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. Bundle of Rights - Estate - Encumbrances






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






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






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






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






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

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






8. Services pertaining to aspects of property value.






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






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






11. DUST - Demand - Utility - Scarcity - Transferability






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






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






14. 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.






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






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






18. Person that receives property.






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






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






21. Any piece of land.






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






23. 6x6 mile square piece of land. (36 square miles)






24. Worthy of belief






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






26. An identifiable - fixed position from which measurements may be taken.






27. 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).






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






29. Taxes based on property value.






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






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






32. 43 - 560 square feet






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






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






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






36. An entity pursuing an economic activity






37. An unbiased opinion of value






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






39. Lay of the land.






40. All the beneficial rights of ownership.






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






42. Land that has been prepared for use.






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






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






45. Runs east and west.






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






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






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






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






50. 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.