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






3. An unbiased opinion of value






4. Self Contained - Summary - Restricted Use






5. Bundle of Rights - Estate - Encumbrances






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






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






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






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






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






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






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






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






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






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






16. Runs north and south.






17. Person that receives property.






18. Eminent Domain - Taxation - Police Power - Escheat

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






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






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






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






23. Worthy of belief






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






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






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






27. 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.






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






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






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






31. An entity pursuing an economic activity






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






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






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






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






36. 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.






37. DUST - Demand - Utility - Scarcity - Transferability






38. That which is taken to be true






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






40. An estate that includes possession without title.






41. Value determination based on sales of similar properties.






42. The value of an ongoing business or project.






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






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






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






46. Value placed by tax assessing official.






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






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






49. Services pertaining to aspects of property value.






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