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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. 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.






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






3. Eminent Domain - Taxation - Police Power - Escheat

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






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






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






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






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






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






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






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






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






13. Any piece of land.






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






15. Taxes based on property value.






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






17. Services pertaining to aspects of property value.






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






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






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






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






22. The value of an ongoing business or project.






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






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






25. 640 acres






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






27. DUST - Demand - Utility - Scarcity - Transferability






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






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






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






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






32. An entity pursuing an economic activity






33. 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.






34. The type and extent of research and analyses in an assignment.






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






36. An unbiased opinion of value






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






38. Value placed by tax assessing official.






39. Self Contained - Summary - Restricted Use






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






41. 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.






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






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






44. Lay of the land.






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






46. Bundle of Rights - Estate - Encumbrances






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






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






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






50. The amount actually paid.







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Can you answer 50 questions in 15 minutes?


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