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






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






3. Runs east and west.






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






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






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






7. 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.






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






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






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






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






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






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






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






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






16. 640 acres.






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






18. Value placed by tax assessing official.






19. Taxes based on property value.






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






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






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






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






24. The amount actually paid.






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






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






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






28. An entity pursuing an economic activity






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






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






31. Nonexclusive right to use property of another.






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






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






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






35. Land that has been prepared for use.






36. Eminent Domain - Taxation - Police Power - Escheat


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






38. 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.






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






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






41. 6x6 mile square piece of land. (36 square miles)






42. Any piece of land.






43. Bundle of Rights - Estate - Encumbrances






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






45. Proof of ownership.






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






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






48. 43 - 560 square feet






49. Person that receives property.






50. 640 acres