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






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






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






4. Value placed by tax assessing official.






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






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






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






8. 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.






9. All the beneficial rights of ownership.






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






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






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






13. An unbiased opinion of value






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






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






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






18. 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.






19. 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.






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






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






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






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






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






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






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






27. That which is taken to be true






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






29. Person that receives property.






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






31. Land that has been prepared for use.






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






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






34. 43 - 560 square feet






35. 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.






36. Services pertaining to aspects of property value.






37. The amount actually paid.






38. Nonexclusive right to use property of another.






39. Runs east and west.






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






41. DUST - Demand - Utility - Scarcity - Transferability






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






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






44. The value of an ongoing business or project.






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






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






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






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






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

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