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. Bundle of Rights - Estate - Encumbrances






2. An unbiased opinion of value






3. 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.






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






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






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






7. The value of an ongoing business or project.






8. All the beneficial rights of ownership.






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






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






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






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






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






14. Taxes based on property value.






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






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






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


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






19. Land that has been prepared for use.






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






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






22. 5 - 280 feet






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






24. Lay of the land.






25. Eminent Domain - Taxation - Police Power - Escheat


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






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






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






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






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






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






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






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






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






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






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






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






38. Value placed by tax assessing official.






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






40. Runs north and south.






41. Services pertaining to aspects of property value.






42. 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).






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






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






45. Person that receives property.






46. Runs east and west.






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






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






49. 43 - 560 square feet






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