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. 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.






2. Bundle of Rights - Estate - Encumbrances






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






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






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






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






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






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






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






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






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






12. An entity pursuing an economic activity






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






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






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






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






17. Land that has been prepared for use.






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






19. DUST - Demand - Utility - Scarcity - Transferability






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






21. 640 acres.






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






23. Person that receives property.






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






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






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






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






28. An estate that includes possession without title.






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






30. The amount actually paid.






31. 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.






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






33. Any piece of land.






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






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






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






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






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






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

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40. Services pertaining to aspects of property value.






41. Proof of ownership.






42. Runs north and south.






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






44. 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.






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






46. All the beneficial rights of ownership.






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






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






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






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