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






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






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






4. The amount actually paid.






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






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






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






8. The interests - benefits - and rights inherent in the ownership of a business enterprise or a part thereof in any form






9. An estate that includes possession without title.






10. 43 - 560 square feet






11. All the beneficial rights of ownership.






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






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






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






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






16. Bundle of Rights - Estate - Encumbrances






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






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






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






20. An unbiased opinion of value






21. 640 acres.






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






23. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report






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






25. 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.






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






27. Person that receives property.






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






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






30. Value placed by tax assessing official.






31. Value determination based on sales of similar properties.






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






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






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






35. Nonexclusive right to use property of another.






36. 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.






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






38. That which is taken to be true






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






40. Any piece of land.






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






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






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






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






45. An entity pursuing an economic activity






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






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






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






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






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