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






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






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






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






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






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






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






8. An unbiased opinion of value






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






10. 43 - 560 square feet






11. 5 - 280 feet






12. 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).






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






14. 640 acres.






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






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






17. All the beneficial rights of ownership.






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






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






20. I=RxV - R=I/V - V=I/R






21. Worthy of belief






22. 6x6 mile square piece of land. (36 square miles)






23. Proof of ownership.






24. Bundle of Rights - Estate - Encumbrances






25. Value determination based on sales of similar properties.






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






27. Services pertaining to aspects of property value.






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






29. An estate that includes possession without title.






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






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






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






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






34. 640 acres






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






36. That which is taken to be true






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






38. 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.






39. Value based on sale within a relatively short period of time.






40. The amount actually paid.






41. The value of an ongoing business or project.






42. Any piece of land.






43. Runs north and south.






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






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






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






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






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






49. Taxes based on property value.






50. Self Contained - Summary - Restricted Use







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Can you answer 50 questions in 15 minutes?


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