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






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






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






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






5. All the beneficial rights of ownership.






6. The process of valuing a universe of properties as of a given date using standard methodology - employing common data and allowing for statistical testing.






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






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






9. 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).






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






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






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






13. 5 - 280 feet






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






15. That which is taken to be true






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






17. The use of an appraiser's reported appraisal - appraisal review - or appraisal consulting assignment options and conclusions - as identified by the appraiser based on communication with the client at the time of the assignment.






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






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






20. Services pertaining to aspects of property value.






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






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






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






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






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






26. An unbiased opinion of value






27. Person that receives property.






28. Runs east and west.






29. Modest property in an expensive neighborhood (Increase in value).






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






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






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






33. DUST - Demand - Utility - Scarcity - Transferability






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






35. Value placed by tax assessing official.






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






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






38. Land that has been prepared for use.






39. Proof of ownership.






40. 640 acres






41. An entity pursuing an economic activity






42. Value determination based on sales of similar properties.






43. The value of an ongoing business or project.






44. Taxes based on property value.






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






46. Lay of the land.






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






48. 6x6 mile square piece of land. (36 square miles)






49. Worthy of belief






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