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 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.






2. 640 acres.






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






4. An unbiased opinion of value






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






6. Value determination based on sales of similar properties.






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






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






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






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






11. 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).






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






13. 6x6 mile square piece of land. (36 square miles)






14. Land that is not needed for the highest and best use of the site






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






16. Nonexclusive right to use property of another.






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






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






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






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






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






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






23. Runs east and west.






24. Any piece of land.






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






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






27. Value placed by tax assessing official.






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






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






30. That which is taken to be true






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






32. Taxes based on property value.






33. 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.






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






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






36. Person that receives property.






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






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






39. Land that has been prepared for use.






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






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






42. An entity pursuing an economic activity






43. Self Contained - Summary - Restricted Use






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






45. Bundle of Rights - Estate - Encumbrances






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






47. Eminent Domain - Taxation - Police Power - Escheat


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






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






50. Worthy of belief