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. An identified parcel or tract of land including improvements.






2. 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).






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






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






5. That which is taken to be true






6. The interests - benefits - and rights inherent in the ownership of real estate.






7. Person that receives property.






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






9. Lay of the land.






10. 5 - 280 feet






11. Self Contained - Summary - Restricted Use






12. 6x6 mile square piece of land. (36 square miles)






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






14. Runs east and west.






15. All the beneficial rights of ownership.






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






17. 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.






18. Services pertaining to aspects of property value.






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






20. 640 acres.






21. Any piece of land.






22. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment






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






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






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






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






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






28. 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.






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






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






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






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

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






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






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






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






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






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






39. The amount actually paid.






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






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






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






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






44. 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.






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






46. The value of an ongoing business or project.






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






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






49. Runs north and south.






50. Proof of ownership.