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






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






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






4. An entity pursuing an economic activity






5. Eminent Domain - Taxation - Police Power - Escheat

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


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






7. Services pertaining to aspects of property value.






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






9. Worthy of belief






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






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






12. 640 acres






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






14. 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.






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






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






17. 5 - 280 feet






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






19. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment






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






21. 43 - 560 square feet






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






23. Value placed by tax assessing official.






24. Land that has been prepared for use.






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






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






27. The amount actually paid.






28. Value determination based on sales of similar properties.






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






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






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






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






33. Nonexclusive right to use property of another.






34. The value of an ongoing business or project.






35. That which is taken to be true






36. 640 acres.






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






38. 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


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






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






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






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






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






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






45. 6x6 mile square piece of land. (36 square miles)






46. Taxes based on property value.






47. Person that receives property.






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






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






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