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






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






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






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






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






6. 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.






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






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






9. Person that receives property.






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






11. Taxes based on property value.






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






13. 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.






14. Runs east and west.






15. 43 - 560 square feet






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






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






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






19. 5 - 280 feet






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






21. Services pertaining to aspects of property value.






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






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






24. Value placed by tax assessing official.






25. Worthy of belief






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






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






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






29. The value of an ongoing business or project.






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






31. Public improvements that support basic needs - such as transportation and utilities.






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






33. Any piece of land.






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






35. Lay of the land.






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






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






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






39. Nonexclusive right to use property of another.






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






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






42. 640 acres






43. Proof of ownership.






44. 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.






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






46. The amount actually paid.






47. 6x6 mile square piece of land. (36 square miles)






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






49. 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.






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