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. Other appraisers who have expertise and competency in a similar type of assignment.


2. Runs east and west.






3. 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.






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






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






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






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






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






9. 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.






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






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






12. That which is taken to be true






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






14. As the amount invested in other agents is incrementally increased - the rate of return on the investment will increase.






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






16. 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.






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






18. 5 - 280 feet






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






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






21. Land that has been prepared for use.






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






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






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






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






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






27. Worthy of belief






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






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






30. Eminent Domain - Taxation - Police Power - Escheat


31. An unbiased opinion of value






32. Value determination based on sales of similar properties.






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






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






35. Bundle of Rights - Estate - Encumbrances






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






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






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






39. DUST - Demand - Utility - Scarcity - Transferability






40. Proof of ownership.






41. The amount actually paid.






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






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






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






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






46. Value placed by tax assessing official.






47. The process of providing information - analysis of real estate data and recommendations and/or conclusions






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






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






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