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






2. Bundle of Rights - Estate - Encumbrances






3. An estate that includes possession without title.






4. Taxes based on property value.






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






6. Services pertaining to aspects of property value.






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






8. Any piece of land.






9. 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.






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






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






12. Eminent Domain - Taxation - Police Power - Escheat

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






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






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






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






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






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






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






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






21. 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.






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






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






24. All the beneficial rights of ownership.






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






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






27. 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).






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






29. 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.






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






31. Nonexclusive right to use property of another.






32. DUST - Demand - Utility - Scarcity - Transferability






33. 640 acres.






34. Proof of ownership.






35. 43 - 560 square feet






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






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






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






39. An entity pursuing an economic activity






40. 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.






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






42. 6x6 mile square piece of land. (36 square miles)






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






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






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






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






47. 640 acres






48. Self Contained - Summary - Restricted Use






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






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