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






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






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






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






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






6. An entity pursuing an economic activity






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






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






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






10. Runs north and south.






11. DUST - Demand - Utility - Scarcity - Transferability






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






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






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






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






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






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






18. Nonexclusive right to use property of another.






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






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






21. The value of an ongoing business or project.






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






23. 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.






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






25. 43 - 560 square feet






26. Self Contained - Summary - Restricted Use






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






28. The value determination based on cost to build less depreciation - plus value of the land.






29. An unbiased opinion of value






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






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






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






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






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






35. Eminent Domain - Taxation - Police Power - Escheat

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






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






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






39. An estate that includes possession without title.






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






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






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






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






44. 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.






45. Land that has been prepared for use.






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






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






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






49. That which is taken to be true






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