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. Value determination based on income generated by a property.






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






3. Self Contained - Summary - Restricted Use






4. All the beneficial rights of ownership.






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






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






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






8. An estate that includes possession without title.






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






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






11. Land that has been prepared for use.






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






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






14. Runs east and west.






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






16. The value of an ongoing business or project.






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






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






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






20. 640 acres.






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






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






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






24. 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.






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






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






27. An unbiased opinion of value






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






29. 43 - 560 square feet






30. 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.






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






32. Worthy of belief






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






34. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution






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






36. 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.






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






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






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






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






41. The amount actually paid.






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






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






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






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






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






47. 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).






48. 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.






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






50. Value determination based on sales of similar properties.