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






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






3. DUST - Demand - Utility - Scarcity - Transferability






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






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






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






7. Proof of ownership.






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






9. Lay of the land.






10. 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).






11. Value placed by tax assessing official.






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






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






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






15. 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.






16. 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.






17. Land that is not needed for the highest and best use of the site






18. Value determination based on sales of similar properties.






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






20. An entity pursuing an economic activity






21. The type and extent of research and analyses in an assignment.






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






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






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






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






26. 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.






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






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






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






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






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






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






33. The amount actually paid.






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






35. Eminent Domain - Taxation - Police Power - Escheat

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






37. Person that receives property.






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






39. 6x6 mile square piece of land. (36 square miles)






40. 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.






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






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






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






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






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






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






47. The value of an ongoing business or project.






48. Highest and Best Use - Consistent Use - Conformity - Progression & Regression






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






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