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






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






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






4. Lay of the land.






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






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






7. Any piece of land.






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






9. All the beneficial rights of ownership.






10. Self Contained - Summary - Restricted Use






11. Person that receives property.






12. 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.






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






14. An entity pursuing an economic activity






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






16. 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).






17. Value determination based on sales of similar properties.






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






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






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






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






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






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






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






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






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






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






28. Land that has been prepared for use.






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






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






31. 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.






32. The amount actually paid.






33. The value of an ongoing business or project.






34. 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.






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






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






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






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






39. Proof of ownership.






40. Runs north and south.






41. 5 - 280 feet






42. Bundle of Rights - Estate - Encumbrances






43. Runs east and west.






44. DUST - Demand - Utility - Scarcity - Transferability






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

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






47. That which is taken to be true






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






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






50. Nonexclusive right to use property of another.