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






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






3. An unbiased opinion of value






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






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






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






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

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






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






10. All the beneficial rights of ownership.






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






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






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






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






15. Runs east and west.






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






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






18. DUST - Demand - Utility - Scarcity - Transferability






19. A study of the cost-benefit relationship of an economic endeavor






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






21. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)






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






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






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






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






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






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






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






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






30. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.






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






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






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






34. 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.






35. Nonexclusive right to use property of another.






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






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






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






39. Self Contained - Summary - Restricted Use






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






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






42. That which is taken to be true






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






44. 6x6 mile square piece of land. (36 square miles)






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






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






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






48. Runs north and south.






49. Worthy of belief






50. Eminent Domain - Taxation - Police Power - Escheat

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