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. Runs north and south.






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






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






4. The amount actually paid.






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






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






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






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






9. An entity pursuing an economic activity






10. Person that receives property.






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






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






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






14. 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.






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






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






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






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






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






20. Land that has been prepared for use.






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






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






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

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






25. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.






26. Services pertaining to aspects of property value.






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






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






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






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






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






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






33. Any piece of land.






34. 640 acres






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






36. Bundle of Rights - Estate - Encumbrances






37. 5 - 280 feet






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






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






40. That which is taken to be true






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






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






43. Lay of the land.






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






45. Value determination based on sales of similar properties.






46. 6x6 mile square piece of land. (36 square miles)






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






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






49. Eminent Domain - Taxation - Police Power - Escheat

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50. 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).