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






2. Lay of the land.






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






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






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






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






7. Value determination based on sales of similar properties.






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






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






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






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






12. Runs north and south.






13. 640 acres.






14. The amount actually paid.






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






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






17. The value of an ongoing business or project.






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






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






20. 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).






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






22. Proof of ownership.






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






24. The value of a component is equal to the amount of value it adds to the property as a whole.






25. DUST - Demand - Utility - Scarcity - Transferability






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






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






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






29. Eminent Domain - Taxation - Police Power - Escheat

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






31. Land that has been prepared for use.






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






33. An unbiased opinion of value






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






35. 43 - 560 square feet






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






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






38. 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.






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






40. 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.






41. 5 - 280 feet






42. Value placed by tax assessing official.






43. An estate that includes possession without title.






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






45. Complete form of real propert - includes entire bundle of rights.






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






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






48. Any piece of land.






49. All the beneficial rights of ownership.






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






Can you answer 50 questions in 15 minutes?



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