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






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






3. Services pertaining to aspects of property value.






4. A study of the cost-benefit relationship of an economic endeavor






5. 43 - 560 square feet






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






7. An entity pursuing an economic activity






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






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






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






11. 5 - 280 feet






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






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






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






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






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






17. Any piece of land.






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






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






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






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






22. The amount actually paid.






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






24. Bundle of Rights - Estate - Encumbrances






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






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






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






28. Value placed by tax assessing official.






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






30. The value of an ongoing business or project.






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






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






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






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






35. That which is taken to be true






36. Worthy of belief






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






38. 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).






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

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






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






42. 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.






43. When the rate of return continues to increase at a lower rate and begin to decrease.






44. Eminent Domain - Taxation - Police Power - Escheat

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






46. Value determination based on sales of similar properties.






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






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






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






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