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 amount actually paid.






2. All the beneficial rights of ownership.






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






4. 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.






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






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






7. The value of an ongoing business or project.






8. Eminent Domain - Taxation - Police Power - Escheat

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


9. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.






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






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






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






13. An estate that includes possession without title.






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






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






16. The right of government to title when an owner dies without a will or heirs.






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






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






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






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






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






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






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






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






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






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






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






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






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






30. Runs north and south.






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






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






33. Value placed by tax assessing official.






34. DUST - Demand - Utility - Scarcity - Transferability






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






36. Value determination based on sales of similar properties.






37. Person that receives property.






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






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






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






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






43. An unbiased opinion of value






44. Runs east and west.






45. Worthy of belief






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






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






48. 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.






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






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