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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. Taxes based on property value.






2. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)






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






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






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






6. 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.






7. Bundle of Rights - Estate - Encumbrances






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






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






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






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






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






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






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






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






16. Land that has been prepared for use.






17. Person that receives property.






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






19. Eminent Domain - Taxation - Police Power - Escheat

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






21. Self Contained - Summary - Restricted Use






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






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






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






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






26. 43 - 560 square feet






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






28. Nonexclusive right to use property of another.






29. Lay of the land.






30. 640 acres






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






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






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






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






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






36. Any piece of land.






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






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






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






40. All the beneficial rights of ownership.






41. The party or parties who engage an appraiser in a specific assignment.






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






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






44. 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.






45. Services pertaining to aspects of property value.






46. 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.






47. 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.






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






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






50. An estate that includes possession without title.







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