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. A valuation service provided as a consequence of an agreement between an appraiser and a client






2. 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.






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






4. 640 acres






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






6. Taxes based on property value.






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






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






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






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






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






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






13. 5 - 280 feet






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






15. Lay of the land.






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






18. Person that receives property.






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






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






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






22. Value placed by tax assessing official.






23. The value of the property is determined by the most profitable use to which the property may be put.






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






25. Eminent Domain - Taxation - Police Power - Escheat

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






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






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






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






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






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






32. Proof of ownership.






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






34. Any piece of land.






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






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






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






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






39. 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).






40. Nonexclusive right to use property of another.






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






42. The amount actually paid.






43. Land that has been prepared for use.






44. Runs east and west.






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






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






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






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






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






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

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