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






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






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






4. Nonexclusive right to use property of another.






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






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






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






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






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






10. 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.






11. Person that receives property.






12. Taxes based on property value.






13. Land that has been prepared for use.






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






15. 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).






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






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






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






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






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






21. That which is taken to be true






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






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






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






25. Value determination based on sales of similar properties.






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






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






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






29. 6x6 mile square piece of land. (36 square miles)






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






31. The amount actually paid.






32. The value of an ongoing business or project.






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. Value placed by tax assessing official.






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






36. Runs north and south.






37. An estate that includes possession without title.






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






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






40. Any piece of land.






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






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






43. Recognizes that supply and demand are in constant flux.






44. DUST - Demand - Utility - Scarcity - Transferability






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






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






47. Self Contained - Summary - Restricted Use






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






49. 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.






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