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 east and west.






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






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






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






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






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






7. Value placed by tax assessing official.






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






9. An estate that includes possession without title.






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






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






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






13. One who is expected to perform valuation services competently and in a manner that is independent - impartial - and objective.






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






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






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






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






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






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






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






21. 43 - 560 square feet






22. 640 acres.






23. 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.






24. The amount actually paid.






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






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






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






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






29. 640 acres






30. 6x6 mile square piece of land. (36 square miles)






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






32. Worthy of belief






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






34. Taxes based on property value.






35. DUST - Demand - Utility - Scarcity - Transferability






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






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






38. Any piece of land.






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






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






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






42. 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).






43. 5 - 280 feet






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






45. Bundle of Rights - Estate - Encumbrances






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






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






48. That which is taken to be true






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






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