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. Person that receives property.






2. Worthy of belief






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






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






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






6. The amount actually paid.






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






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






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






10. Taxes based on property value.






11. Land that has been prepared for use.






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






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






14. An entity pursuing an economic activity






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






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






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






18. 5 - 280 feet






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






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






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






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






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






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






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






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






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






28. All the beneficial rights of ownership.






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






30. Services pertaining to aspects of property value.






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






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






33. Legally permitted - Physically possible - Economically Feasible - Maximally Productive Use






34. The value of an ongoing business or project.






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






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






37. That which is taken to be true






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






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






40. 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.






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






42. 640 acres.






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






44. Lay of the land.






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






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






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






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






49. Eminent Domain - Taxation - Police Power - Escheat

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