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. Person that receives property.






2. The value of an ongoing business or project.






3. Eminent Domain - Taxation - Police Power - Escheat


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






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






6. The monetary relationship between properties and those who buy - sell - or use those properties.






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






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






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






10. 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.






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






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






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






14. 640 acres.






15. Runs north and south.






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






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






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






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






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






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






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






23. An assignment condition that voids the force of a part of USPAP - when compliance with part of USPAP is contrary to law or public policy applicable to the assignment.






24. Self Contained - Summary - Restricted Use






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






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






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






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






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






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






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






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






33. Worthy of belief






34. An estate that includes possession without title.






35. 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.






36. Lay of the land.






37. Runs east and west.






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






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






40. Proof of ownership.






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






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






43. Services pertaining to aspects of property value.






44. 5 - 280 feet






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






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






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






48. 6x6 mile square piece of land. (36 square miles)






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






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