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






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






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






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






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






6. An estate that includes possession without title.






7. Services pertaining to aspects of property value.






8. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.






9. Value placed by tax assessing official.






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






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






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






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






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






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






16. 640 acres






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






18. 5 - 280 feet






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






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






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






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






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






24. 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.






25. Taxes based on property value.






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






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






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






29. Worthy of belief






30. 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.






31. DUST - Demand - Utility - Scarcity - Transferability






32. Nonexclusive right to use property of another.






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






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






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






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






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






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






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






40. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.






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






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






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






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






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






46. Runs east and west.






47. Any piece of land.






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






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






50. 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.