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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. Services pertaining to aspects of property value.






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






3. 5 - 280 feet






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






5. That which is taken to be true






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






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






8. Value placed by tax assessing official.






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






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






11. Person that receives property.






12. Land that has been prepared for use.






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






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






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






16. Nonexclusive right to use property of another.






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






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






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






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






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






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






23. 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.






24. 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.






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






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






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






28. An estate that ends upon the death of a designated party.






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






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






31. The value of an ongoing business or project.






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






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






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






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






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






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






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






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






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






41. An estate that includes possession without title.






42. 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.






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






44. Self Contained - Summary - Restricted Use






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






46. Runs north and south.






47. All the beneficial rights of ownership.






48. An entity pursuing an economic activity






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






50. Proof of ownership.







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