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






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






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






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






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






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






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






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






9. An estate that includes possession without title.






10. Person that receives property.






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






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






13. Value placed by tax assessing official.






14. Worthy of belief






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






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






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






18. Runs north and south.






19. Land that has been prepared for use.






20. Any piece of land.






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






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






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






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






25. 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).






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






27. Eminent Domain - Taxation - Police Power - Escheat


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






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






30. 43 - 560 square feet






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






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






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






34. 640 acres






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






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






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






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






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






40. The amount actually paid.






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






42. Runs east and west.






43. Value determination based on sales of similar properties.






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






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






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






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






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






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






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