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






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






3. The value of an ongoing business or project.






4. Nonexclusive right to use property of another.






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






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






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






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






9. Self Contained - Summary - Restricted Use






10. That which is taken to be true






11. 640 acres






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






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






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






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






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






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






18. Bundle of Rights - Estate - Encumbrances






19. 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.






20. Taxes based on property value.






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






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






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






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






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






26. 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).






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






28. 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.






29. Value placed by tax assessing official.






30. An unbiased opinion of value






31. Land that has been prepared for use.






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






33. Lay of the land.






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






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






36. An entity pursuing an economic activity






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






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






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






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






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






42. Runs east and west.






43. Runs north and south.






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






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






46. All the beneficial rights of ownership.






47. Services pertaining to aspects of property value.






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






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






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