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 supply and demand are out of balance. Too much competition






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






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






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






5. 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.






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






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






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






9. Lay of the land.






10. Person that receives property.






11. 640 acres






12. Value placed by tax assessing official.






13. 6x6 mile square piece of land. (36 square miles)






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






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






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






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






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






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






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






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






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






23. Runs north and south.






24. 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.






25. 43 - 560 square feet






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






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






28. An unbiased opinion of value






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






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






31. 640 acres.






32. Nonexclusive right to use property of another.






33. Value determination based on income generated by a property.






34. Value determination based on sales of similar properties.






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






36. 5 - 280 feet






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






38. An estate that includes possession without title.






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






40. 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.






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






42. Eminent Domain - Taxation - Police Power - Escheat

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






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






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






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






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






48. The amount actually paid.






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






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