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






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






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






5. Runs east and west.






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






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






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






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






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






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






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






13. That which is taken to be true






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






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






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






17. Bundle of Rights - Estate - Encumbrances






18. Runs north and south.






19. Services pertaining to aspects of property value.






20. All the beneficial rights of ownership.






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






22. Taxes based on property value.






23. 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.






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






25. 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.






26. Nonexclusive right to use property of another.






27. Lay of the land.






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






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






30. Any piece of land.






31. Worthy of belief






32. Proof of ownership.






33. Eminent Domain - Taxation - Police Power - Escheat

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






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






36. An estate that includes possession without title.






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






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






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






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






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






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






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






44. 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.






45. Value determination based on sales of similar properties.






46. The value of an ongoing business or project.






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

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






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






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