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






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






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






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






5. 640 acres






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






7. Taxes based on property value.






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






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






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






11. Self Contained - Summary - Restricted Use






12. 6x6 mile square piece of land. (36 square miles)






13. An unbiased opinion of value






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






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






16. Eminent Domain - Taxation - Police Power - Escheat

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






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






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






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






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






22. Any piece of land.






23. 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.






24. Runs north and south.






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






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






27. 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.






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






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






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






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






32. Worthy of belief






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






34. Services pertaining to aspects of property value.






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






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






37. That which is taken to be true






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






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






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






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






42. All the beneficial rights of ownership.






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






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






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






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






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






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






50. Land that has been prepared for use.