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






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






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






4. Any piece of land.






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






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






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






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






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






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






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






12. Bundle of Rights - Estate - Encumbrances






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






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






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






16. 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).






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






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






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






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






21. 6x6 mile square piece of land. (36 square miles)






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






23. Eminent Domain - Taxation - Police Power - Escheat


24. The value of an ongoing business or project.






25. 5 - 280 feet






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






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






28. 43 - 560 square feet






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






30. DUST - Demand - Utility - Scarcity - Transferability






31. 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.






32. 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.






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






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






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






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






37. Proof of ownership.






38. 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.






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






40. Self Contained - Summary - Restricted Use






41. An estate that includes possession without title.






42. 640 acres






43. Worthy of belief






44. Services pertaining to aspects of property value.






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






46. All the beneficial rights of ownership.






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


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






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






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