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






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






3. 6x6 mile square piece of land. (36 square miles)






4. An unbiased opinion of value






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






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






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






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






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






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






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


12. 640 acres.






13. An entity pursuing an economic activity






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






15. That which is taken to be true






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






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






18. The amount actually paid.






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






20. 5 - 280 feet






21. Proof of ownership.






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






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






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






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






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






27. Land that has been prepared for use.






28. 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.






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






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






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






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






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






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






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






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






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






38. Runs east and west.






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






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






41. The value of an ongoing business or project.






42. 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.






43. Nonexclusive right to use property of another.






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






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






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






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






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






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






50. Bundle of Rights - Estate - Encumbrances