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






2. 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.






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






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






5. The amount actually paid.






6. Runs east and west.






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






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






9. Proof of ownership.






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






11. An unbiased opinion of value






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






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






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






15. 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.






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






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






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






19. 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).






20. Value placed by tax assessing official.






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






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






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






24. An assignment condition that voids the force of a part of USPAP - when compliance with part of USPAP is contrary to law or public policy applicable to the assignment.






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






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






27. Services pertaining to aspects of property value.






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






29. Any piece of land.






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






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






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






33. All the beneficial rights of ownership.






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






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






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






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






38. Runs north and south.






39. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.






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






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






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






43. 640 acres.






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






45. 43 - 560 square feet






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






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






48. 640 acres






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






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