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 unbiased opinion of value






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






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






4. Lay of the land.






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






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






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






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






9. Services pertaining to aspects of property value.






10. Bundle of Rights - Estate - Encumbrances






11. 6x6 mile square piece of land. (36 square miles)






12. Describes the direction one moves from the reference point to another and the distant points.






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






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






15. 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.






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






17. Nonexclusive right to use property of another.






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






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






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






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






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






23. Eminent Domain - Taxation - Police Power - Escheat

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






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






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






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






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






29. The value of the property is determined by the most profitable use to which the property may be put.






30. The amount actually paid.






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






32. Taxes based on property value.






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






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






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






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






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






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






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






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






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






42. Value placed by tax assessing official.






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






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






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






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






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






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






49. Land that has been prepared for use.






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