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






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






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






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

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5. Runs north and south.






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






7. 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.






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






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






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






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






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






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






14. 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.






15. 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.






16. Runs east and west.






17. All the beneficial rights of ownership.






18. 43 - 560 square feet






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






20. An estate that includes possession without title.






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






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






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






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






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






26. Person that receives property.






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






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






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






30. An entity pursuing an economic activity






31. Self Contained - Summary - Restricted Use






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






33. Services pertaining to aspects of property value.






34. That which is taken to be true






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






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






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






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






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






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






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






42. 5 - 280 feet






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






44. Nonexclusive right to use property of another.






45. Any piece of land.






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






47. 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.






48. Taxes based on property value.






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






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