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






2. Lay of the land.






3. 43 - 560 square feet






4. Land that has been prepared for use.






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






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






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






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






9. Proof of ownership.






10. 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.






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






12. 640 acres.






13. The amount actually paid.






14. 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.






15. Nonexclusive right to use property of another.






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






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






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






19. Value determination based on sales of similar properties.






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






21. 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.






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






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






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






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






26. The value of an ongoing business or project.






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






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






29. Bundle of Rights - Estate - Encumbrances






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






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






32. That which is taken to be true






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






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






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






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






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






38. Services pertaining to aspects of property value.






39. 640 acres






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






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






42. All the beneficial rights of ownership.






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






44. An entity pursuing an economic activity






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






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






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






48. An estate that includes possession without title.






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






50. DUST - Demand - Utility - Scarcity - Transferability