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. 5 - 280 feet






2. An entity pursuing an economic activity






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






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






5. 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.






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






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






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






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






10. Runs east and west.






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






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






13. 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.






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






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






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






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






18. That which is taken to be true






19. An estate that includes possession without title.






20. 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.






21. 640 acres.






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






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






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

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






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






27. Nonexclusive right to use property of another.






28. Person that receives property.






29. Runs north and south.






30. DUST - Demand - Utility - Scarcity - Transferability






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






32. Taxes based on property value.






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






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






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






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






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






38. The amount actually paid.






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






40. 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.






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






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






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






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






45. All the beneficial rights of ownership.






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






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






48. 640 acres






49. 6x6 mile square piece of land. (36 square miles)






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