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. Lay of the land.






2. Nonexclusive right to use property of another.






3. 5 - 280 feet






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






5. Self Contained - Summary - Restricted Use






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






7. 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).






8. Value placed by tax assessing official.






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






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






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






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






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






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






15. Runs east and west.






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






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






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






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






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






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






22. DUST - Demand - Utility - Scarcity - Transferability






23. Person that receives property.






24. Proof of ownership.






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






26. Runs north and south.






27. An entity pursuing an economic activity






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






29. 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.






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






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






32. Services pertaining to aspects of property value.






33. 640 acres.






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






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






36. A valuation service provided as a consequence of an agreement between an appraiser and a client






37. 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.






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






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






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






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






42. An estate that includes possession without title.






43. The amount actually paid.






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






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






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






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






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






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






50. 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.