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






2. Worthy of belief






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






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






5. Nonexclusive right to use property of another.






6. An entity pursuing an economic activity






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






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






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






10. The value is affected by the expectations of buyers regarding the future benefits to be gained.






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






12. DUST - Demand - Utility - Scarcity - Transferability






13. 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.






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






15. 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.






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






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






18. Taxes based on property value.






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






20. Self Contained - Summary - Restricted Use






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






22. Identifiable tangible objects that are considered by the general public as being "personal".






23. 640 acres






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






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






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. Value determination based on income generated by a property.






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






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






30. All the beneficial rights of ownership.






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






32. 6x6 mile square piece of land. (36 square miles)






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






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






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






36. Runs east and west.






37. Value placed by tax assessing official.






38. Lay of the land.






39. Value determination based on sales of similar properties.






40. Land that has been prepared for use.






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






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






43. The amount actually paid.






44. An estate that includes possession without title.






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






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






47. Runs north and south.






48. That which is taken to be true






49. Proof of ownership.






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