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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. Runs east and west.






2. Land that has been prepared for use.






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






4. Worthy of belief






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






6. That which is taken to be true






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






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






9. Nonexclusive right to use property of another.






10. 640 acres.






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






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






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






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






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






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






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






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






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






21. 6x6 mile square piece of land. (36 square miles)






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






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






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






25. An unbiased opinion of value






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






27. Eminent Domain - Taxation - Police Power - Escheat

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






29. 5 - 280 feet






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






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






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






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






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






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






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






37. All the beneficial rights of ownership.






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






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






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






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






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

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44. Any piece of land.






45. An estate that includes possession without title.






46. 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).






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






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






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






50. Bundle of Rights - Estate - Encumbrances







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Can you answer 50 questions in 15 minutes?


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