes possession without title.






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






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






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






33. An entity pursuing an economic activity






34. The amount actually paid.






35. Bundle of Rights - Estate - Encumbrances






36. Runs east and west.






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






38. 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).






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






40. 640 acres






41. 43 - 560 square feet






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






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






45. 640 acres.






46. All the beneficial rights of ownership.






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






48. Value placed by tax assessing official.






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






50. Taxes based on property value.