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






3. The value of an ongoing business or project.






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






5. Runs north and south.






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






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






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






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






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






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






12. 6x6 mile square piece of land. (36 square miles)






13. Eminent Domain - Taxation - Police Power - Escheat

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14. Nonexclusive right to use property of another.






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






16. Land that has been prepared for use.






17. 640 acres.






18. Bundle of Rights - Estate - Encumbrances






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






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






21. Self Contained - Summary - Restricted Use






22. That which is taken to be true






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






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






25. 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.






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






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

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






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






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






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






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






33. Value determination based on sales of similar properties.






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






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






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






37. The amount actually paid.






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






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






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






41. Proof of ownership.






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






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






44. 43 - 560 square feet






45. Person that receives property.






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






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






48. 640 acres






49. An estate that includes possession without title.






50. Runs east and west.