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. That which is taken to be true






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






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






4. Value determination based on sales of similar properties.






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






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






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






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






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






10. 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.






11. 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.






12. Nonexclusive right to use property of another.






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






14. An unbiased opinion of value






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






16. A former item of personal property which has become part o the realty.






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






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






19. An estate that includes possession without title.






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






21. 5 - 280 feet






22. Lay of the land.






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






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






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






26. 640 acres.






27. DUST - Demand - Utility - Scarcity - Transferability






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






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






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

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






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






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






34. The value of an ongoing business or project.






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






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






37. Runs north and south.






38. An entity pursuing an economic activity






39. Any piece of land.






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






41. 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).






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






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






44. The amount actually paid.






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






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






47. Money required to create - produce - or obtain a property






48. Eminent Domain - Taxation - Police Power - Escheat

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






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