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 entity pursuing an economic activity






2. The value of an ongoing business or project.






3. Taxes based on property value.






4. 640 acres.






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


6. Person that receives property.






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






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






9. 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.






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






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






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






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






14. 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).






15. 640 acres






16. Value placed by tax assessing official.






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






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






19. Self Contained - Summary - Restricted Use






20. Eminent Domain - Taxation - Police Power - Escheat

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






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






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






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






25. All the beneficial rights of ownership.






26. Bundle of Rights - Estate - Encumbrances






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






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






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






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






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






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






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






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






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






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






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






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






39. Value determination based on sales of similar properties.






40. An estate that includes possession without title.






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






42. 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.






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






44. An unbiased opinion of value






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






46. Lay of the land.






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






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






49. 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.






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