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. The party or parties who engage an appraiser in a specific assignment.






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






3. An estate that includes possession without title.






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






5. All the beneficial rights of ownership.






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






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






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






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






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






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






12. Runs north and south.






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






14. 640 acres.






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






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






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






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






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






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






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






22. The value of an ongoing business or project.






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






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

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25. Bundle of Rights - Estate - Encumbrances






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






27. Value placed by tax assessing official.






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






29. Land that has been prepared for use.






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






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






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






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






34. Worthy of belief






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






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






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






38. 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.






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






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






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






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






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






44. Runs east and west.






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






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






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






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






49. Reflects the effects of local - social - economic - gov't - and physical forces on value.






50. Proof of ownership.