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






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






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






4. Runs north and south.






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






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






7. 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.






8. Services pertaining to aspects of property value.






9. All the beneficial rights of ownership.






10. Self Contained - Summary - Restricted Use






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






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






13. Bundle of Rights - Estate - Encumbrances






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






15. That which is taken to be true






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






17. Any piece of land.






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






19. Lay of the land.






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






21. 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.






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






23. DUST - Demand - Utility - Scarcity - Transferability






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






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






26. Person that receives property.






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






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






29. 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.






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






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






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






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


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






35. 640 acres






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






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






38. The amount actually paid.






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






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






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






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






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






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






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






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






47. An estate that includes possession without title.






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






49. 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.






50. Taxes based on property value.