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






2. 43 - 560 square feet






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






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






5. Nonexclusive right to use property of another.






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






7. Value determination based on sales of similar properties.






8. All the beneficial rights of ownership.






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






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

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11. 640 acres.






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






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






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






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






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






17. The value of an ongoing business or project.






18. Land that has been prepared for use.






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






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






21. 6x6 mile square piece of land. (36 square miles)






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






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






24. An unbiased opinion of value






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






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






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






28. Runs east and west.






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






30. 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.






31. Bundle of Rights - Estate - Encumbrances






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






33. Eminent Domain - Taxation - Police Power - Escheat

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






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






36. 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).






37. Proof of ownership.






38. Value placed by tax assessing official.






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






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






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






42. 640 acres






43. Worthy of belief






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






45. Runs north and south.






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






47. Taxes based on property value.






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






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






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