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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. Self Contained - Summary - Restricted Use






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






3. Taxes based on property value.






4. Value placed by tax assessing official.






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






6. Value determination based on sales of similar properties.






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






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






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






10. The value of an ongoing business or project.






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






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

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13. An unbiased opinion of value






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






15. An entity pursuing an economic activity






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






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






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






19. 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.






20. An estate that includes possession without title.






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






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






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






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






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






26. Runs north and south.






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






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






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






30. All the beneficial rights of ownership.






31. Services pertaining to aspects of property value.






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






33. 5 - 280 feet






34. 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.






35. Nonexclusive right to use property of another.






36. 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.






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






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






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






40. Lay of the land.






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






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






43. 640 acres.






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






45. Any piece of land.






46. 6x6 mile square piece of land. (36 square miles)






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






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






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






50. Proof of ownership.







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Can you answer 50 questions in 15 minutes?


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