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






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






4. 6x6 mile square piece of land. (36 square miles)






5. Person that receives property.






6. Lay of the land.






7. Runs north and south.






8. An estate that includes possession without title.






9. 5 - 280 feet






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






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






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






13. DUST - Demand - Utility - Scarcity - Transferability






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






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






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






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






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






19. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.






20. Runs east and west.






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






22. An unbiased opinion of value






23. Bundle of Rights - Estate - Encumbrances






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






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






26. 43 - 560 square feet






27. 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.






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






29. That which is taken to be true






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






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






32. 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.






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






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






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






36. The value of an ongoing business or project.






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






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






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






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






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






42. Services pertaining to aspects of property value.






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






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






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






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






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






48. 640 acres.






49. Any piece of land.






50. Worthy of belief