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. 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.






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






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






4. An entity pursuing an economic activity






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






6. 43 - 560 square feet






7. 640 acres.






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

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






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






11. 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.






12. 5 - 280 feet






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






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






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






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






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






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






19. An estate that includes possession without title.






20. The value of an ongoing business or project.






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






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






23. The amount actually paid.






24. Bundle of Rights - Estate - Encumbrances






25. 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.






26. Proof of ownership.






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






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






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






30. 640 acres






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






32. An unbiased opinion of value






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






34. Any piece of land.






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






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






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






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






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






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






41. Worthy of belief






42. 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).






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






44. Runs north and south.






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






46. That which is taken to be true






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






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






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






50. Person that receives property.