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






2. Lay of the land.






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






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






5. Eminent Domain - Taxation - Police Power - Escheat


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






7. DUST - Demand - Utility - Scarcity - Transferability






8. Runs north and south.






9. Taxes based on property value.






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






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






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






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






14. Any piece of land.






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






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






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






18. 43 - 560 square feet






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






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






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






22. 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.






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






24. An unbiased opinion of value






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






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






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






28. The party or parties who engage an appraiser in a specific assignment.






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






30. Proof of ownership.






31. Worthy of belief






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






33. Self Contained - Summary - Restricted Use






34. 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.






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






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






37. 640 acres.






38. 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.






39. 640 acres






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






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






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


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






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






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






46. Runs east and west.






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






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






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






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