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. Proof of ownership.






2. 6x6 mile square piece of land. (36 square miles)






3. 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.






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






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






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






7. Value placed by tax assessing official.






8. That which is taken to be true






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






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






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






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






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






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






15. Value determination based on sales of similar properties.






16. An estate that includes possession without title.






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






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






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






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






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






22. 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).






23. An entity pursuing an economic activity






24. Nonexclusive right to use property of another.






25. Bundle of Rights - Estate - Encumbrances






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






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






28. All the beneficial rights of ownership.






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






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






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






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






33. 640 acres.






34. As the amount invested in other agents is incrementally increased - the rate of return on the investment will increase.






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






36. The value of an ongoing business or project.






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






38. Taxes based on property value.






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






40. Any piece of land.






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

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






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






44. An unbiased opinion of value






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






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






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






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






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






50. Runs east and west.