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. Taxes based on property value.






2. That which is taken to be true






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






4. Person that receives property.






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






6. Bundle of Rights - Estate - Encumbrances






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






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. An entity pursuing an economic activity






10. Lay of the land.






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






12. 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.






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






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






15. The amount actually paid.






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






17. Services pertaining to aspects of property value.






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






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






20. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.






21. 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.






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






23. The value of an ongoing business or project.






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






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






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






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






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






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






30. 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).






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






32. 43 - 560 square feet






33. 5 - 280 feet






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






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






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






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






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






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






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






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






42. 640 acres.






43. Runs north and south.






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






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


46. All the beneficial rights of ownership.






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






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






49. Value placed by tax assessing official.






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