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






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






3. 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.






4. The amount actually paid.






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






6. That which is taken to be true






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






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






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






10. DUST - Demand - Utility - Scarcity - Transferability






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






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






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






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






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






16. 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.






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






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






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






20. The monetary relationship between properties and those who buy - sell - or use those properties.






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






22. Runs east and west.






23. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.






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






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






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






27. An estate that includes possession without title.






28. Proof of ownership.






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. Nonexclusive right to use property of another.






31. 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.






32. The value of an ongoing business or project.






33. 5 - 280 feet






34. All the beneficial rights of ownership.






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






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






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






38. Any piece of land.






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






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






41. Value determination based on sales of similar properties.






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






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






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






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






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






47. Eminent Domain - Taxation - Police Power - Escheat

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48. Bundle of Rights - Estate - Encumbrances






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






50. Taxes based on property value.