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. 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.






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






3. 640 acres.






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






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






6. Nonexclusive right to use property of another.






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






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






9. 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).






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






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






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






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






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






15. DUST - Demand - Utility - Scarcity - Transferability






16. All the beneficial rights of ownership.






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






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






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






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






21. Taxes based on property value.






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






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






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






25. An unbiased opinion of value






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






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






28. Self Contained - Summary - Restricted Use






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






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






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






32. Runs east and west.






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






34. Services pertaining to aspects of property value.






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






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






37. Land that has been prepared for use.






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






39. An estate that includes possession without title.






40. 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.






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






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






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






44. 6x6 mile square piece of land. (36 square miles)






45. The value of an ongoing business or project.






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






47. Any piece of land.






48. Person that receives property.






49. 640 acres






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