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






2. Worthy of belief






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






4. 5 - 280 feet






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






6. 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).






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






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






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






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






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






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






13. Value determination based on sales of similar properties.






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






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






16. An entity pursuing an economic activity






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






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






19. 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.






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






21. All the beneficial rights of ownership.






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






23. 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.






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






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






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






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






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






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






30. Runs north and south.






31. An estate that includes possession without title.






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






33. The amount actually paid.






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






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






36. The value of an ongoing business or project.






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






38. Bundle of Rights - Estate - Encumbrances






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






40. Eminent Domain - Taxation - Police Power - Escheat

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

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






43. That which is taken to be true






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






45. Taxes based on property value.






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






47. 43 - 560 square feet






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






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






50. An unbiased opinion of value