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






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






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






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






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






6. 640 acres






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






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






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






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






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






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






13. Eminent Domain - Taxation - Police Power - Escheat

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






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






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






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






18. DUST - Demand - Utility - Scarcity - Transferability






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






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






21. Value placed by tax assessing official.






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






23. Taxes based on property value.






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






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






26. Nonexclusive right to use property of another.






27. 43 - 560 square feet






28. That which is taken to be true






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






30. Any piece of land.






31. 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.






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






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






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

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






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






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






38. 6x6 mile square piece of land. (36 square miles)






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






40. 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).






41. Worthy of belief






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






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






44. Proof of ownership.






45. The value of an ongoing business or project.






46. Runs north and south.






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






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






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






50. 640 acres.