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






2. An increase in value that results from combining two or more lots for a more profitable highest and best use.






3. Complete form of real propert - includes entire bundle of rights.






4. Worthy of belief






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






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






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






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






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






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






11. An estate that includes possession without title.






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






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






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






15. 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.






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






17. All the beneficial rights of ownership.






18. Proof of ownership.






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






20. The right of government to title when an owner dies without a will or heirs.






21. An entity pursuing an economic activity






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






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






24. The value of an ongoing business or project.






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






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






27. Any piece of land.






28. 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.






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






30. That which is taken to be true






31. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report






32. The amount actually paid.






33. Money required to create - produce - or obtain a property






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

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






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






37. Lay of the land.






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






39. Services pertaining to aspects of property value.






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






41. 43 - 560 square feet






42. Value placed by tax assessing official.






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






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






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






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






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






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






49. An unbiased opinion of value






50. Runs east and west.