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. 43 - 560 square feet






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






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






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






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






6. Services pertaining to aspects of property value.






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






8. Self Contained - Summary - Restricted Use






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






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






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






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






13. Nonexclusive right to use property of another.






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






15. Identifiable tangible objects that are considered by the general public as being "personal".






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






17. 640 acres.






18. Proof of ownership.






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






20. Any piece of land.






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






22. Land that has been prepared for use.






23. Eminent Domain - Taxation - Police Power - Escheat


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






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






26. The value determination based on cost to build less depreciation - plus value of the land.






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






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






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






30. An estate that includes possession without title.






31. An entity pursuing an economic activity






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






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






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






35. All the beneficial rights of ownership.






36. Runs east and west.






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






38. Value determination based on sales of similar properties.






39. That which is taken to be true






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






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






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






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






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






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






46. The amount actually paid.






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






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






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






50. The value of an ongoing business or project.