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. The amount actually paid.






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






3. 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.






4. Land that has been prepared for use.






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






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






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






8. Services pertaining to aspects of property value.






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






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






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






12. Value placed by tax assessing official.






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






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






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






16. Runs north and south.






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






18. The value of an ongoing business or project.






19. An entity pursuing an economic activity






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






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






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






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






24. Nonexclusive right to use property of another.






25. 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).






26. Self Contained - Summary - Restricted Use






27. Bundle of Rights - Estate - Encumbrances






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






29. Taxes based on property value.






30. The interests - benefits - and rights inherent in the ownership of real estate.






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






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






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






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






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






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






37. 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.






38. Proof of ownership.






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






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






41. All the beneficial rights of ownership.






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






43. Worthy of belief






44. DUST - Demand - Utility - Scarcity - Transferability






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






46. 6x6 mile square piece of land. (36 square miles)






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






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


49. An unbiased opinion of value






50. Person that receives property.