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. Property that is much more luxurious than surrounding properties (Decline in value).






2. Runs north and south.






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






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






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






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






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






8. 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.






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






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






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






12. 640 acres






13. Land that has been prepared for use.






14. Proof of ownership.






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






16. Runs east and west.






17. Bundle of Rights - Estate - Encumbrances






18. 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.






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






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






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






22. 5 - 280 feet






23. Any piece of land.






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






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






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






27. Eminent Domain - Taxation - Police Power - Escheat

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






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






30. Worthy of belief






31. Services pertaining to aspects of property value.






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






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






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






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






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






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






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






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






40. Taxes based on property value.






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






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






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






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






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






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






47. Lay of the land.






48. Value determination based on sales of similar properties.






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






50. Self Contained - Summary - Restricted Use