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

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2. Any piece of land.






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






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






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






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






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






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






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






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






11. Services pertaining to aspects of property value.






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






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






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






15. 5 - 280 feet






16. 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.






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






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






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






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






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






22. Worthy of belief






23. 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.






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






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






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






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






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






29. Nonexclusive right to use property of another.






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






31. DUST - Demand - Utility - Scarcity - Transferability






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






33. 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.






34. Runs north and south.






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






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






37. All the beneficial rights of ownership.






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






39. 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).






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






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






42. Bundle of Rights - Estate - Encumbrances






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






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






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






46. Land that has been prepared for use.






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






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






49. Value determination based on sales of similar properties.






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