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






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






3. That which is taken to be true






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






5. Services pertaining to aspects of property value.






6. 5 - 280 feet






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






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






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






10. DUST - Demand - Utility - Scarcity - Transferability






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






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






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






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






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






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






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






18. Any communication - written or oral - of an appraisal - appraisal review - or appraisal consulting service that is transmitted to the client upon completion of an assignment.






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






20. Runs east and west.






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






22. The amount actually paid.






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






24. Runs north and south.






25. Taxes based on property value.






26. 6x6 mile square piece of land. (36 square miles)






27. 43 - 560 square feet






28. 640 acres






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






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






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






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






33. Bundle of Rights - Estate - Encumbrances






34. 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.






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






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






37. Any piece of land.






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






39. Self Contained - Summary - Restricted Use






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






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






42. Value determination based on sales of similar properties.






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






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






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






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

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






48. Eminent Domain - Taxation - Police Power - Escheat

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






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







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