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. 43 - 560 square feet






2. All the beneficial rights of ownership.






3. 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.






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






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






6. Value determination based on sales of similar properties.






7. Any piece of land.






8. Proof of ownership.






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






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






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






12. Taxes based on property value.






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






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






15. An unbiased opinion of value






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






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






18. A mathematical expression of how supply and demand factors interact in a market.






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






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






21. 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).






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






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






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






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






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






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






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






29. 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.






30. An entity pursuing an economic activity






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






32. Services pertaining to aspects of property value.






33. 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.






34. 640 acres






35. An estate that includes possession without title.






36. Person that receives property.






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






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






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






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






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






42. Land that has been prepared for use.






43. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.






44. 6x6 mile square piece of land. (36 square miles)






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






46. Lay of the land.






47. Eminent Domain - Taxation - Police Power - Escheat


48. Runs north and south.






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






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