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 estate that ends upon the death of a designated party.






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






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






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






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






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






7. Any piece of land.






8. Value determination based on sales of similar properties.






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






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






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






12. 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.






13. Worthy of belief






14. Services pertaining to aspects of property value.






15. Bundle of Rights - Estate - Encumbrances






16. 5 - 280 feet






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






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






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






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






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






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






23. Person that receives property.






24. Self Contained - Summary - Restricted Use






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






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






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






28. 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.






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






30. 640 acres.






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






32. DUST - Demand - Utility - Scarcity - Transferability






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






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






35. 640 acres






36. An unbiased opinion of value






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






38. Land that has been prepared for use.






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






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






41. Value placed by tax assessing official.






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






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






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






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






46. Runs east and west.






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






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






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






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