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

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2. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.






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






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






5. Identifiable tangible objects that are considered by the general public as being "personal".






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






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






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






9. 6x6 mile square piece of land. (36 square miles)






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






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






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






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






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






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






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






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






19. Value placed by tax assessing official.






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






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






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






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






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






25. Value determination based on sales of similar properties.






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






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






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






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






30. Eminent Domain - Taxation - Police Power - Escheat

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31. The use of an appraiser's reported appraisal - appraisal review - or appraisal consulting assignment options and conclusions - as identified by the appraiser based on communication with the client at the time of the assignment.






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






33. That which is taken to be true






34. An estate that includes possession without title.






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






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






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






38. Worthy of belief






39. Taxes based on property value.






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






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






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






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






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






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






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






47. Runs east and west.






48. 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.






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






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