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. Worthy of belief






2. Lay of the land.






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






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






5. An unbiased opinion of value






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






7. Services pertaining to aspects of property value.






8. Taxes based on property value.






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






10. Runs north and south.






11. Proof of ownership.






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






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






14. Runs east and west.






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






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






17. An entity pursuing an economic activity






18. The value of an ongoing business or project.






19. DUST - Demand - Utility - Scarcity - Transferability






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






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






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






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






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






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






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






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






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






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






30. All the beneficial rights of ownership.






31. Eminent Domain - Taxation - Police Power - Escheat

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32. That which is taken to be true






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






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






35. Land that has been prepared for use.






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






37. Value determination based on sales of similar properties.






38. Person that receives property.






39. 6x6 mile square piece of land. (36 square miles)






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






41. 640 acres.






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






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






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






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






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






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






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






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






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