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






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






3. Self Contained - Summary - Restricted Use






4. That which is taken to be true






5. 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.






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






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






8. Eminent Domain - Taxation - Police Power - Escheat


9. 6x6 mile square piece of land. (36 square miles)






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






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






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






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






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






15. 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.






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






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






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






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






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






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






22. An estate that includes possession without title.






23. DUST - Demand - Utility - Scarcity - Transferability






24. 640 acres.






25. An entity pursuing an economic activity






26. Runs north and south.






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






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






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






30. An unbiased opinion of value






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






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






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






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






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






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






37. The value of an ongoing business or project.






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






39. Value placed by tax assessing official.






40. Worthy of belief






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






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






43. Value determination based on sales of similar properties.






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






45. 5 - 280 feet






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






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






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






49. An assumption directly related to a specific assignment - which - if found to be false - could alter the opinions or conclusions of the appraisal.






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