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






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






3. Runs north and south.






4. Nonexclusive right to use property of another.






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






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






7. The value of an ongoing business or project.






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






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






10. 640 acres.






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






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






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






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

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15. 43 - 560 square feet






16. Bundle of Rights - Estate - Encumbrances






17. 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).






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






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






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






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






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






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






24. 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.






25. Person that receives property.






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






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






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






29. Worthy of belief






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






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






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






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






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






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






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






37. A former item of personal property which has become part o the realty.






38. Complete form of real propert - includes entire bundle of rights.






39. All the beneficial rights of ownership.






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






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






42. Value determination based on sales of similar properties.






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






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






45. DUST - Demand - Utility - Scarcity - Transferability






46. Valuation services performed by an individual acting as an appraiser - including but not limited to appraisal - appraisal review - or appraisal consulting.






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






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






49. 5 - 280 feet






50. 6x6 mile square piece of land. (36 square miles)