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






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






3. All the beneficial rights of ownership.






4. 5 - 280 feet






5. Self Contained - Summary - Restricted Use






6. The amount actually paid.






7. 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).






8. 640 acres






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






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






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






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






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






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






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






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






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






18. Any piece of land.






19. Person that receives property.






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






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






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






23. Lay of the land.






24. An estate that includes possession without title.






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






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






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






28. 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.






29. 640 acres.






30. The value of a component is equal to the amount of value it adds to the property as a whole.






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






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






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






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






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






36. Proof of ownership.






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






38. 6x6 mile square piece of land. (36 square miles)






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






40. Runs north and south.






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






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






43. 43 - 560 square feet






44. Worthy of belief






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






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






47. Value placed by tax assessing official.






48. Taxes based on property value.






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






50. 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.