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. 640 acres.






2. 43 - 560 square feet






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






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






5. 5 - 280 feet






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






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






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






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






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






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






12. 640 acres






13. 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).






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






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






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






17. An estate that includes possession without title.






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






20. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).






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






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






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






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






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






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. Taxes based on property value.






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






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






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






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






32. 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.






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






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






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






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






37. Proof of ownership.






38. Nonexclusive right to use property of another.






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






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






41. 6x6 mile square piece of land. (36 square miles)






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






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






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






45. Value placed by tax assessing official.






46. Person that receives property.






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






48. An interest in real estate that does not include possessory rights.






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






50. All the beneficial rights of ownership.