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


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






3. 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.






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






5. Any piece of land.






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






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






8. Recognizes that supply and demand are in constant flux.






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






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






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






12. An entity pursuing an economic activity






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






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






15. 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.






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






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






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






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






20. The value of an ongoing business or project.






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






22. 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).






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






24. Value placed by tax assessing official.






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






26. 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.






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






28. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution






29. 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.






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






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






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






33. Self Contained - Summary - Restricted Use






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






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






36. An unbiased opinion of value






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






38. Taxes based on property value.






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






40. 640 acres.






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






42. Proof of ownership.






43. DUST - Demand - Utility - Scarcity - Transferability






44. All the beneficial rights of ownership.






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






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






47. Worthy of belief






48. That which is taken to be true






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






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