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. 640 acres.






2. Taxes based on property value.






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






4. An estate that includes possession without title.






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






6. Services pertaining to aspects of property value.






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






8. Land that has been prepared for use.






9. Eminent Domain - Taxation - Police Power - Escheat

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10. 43 - 560 square feet






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






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






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






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






15. 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).






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






17. Runs north and south.






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






19. The value of an ongoing business or project.






20. The act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal - appraisal review - or appraisal consulting assignment.






21. 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.






22. Bundle of Rights - Estate - Encumbrances






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






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






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






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






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






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






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






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






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






32. Nonexclusive right to use property of another.






33. That which is taken to be true






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






35. Person that receives property.






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






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






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






39. Runs east and west.






40. Value determination based on sales of similar properties.






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






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






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






44. 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.






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






46. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).






47. 5 - 280 feet






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






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






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