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






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






3. Eminent Domain - Taxation - Police Power - Escheat

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






5. 6x6 mile square piece of land. (36 square miles)






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






7. 640 acres.






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






9. All the beneficial rights of ownership.






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






11. 640 acres






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






13. The value determination based on cost to build less depreciation - plus value of the land.






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






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






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






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






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






19. That which is taken to be true






20. 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.






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






22. 43 - 560 square feet






23. 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).






24. Self Contained - Summary - Restricted Use






25. 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.






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






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






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






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






30. Worthy of belief






31. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle






32. Land that has been prepared for use.






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






34. Runs north and south.






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






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






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






38. The amount actually paid.






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






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






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






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






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






44. Runs east and west.






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






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






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






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






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






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







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Can you answer 50 questions in 15 minutes?


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