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






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






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






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






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






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






7. Taxes based on property value.






8. 5 - 280 feet






9. 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).






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






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






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






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






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






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






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






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






18. An estate that includes possession without title.






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






20. 6x6 mile square piece of land. (36 square miles)






21. Eminent Domain - Taxation - Police Power - Escheat

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






23. Lay of the land.






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






25. The value of an ongoing business or project.






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






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






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






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






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






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






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






33. Bundle of Rights - Estate - Encumbrances






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






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






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






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






38. Person that receives property.






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






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






41. All the beneficial rights of ownership.






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






43. An entity pursuing an economic activity






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






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






46. 640 acres.






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






48. 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.






49. Worthy of belief






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