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. That which is taken to be true






2. The interests - benefits - and rights inherent in the ownership of a business enterprise or a part thereof in any form






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






4. Person that receives property.






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






6. Proof of ownership.






7. An unbiased opinion of value






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






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






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






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






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






13. Runs east and west.






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






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






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






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






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






19. Lay of the land.






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






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






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






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






24. 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).






25. Runs north and south.






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






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






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






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






30. 640 acres.






31. 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.






32. 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.






33. 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.






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






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


36. The amount actually paid.






37. An estate that includes possession without title.






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






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






40. 43 - 560 square feet






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






42. Value placed by tax assessing official.






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






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






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






46. All the beneficial rights of ownership.






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






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






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






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