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






2. Worthy of belief






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






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






5. Bundle of Rights - Estate - Encumbrances






6. Runs north and south.






7. Lay of the land.






8. Eminent Domain - Taxation - Police Power - Escheat

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






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






11. Value placed by tax assessing official.






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






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






14. Services pertaining to aspects of property value.






15. 640 acres






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






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






18. 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.






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






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






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






22. Taxes based on property value.






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






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






25. 5 - 280 feet






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






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






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






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






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






32. All the beneficial rights of ownership.






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






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






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






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






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






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






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






40. DUST - Demand - Utility - Scarcity - Transferability






41. Any piece of land.






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






43. The value of an ongoing business or project.






44. 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.






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






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






47. 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).






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






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






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







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