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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. An entity pursuing an economic activity






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






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






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






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






6. 640 acres.






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






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






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

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






11. Value placed by tax assessing official.






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






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






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






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






16. 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.






17. All the beneficial rights of ownership.






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






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






20. Self Contained - Summary - Restricted Use






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






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






23. Worthy of belief






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






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






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






27. DUST - Demand - Utility - Scarcity - Transferability






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






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






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






31. An unbiased opinion of value






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






33. 6x6 mile square piece of land. (36 square miles)






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






35. 43 - 560 square feet






36. The value of an ongoing business or project.






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






38. Runs north and south.






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






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






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






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






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






44. Any piece of land.






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






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






47. Nonexclusive right to use property of another.






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






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






50. Runs east and west.







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