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






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






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






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






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






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






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






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






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






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






11. Any communication - written or oral - of an appraisal - appraisal review - or appraisal consulting service that is transmitted to the client upon completion of an assignment.






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






13. 640 acres






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






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






16. Recognizes that supply and demand are in constant flux.






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






18. DUST - Demand - Utility - Scarcity - Transferability






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






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






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






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






23. 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.






24. Worthy of belief






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






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






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






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






29. 5 - 280 feet






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






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






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






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






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






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






36. Runs east and west.






37. 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).






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






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






40. An entity pursuing an economic activity






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






42. 43 - 560 square feet






43. Value determination based on sales of similar properties.






44. All the beneficial rights of ownership.






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






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






47. The interests - benefits - and rights inherent in the ownership of a business enterprise or a part thereof in any form






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






49. Runs north and south.






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