REE 4103 Exam 1 Exam fully solved &
updated (latest version verified for
accuracy) | Latest UPDATE 2026
Private ownership of real property rights is subject to certain restrictions, known as the
four powers of government. Which of the following is NOT one of the four powers of
government that restrict real property rights? -CORRECTANSWER Deed Restrictions
Items that have been installed or attached to the land or building in a permanent
manner are considered which of the following? -CORRECTANSWER Real Property
Which of the following is able to perform a formal appraisal of real estate? -
CORRECTANSWER Only licensed appraisers
Which of the following would not be considered personal property? -
CORRECTANSWER Goodwill
Which of the following would not be considered an intangible asset? -
CORRECTANSWER Tenant Fixture
Typical uses of appraisals include all of the following except: -CORRECTANSWER
Financial Redlining
,An appraiser _____ -CORRECTANSWER Measures and develops an opinion of value
The tenant of a small, freestanding retail building is a baker who has installed ovens for
baking bread. The ovens are large and heavy and the back wall of the building had to
be removed for the ovens to be installed. The appraiser is performing a refinancing
appraisal of the real estate only. Should the ovens be included in the appraisal? -
CORRECTANSWER The appraiser generally would not include the ovens because
they are trade fixtures.
According to professional standards, appraisal practice includes which of the following
types of services? -CORRECTANSWER Appraisal, appraisal review, and appraisal
consulting.
An appraisal provides ....? -CORRECTANSWER A person's opinion of real property
value
Which of the following is the best example of using an appraisal in litigation? -
CORRECTANSWER Estimating damages created by violations of environmental laws
An appraiser is allowed to provide an estimate of what type of value(s)? -
CORRECTANSWER Market value, use value, assessed value, fair value, and other
types of value identified and defined at the outset of the appraisal assignment.
,In appraisal, appraisers appraise...? -CORRECTANSWER Real Property Interests
The legal definition of real estate includes all of the following except: -
CORRECTANSWER Lease benefits
An estate in land describes the ___________________ that a person has in the real
property. -CORRECTANSWER Degree, nature, or extent of interest
Which of the following is the best example of using appraisals in investment
counseling? -CORRECTANSWER Developing an opinion of fair value for financial
reporting.
Which of the following is a market transaction where appraisals are used. -
CORRECTANSWER Purchase/Sale Financing
Which of the following would not be considered part of the real property? -
CORRECTANSWER Furniture
Those assets that are not tangible real property, tangible personal property, or financial
assets. Something that is not materal, not corporeal, or not substantially real are
_________. -CORRECTANSWER Intangible assets
, Movable items of property that are not permanently affixed to, or part of, the real estate
are considered to be __________. -CORRECTANSWER Personal Property
As the nature and extent of land use controls change, so do the nature and extent of
private land ownership. Consequently, real estate appraisers must be familiar with the
regulations and restrictions that apply to land use in general, but do not need to analyze
how these regulations affect a specific property. -CORRECTANSWER False
The economic concept of land as a sourse of wealth and an object of value is central to
appraisal theory. -CORRECTANSWER True
In economics, land is regarded as one of the four agents of production, along with labor,
capital, and entrepreneurial coordination. -CORRECTANSWER True
Legal matters of particular concern to appraisers include all of the following except: -
CORRECTANSWER Property Size
The utility of land and the highest and best use to which land can be put are significantly
affected by the physical and locational characteristics of the land and other related
considerations, broadly referred to as geography. -CORRECTANSWER True
The concepts of land are -CORRECTANSWER Legal, geographic and environmental,
economic, and social.
updated (latest version verified for
accuracy) | Latest UPDATE 2026
Private ownership of real property rights is subject to certain restrictions, known as the
four powers of government. Which of the following is NOT one of the four powers of
government that restrict real property rights? -CORRECTANSWER Deed Restrictions
Items that have been installed or attached to the land or building in a permanent
manner are considered which of the following? -CORRECTANSWER Real Property
Which of the following is able to perform a formal appraisal of real estate? -
CORRECTANSWER Only licensed appraisers
Which of the following would not be considered personal property? -
CORRECTANSWER Goodwill
Which of the following would not be considered an intangible asset? -
CORRECTANSWER Tenant Fixture
Typical uses of appraisals include all of the following except: -CORRECTANSWER
Financial Redlining
,An appraiser _____ -CORRECTANSWER Measures and develops an opinion of value
The tenant of a small, freestanding retail building is a baker who has installed ovens for
baking bread. The ovens are large and heavy and the back wall of the building had to
be removed for the ovens to be installed. The appraiser is performing a refinancing
appraisal of the real estate only. Should the ovens be included in the appraisal? -
CORRECTANSWER The appraiser generally would not include the ovens because
they are trade fixtures.
According to professional standards, appraisal practice includes which of the following
types of services? -CORRECTANSWER Appraisal, appraisal review, and appraisal
consulting.
An appraisal provides ....? -CORRECTANSWER A person's opinion of real property
value
Which of the following is the best example of using an appraisal in litigation? -
CORRECTANSWER Estimating damages created by violations of environmental laws
An appraiser is allowed to provide an estimate of what type of value(s)? -
CORRECTANSWER Market value, use value, assessed value, fair value, and other
types of value identified and defined at the outset of the appraisal assignment.
,In appraisal, appraisers appraise...? -CORRECTANSWER Real Property Interests
The legal definition of real estate includes all of the following except: -
CORRECTANSWER Lease benefits
An estate in land describes the ___________________ that a person has in the real
property. -CORRECTANSWER Degree, nature, or extent of interest
Which of the following is the best example of using appraisals in investment
counseling? -CORRECTANSWER Developing an opinion of fair value for financial
reporting.
Which of the following is a market transaction where appraisals are used. -
CORRECTANSWER Purchase/Sale Financing
Which of the following would not be considered part of the real property? -
CORRECTANSWER Furniture
Those assets that are not tangible real property, tangible personal property, or financial
assets. Something that is not materal, not corporeal, or not substantially real are
_________. -CORRECTANSWER Intangible assets
, Movable items of property that are not permanently affixed to, or part of, the real estate
are considered to be __________. -CORRECTANSWER Personal Property
As the nature and extent of land use controls change, so do the nature and extent of
private land ownership. Consequently, real estate appraisers must be familiar with the
regulations and restrictions that apply to land use in general, but do not need to analyze
how these regulations affect a specific property. -CORRECTANSWER False
The economic concept of land as a sourse of wealth and an object of value is central to
appraisal theory. -CORRECTANSWER True
In economics, land is regarded as one of the four agents of production, along with labor,
capital, and entrepreneurial coordination. -CORRECTANSWER True
Legal matters of particular concern to appraisers include all of the following except: -
CORRECTANSWER Property Size
The utility of land and the highest and best use to which land can be put are significantly
affected by the physical and locational characteristics of the land and other related
considerations, broadly referred to as geography. -CORRECTANSWER True
The concepts of land are -CORRECTANSWER Legal, geographic and environmental,
economic, and social.
