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. Value determination based on income generated by a property.






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






4. An unbiased opinion of value






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






6. 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.






7. Self Contained - Summary - Restricted Use






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






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






10. Person that receives property.






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






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






13. The value of an ongoing business or project.






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






15. 640 acres.






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






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






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






19. 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.






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






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






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






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






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






25. Nonexclusive right to use property of another.






26. Land that has been prepared for use.






27. Eminent Domain - Taxation - Police Power - Escheat

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28. Worthy of belief






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






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






31. Proof of ownership.






32. Lay of the land.






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






34. An assignment condition that voids the force of a part of USPAP - when compliance with part of USPAP is contrary to law or public policy applicable to the assignment.






35. That which is taken to be true






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






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

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






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






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






41. DUST - Demand - Utility - Scarcity - Transferability






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






43. An estate that includes possession without title.






44. Any piece of land.






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






46. 640 acres






47. That which is contrary to what exists but is supposed for the purpose of analysis.






48. Runs east and west.






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






50. Value determination based on sales of similar properties.