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






2. DUST - Demand - Utility - Scarcity - Transferability






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






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






5. 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.






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






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






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






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






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






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






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






13. Worthy of belief






14. Runs north and south.






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






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






17. 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.






18. The amount actually paid.






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






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






21. A mathematical expression of how supply and demand factors interact in a market.






22. That which is taken to be true






23. Services pertaining to aspects of property value.






24. An entity pursuing an economic activity






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






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






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






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






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






30. Nonexclusive right to use property of another.






31. 640 acres






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






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






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






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






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






37. Value determination based on sales of similar properties.






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






39. Taxes based on property value.






40. Bundle of Rights - Estate - Encumbrances






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






42. Runs east and west.






43. 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).






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

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






46. Eminent Domain - Taxation - Police Power - Escheat

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






48. All the beneficial rights of ownership.






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






50. 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.