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






2. 640 acres.






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






4. 5 - 280 feet






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






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






7. Value determination based on sales of similar properties.






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






9. Taxes based on property value.






10. 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.






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






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






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






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






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






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






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






18. Runs east and west.






19. 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.






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






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






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






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






24. Land that has been prepared for use.






25. The amount actually paid.






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






27. Proof of ownership.






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






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






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






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






32. Services pertaining to aspects of property value.






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






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






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






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






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






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






39. 43 - 560 square feet






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






41. All the beneficial rights of ownership.






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






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






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






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






46. Bundle of Rights - Estate - Encumbrances






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






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






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






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






Can you answer 50 questions in 15 minutes?



Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests



Major Subjects

Tests & Exams


AP
CLEP
DSST
GRE
SAT
GMAT

Browse all subjects

Browse all tests

Most popular tests