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






2. That which is taken to be true






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






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






5. 5 - 280 feet






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






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






8. 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.






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






10. Value placed by tax assessing official.






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






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






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






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






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






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






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






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






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






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






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






22. A study of the cost-benefit relationship of an economic endeavor






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






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






25. Person that receives property.






26. Eminent Domain - Taxation - Police Power - Escheat

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27. 6x6 mile square piece of land. (36 square miles)






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






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






30. Land that has been prepared for use.






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






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






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






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






35. 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).






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






37. 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.






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






39. Lay of the land.






40. Runs north and south.






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






42. An entity pursuing an economic activity






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

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






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






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






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






48. An estate that includes possession without title.






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






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