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 value of an ongoing business or project.






2. The amount actually paid.






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






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






5. Land that has been prepared for use.






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






7. Lay of the land.






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






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






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






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

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12. Nonexclusive right to use property of another.






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






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






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






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






17. Bundle of Rights - Estate - Encumbrances






18. 5 - 280 feet






19. 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.






20. DUST - Demand - Utility - Scarcity - Transferability






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






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






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






24. 640 acres






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






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






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






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






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






30. Method of identifying property in relation to its boundaries - distances - and angles from a given point.






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






32. 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.






33. 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.






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






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






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






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






38. An estate that includes possession without title.






39. Self Contained - Summary - Restricted Use






40. All the beneficial rights of ownership.






41. Worthy of belief






42. 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).






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






44. Value determination based on sales of similar properties.






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






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






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






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






49. Eminent Domain - Taxation - Police Power - Escheat

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50. Services pertaining to aspects of property value.