While that is the dictionary answer, the LARE will test you more on your understanding of what that means. So the question won't flat out ask you "is listing the significant features of a site part of Inventory or Analysis" (note that what you called Assessment the LARE will call it Analysis). But would instead ask something along the lines of (I'm making this up but it gives you an idea of what I mean):
In the following scenarios which would be part of the inventory phase (choose all that apply):
1. there is a cluster of large specimen trees in the middle of the site
2. the eastern property line is parallel to the road and has a curb cut that would make a good entry point
3. the southern edge has a low dip that is 2 units lower than the rest of the site (side note: yes it will say 'units' instead of 'feet' or 'meters')
4. the north and east sides have adjacent roads and the south and east sides have housing adjacent
So in answering that made up question (this is not from any test that I know of) 1, 3, and 4 would be the correct answer because they state specific items that are noted about the site but not anything about what makes them important or useful to a design. While 2 would be a part of the Analysis phase because though it does state a fact you would learn from the Inventory phase (that the eastern property line is parallel to the road) it goes on to make an analysis that it would be a good spot for an entry drive, which is an Analysis of that condition.
So be able to discern between what makes a statement an Inventory statement and what makes another an Analysis of a condition is going to be the key for the LARE. I hope that all makes sense.