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. An identified parcel or tract of land including improvements.






2. Taxes based on property value.






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






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






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






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






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






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






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






11. 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.






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






13. Land that has been prepared for use.






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






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






16. 640 acres






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






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






19. Lay of the land.






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






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






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






23. 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.






24. DUST - Demand - Utility - Scarcity - Transferability






25. Bundle of Rights - Estate - Encumbrances






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






28. Services pertaining to aspects of property value.






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






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






31. 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.






32. 5 - 280 feet






33. 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).






34. Runs north and south.






35. That which is taken to be true






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






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






38. All the beneficial rights of ownership.






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






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






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






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






43. An unbiased opinion of value






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






45. Person that receives property.






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






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






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






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






50. Runs east and west.