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. Recognizes that supply and demand are in constant flux.






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






3. 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.






4. 5 - 280 feet






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






6. DUST - Demand - Utility - Scarcity - Transferability






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






8. Self Contained - Summary - Restricted Use






9. Nonexclusive right to use property of another.






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






11. Runs east and west.






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






13. Services pertaining to aspects of property value.






14. 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).






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






16. 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.






17. The amount actually paid.






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






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






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






21. Bundle of Rights - Estate - Encumbrances






22. Land that has been prepared for use.






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






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






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






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






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






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






29. 640 acres.






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






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






32. Value placed by tax assessing official.






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






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






35. Any piece of land.






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






37. Worthy of belief






38. 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.






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






40. 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.






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






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






43. The right of government to title when an owner dies without a will or heirs.






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






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






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






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






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






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






50. That which is taken to be true