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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 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.






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






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






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






5. 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.






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






7. Runs east and west.






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






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






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






11. Services pertaining to aspects of property value.






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






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






14. 640 acres






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






16. 6x6 mile square piece of land. (36 square miles)






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






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






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






20. Proof of ownership.






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






22. 5 - 280 feet






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






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






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






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






27. DUST - Demand - Utility - Scarcity - Transferability






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






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






30. Self Contained - Summary - Restricted Use






31. Identifiable tangible objects that are considered by the general public as being "personal".






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






33. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)






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






35. Any piece of land.






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






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






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






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






41. That which is taken to be true






42. 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.






43. Runs north and south.






44. An unbiased opinion of value






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






46. Value determination based on sales of similar properties.






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






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






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






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







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