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






2. Services pertaining to aspects of property value.






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






4. Lay of the land.






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






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






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






8. An entity pursuing an economic activity






9. Worthy of belief






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






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






12. Bundle of Rights - Estate - Encumbrances






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






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






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






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






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






18. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle






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






20. Value placed by tax assessing official.






21. An estate that includes possession without title.






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






23. The process of providing information - analysis of real estate data and recommendations and/or conclusions






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






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






26. That which is taken to be true






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






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






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






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






31. Nonexclusive right to use property of another.






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






33. Any piece of land.






34. 5 - 280 feet






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






36. Person that receives property.






37. 43 - 560 square feet






38. Self Contained - Summary - Restricted Use






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






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






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






42. 6x6 mile square piece of land. (36 square miles)






43. Proof of ownership.






44. 640 acres






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






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






47. The amount actually paid.






48. Eminent Domain - Taxation - Police Power - Escheat


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






50. 640 acres.