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 value of an ongoing business or project.






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






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






4. Self Contained - Summary - Restricted Use






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






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






7. An unbiased opinion of value






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






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






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






11. 6x6 mile square piece of land. (36 square miles)






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






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






14. Value determination based on sales of similar properties.






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






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






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






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






19. Person that receives property.






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






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






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






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






24. Any piece of land.






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






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






27. 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).






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






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






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






31. 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.






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






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






34. An estate that includes possession without title.






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






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






37. Land that has been prepared for use.






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






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






40. DUST - Demand - Utility - Scarcity - Transferability






41. An entity pursuing an economic activity






42. Proof of ownership.






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






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






45. 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.






46. All the beneficial rights of ownership.






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






48. Worthy of belief






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






50. 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.