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






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






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






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






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






6. Land that has been prepared for use.






7. Runs north and south.






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






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






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






11. The value of an ongoing business or project.






12. Runs east and west.






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






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






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






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






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






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






19. Nonexclusive right to use property of another.






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






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






22. 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.






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






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






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






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






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






28. Proof of ownership.






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






30. DUST - Demand - Utility - Scarcity - Transferability






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






32. Taxes based on property value.






33. That which is taken to be true






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






35. 5 - 280 feet






36. 640 acres






37. 6x6 mile square piece of land. (36 square miles)






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






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






40. An unbiased opinion of value






41. Personalized evidence indicating authentication of the work performed by the appraiser and the acceptance of the responsibility for content - analyses - and the conclusions in the report.






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






43. Services pertaining to aspects of property value.






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






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






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






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






48. Value placed by tax assessing official.






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






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