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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. 43 - 560 square feet






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






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






4. That which is taken to be true






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






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






7. The value of an ongoing business or project.






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






9. Worthy of belief






10. Self Contained - Summary - Restricted Use






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. Runs north and south.






14. The act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal - appraisal review - or appraisal consulting assignment.






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






16. An entity pursuing an economic activity






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






18. All the beneficial rights of ownership.






19. Value placed by tax assessing official.






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






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






22. 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.






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






24. Lay of the land.






25. Services pertaining to aspects of property value.






26. Taxes based on property value.






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






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






29. DUST - Demand - Utility - Scarcity - Transferability






30. Nonexclusive right to use property of another.






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






32. Land that has been prepared for use.






33. Value determination based on sales of similar properties.






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






35. The amount actually paid.






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






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






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






39. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution






40. Proof of ownership.






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






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

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43. Person that receives property.






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






45. Runs east and west.






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






47. 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).






48. 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.






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






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







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Can you answer 50 questions in 15 minutes?


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