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. All the beneficial rights of ownership.






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






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






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






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






6. Worthy of belief






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






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






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






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






11. An estate that includes possession without title.






12. 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.






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






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






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






16. Lay of the land.






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






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






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






20. Value determination based on sales of similar properties.






21. The amount actually paid.






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






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






24. Eminent Domain - Taxation - Police Power - Escheat

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25. 640 acres






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






27. A former item of personal property which has become part o the realty.






28. 5 - 280 feet






29. DUST - Demand - Utility - Scarcity - Transferability






30. Self Contained - Summary - Restricted Use






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






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






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






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






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






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






37. 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.






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






39. 43 - 560 square feet






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






41. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)






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






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






44. Any piece of land.






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






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






47. 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.






48. The value of an ongoing business or project.






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






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