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






2. An estate that ends upon the death of a designated party.






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






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






5. Proof of ownership.






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






7. An unbiased opinion of value






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






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






10. Services pertaining to aspects of property value.






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






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






13. DUST - Demand - Utility - Scarcity - Transferability






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






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






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






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






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






19. Value placed by tax assessing official.






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






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






22. Taxes based on property value.






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






24. Self Contained - Summary - Restricted Use






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






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






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






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






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






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






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






32. Eminent Domain - Taxation - Police Power - Escheat

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






34. 640 acres.






35. Nonexclusive right to use property of another.






36. 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).






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






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






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






41. 5 - 280 feet






42. All the beneficial rights of ownership.






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






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






45. Runs north and south.






46. 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.






47. Runs east and west.






48. 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.






49. Worthy of belief






50. 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.






Can you answer 50 questions in 15 minutes?



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