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






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






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






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






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






6. An unbiased opinion of value






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






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






9. Value determination based on sales of similar properties.






10. All the beneficial rights of ownership.






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






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






13. 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.






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






15. 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.






16. Runs east and west.






17. Person that receives property.






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






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






20. The value of an ongoing business or project.






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






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






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






24. 43 - 560 square feet






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






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






27. Proof of ownership.






28. Land that has been prepared for use.






29. Runs north and south.






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






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






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






33. Services pertaining to aspects of property value.






34. Bundle of Rights - Estate - Encumbrances






35. Worthy of belief






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






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






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

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






40. As the amount invested in other agents is incrementally increased - the rate of return on the investment will increase.






41. Cost Approach - Sales Comps - Income Approach (IRV)






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






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






44. Lay of the land.






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






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






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






48. 640 acres.






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






50. 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.