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 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.






2. Services pertaining to aspects of property value.






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






4. 640 acres.






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






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






7. DUST - Demand - Utility - Scarcity - Transferability






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






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






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






11. All the beneficial rights of ownership.






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






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






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






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






16. 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.






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






18. The amount actually paid.






19. Any piece of land.






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






21. An unbiased opinion of value






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






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






24. Personalized evidence indicating authentication of the work performed by the appraiser and the acceptance of the responsibility for content - analyses - and the conclusions in the report.






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






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






27. The value of an ongoing business or project.






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






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






30. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)






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






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






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






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






35. Land that has been prepared for use.






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






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






38. 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).






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






40. Person that receives property.






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






42. Runs east and west.






43. 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.






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






45. Self Contained - Summary - Restricted Use






46. 6x6 mile square piece of land. (36 square miles)






47. Bundle of Rights - Estate - Encumbrances






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






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






50. Proof of ownership.