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. 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.






2. Worthy of belief






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






4. An estate that includes possession without title.






5. Lay of the land.






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






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






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






9. Value determination based on sales of similar properties.






10. 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.






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






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






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






14. That which is taken to be true






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






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






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






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






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






20. 640 acres






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






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






23. Services pertaining to aspects of property value.






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






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






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






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






28. Person that receives property.






29. An unbiased opinion of value






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






31. 6x6 mile square piece of land. (36 square miles)






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






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






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






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






36. 640 acres.






37. 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.






38. Eminent Domain - Taxation - Police Power - Escheat

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






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






41. Value placed by tax assessing official.






42. 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).






43. DUST - Demand - Utility - Scarcity - Transferability






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






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






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






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






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






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






50. 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.