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. Lay of the land.






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






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






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






5. The value of an ongoing business or project.






6. Eminent Domain - Taxation - Police Power - Escheat

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






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






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






10. 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.






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






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






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






14. 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.






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






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






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






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






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






20. An estate that includes possession without title.






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






22. An entity pursuing an economic activity






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






24. 640 acres.






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






26. Taxes based on property value.






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






28. Value determination based on sales of similar properties.






29. 6x6 mile square piece of land. (36 square miles)






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






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






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






33. Nonexclusive right to use property of another.






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






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






36. 43 - 560 square feet






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






38. Services pertaining to aspects of property value.






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






40. Self Contained - Summary - Restricted Use






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






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






43. A study of the cost-benefit relationship of an economic endeavor






44. DUST - Demand - Utility - Scarcity - Transferability






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






46. An unbiased opinion of value






47. Land that has been prepared for use.






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






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






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183