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






2. Bundle of Rights - Estate - Encumbrances






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






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






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






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






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






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






9. Value determination based on sales of similar properties.






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






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






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






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






14. Money required to create - produce - or obtain a property






15. Value placed by tax assessing official.






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






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






18. 5 - 280 feet






19. Eminent Domain - Taxation - Police Power - Escheat

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20. 640 acres.






21. An entity pursuing an economic activity






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






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






24. 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.






25. 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.






26. The value of an ongoing business or project.






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






28. 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.






29. Any piece of land.






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






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






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






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






34. Services pertaining to aspects of property value.






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






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






37. 43 - 560 square feet






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






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






40. Runs north and south.






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






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






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






44. DUST - Demand - Utility - Scarcity - Transferability






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






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






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






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






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






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