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






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






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






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






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






6. That which is taken to be true






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






8. The amount actually paid.






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






10. 640 acres.






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






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






13. 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.






14. An estate that includes possession without title.






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






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






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






18. The value of an ongoing business or project.






19. Nonexclusive right to use property of another.






20. Taxes based on property value.






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


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






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






24. 640 acres






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






26. Land that has been prepared for use.






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






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






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






30. Services pertaining to aspects of property value.






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






32. 43 - 560 square feet






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






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






35. 6x6 mile square piece of land. (36 square miles)






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






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






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






39. Economic Concept. The price of a good rises and falls depending on how many people want it (demand) and depending on how much of the good is available (supply).






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






41. Value placed by tax assessing official.






42. 5 - 280 feet






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






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






45. Runs north and south.






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






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






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






49. DUST - Demand - Utility - Scarcity - Transferability






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