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






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






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






4. 640 acres






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






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






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






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






9. 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.






10. Person that receives property.






11. Value placed by tax assessing official.






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






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






14. Modest property in an expensive neighborhood (Increase in value).






15. The amount actually paid.






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






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






18. Runs north and south.






19. Proof of ownership.






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






21. Nonexclusive right to use property of another.






22. Eminent Domain - Taxation - Police Power - Escheat


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






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






25. 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.






26. Worthy of belief






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






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


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






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






31. An entity pursuing an economic activity






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






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






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






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






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






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






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






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






40. DUST - Demand - Utility - Scarcity - Transferability






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






42. The value of an ongoing business or project.






43. Any piece of land.






44. 43 - 560 square feet






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






46. An unbiased opinion of value






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






48. All the beneficial rights of ownership.






49. Land that has been prepared for use.






50. One who is expected to perform valuation services competently and in a manner that is independent - impartial - and objective.