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. An unbiased opinion of value






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






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






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






5. An entity pursuing an economic activity






6. 5 - 280 feet






7. 640 acres






8. 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.






9. Land that has been prepared for use.






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






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






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






13. Worthy of belief






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






15. Self Contained - Summary - Restricted Use






16. 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.






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






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






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






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






21. 640 acres.






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






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






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






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






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






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






28. Value placed by tax assessing official.






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






30. DUST - Demand - Utility - Scarcity - Transferability






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






32. Value determination based on sales of similar properties.






33. The value of an ongoing business or project.






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






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






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






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






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






39. An appraiser's opinions and conclusions developed specific to an assignment.






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






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






42. An estate that includes possession without title.






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






44. Services pertaining to aspects of property value.






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






46. Eminent Domain - Taxation - Police Power - Escheat

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47. Runs east and west.






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






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






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