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. Services pertaining to aspects of property value.






2. Value placed by tax assessing official.






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






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






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






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






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






8. 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.






9. Runs east and west.






10. 5 - 280 feet






11. All the beneficial rights of ownership.






12. Eminent Domain - Taxation - Police Power - Escheat

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






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






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






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






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






18. Person that receives property.






19. 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.






20. Worthy of belief






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






22. The use of an appraiser's reported appraisal - appraisal review - or appraisal consulting assignment options and conclusions - as identified by the appraiser based on communication with the client at the time of the assignment.






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






24. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment






25. The value of an ongoing business or project.






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






27. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).






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






29. Bundle of Rights - Estate - Encumbrances






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






31. Value based on sale within a relatively short period of time.






32. Nonexclusive right to use property of another.






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






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






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






36. 43 - 560 square feet






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






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






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






40. Value determination based on sales of similar properties.






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






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






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






44. DUST - Demand - Utility - Scarcity - Transferability






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






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






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






48. Proof of ownership.






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






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