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






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






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






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






5. The value of an ongoing business or project.






6. 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).






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






8. 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.






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






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






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






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






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






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






15. 43 - 560 square feet






16. DUST - Demand - Utility - Scarcity - Transferability






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






18. 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.






19. Person that receives property.






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






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






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






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






24. Bundle of Rights - Estate - Encumbrances






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






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






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






28. Value determination based on sales of similar properties.






29. 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.






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






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






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






33. All the beneficial rights of ownership.






34. Services pertaining to aspects of property value.






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






36. The amount actually paid.






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






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






39. Value placed by tax assessing official.






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






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






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






43. Worthy of belief






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






45. 6x6 mile square piece of land. (36 square miles)






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






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






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






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






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