BASIC APPRAISAL PRINCIPLES UPDATED EXAM SCRIPT
QUESTIONS AND ANSWERS SURE A+
✔✔Immobility - ✔✔A physical characteristic of real state referring to the fact that real
estate cannot move form one place to another
✔✔Indestructibility - ✔✔A physical characteristic of real estate referring to the fact that
that is cannot be destroyed
✔✔Littoral Rights - ✔✔The water rights of a landowner whose property is adjacent to a
lake or contains a lake
✔✔Riparian Rights - ✔✔The water rights of a landowner whose property is adjacent to
or crossed by a river
✔✔Lot & Block - ✔✔A legal description used for platted property. The description states
only the property's lot and block number in a particular subdivision; to find out the exact
location of property boundaries, the plat map for the subdivision must be consulted at
the county recorder's office.
✔✔Metes & Bounds - ✔✔A legal description that starts at an easily identifiable point of
beginning (POB) then describes the property's boundaries in terms of courses
(compass directions) and distances, ultimately returning to the POB
✔✔Personal Property - ✔✔Tangible items not permanently attached to or part of real
estate. Any property that is not real property. Movable property not affixed to land.
✔✔Property - ✔✔The rights of ownership in a thing, such as the right to use, posses,
transfer, or encumber real estate. Something that is owned, real or personal.
✔✔Real Estate - ✔✔The actual physical land and everything, both natural and
manmade, attached (or appurtenant) to it.
✔✔Real Property - ✔✔Not only the physical land and everything attached to it, but
alson the rights of ownership in real estate.
✔✔Rule of Capture - ✔✔A rule that addresses the ownership of oil or gas derived from
a well on a person's land. Whoever drills a well on his land owns all the oil or gas the
well produces, even though it might have migrated from under a neighbor's land.
✔✔Scarcity - ✔✔A physical characteristic of real property that says there is a limited
supply of real estate; the perceived supply of a good or service relative to the demand
for the item
, ✔✔Trade Fixtures - ✔✔Equipment installed for use in a business that can be removed
before the lease expires or the property is conveyed. They are considered personal
property.
✔✔Transferability - ✔✔The ability to freely buy, sell, encumber, or dispose of property in
any way the owner sees fit
✔✔Utility - ✔✔The ability of a good or service to satisfy human wants, needs, or
desires.
✔✔Estate - ✔✔A possessory interest in real property; either a freehold estate or a
leasehold estate. The real and personal property left by someone who has died
✔✔Estate for Years - ✔✔A leasehold estate for a fixed time period, such as one week,
on month, or on year
✔✔Free Simple Absolute - ✔✔The greatest estate (ownership) one can have in real
property; it is freely transferable and inhertitable, and indefinite duration, with no
conditions on the title aka Fee Simple or Fee Title
✔✔Fee Simple Conditional (De feasible) - ✔✔A conditional ownership that will terminate
when certain conditions are not maintained
✔✔Fee Simple Determinable - ✔✔A fee simple defeasible estate that is terminated
automatically if certain conditions occur.
✔✔Fee Simple Estate - ✔✔The property owner possesses the full bundle of rights,
subject only to limitations imposed by governmental power
✔✔Fee Simple Subject to a Condition Subsequent - ✔✔A fee simple defeasible estate
in which the former owner has the power to terminate possession through due process
if stated conditions are not complied with
✔✔Freehold - ✔✔A possessory interest in real property of uncertain (and often
unlimited) duration; an ownership estate in real property, either a fee simple or life
estate. The holder of a freehold estate has title.
✔✔Leasehold Estate - ✔✔An estate that gives the holder (Tenant) a temporary right to
possession, without title.
✔✔Lessee - ✔✔A person who leases property from another; a tenant
QUESTIONS AND ANSWERS SURE A+
✔✔Immobility - ✔✔A physical characteristic of real state referring to the fact that real
estate cannot move form one place to another
✔✔Indestructibility - ✔✔A physical characteristic of real estate referring to the fact that
that is cannot be destroyed
✔✔Littoral Rights - ✔✔The water rights of a landowner whose property is adjacent to a
lake or contains a lake
✔✔Riparian Rights - ✔✔The water rights of a landowner whose property is adjacent to
or crossed by a river
✔✔Lot & Block - ✔✔A legal description used for platted property. The description states
only the property's lot and block number in a particular subdivision; to find out the exact
location of property boundaries, the plat map for the subdivision must be consulted at
the county recorder's office.
✔✔Metes & Bounds - ✔✔A legal description that starts at an easily identifiable point of
beginning (POB) then describes the property's boundaries in terms of courses
(compass directions) and distances, ultimately returning to the POB
✔✔Personal Property - ✔✔Tangible items not permanently attached to or part of real
estate. Any property that is not real property. Movable property not affixed to land.
✔✔Property - ✔✔The rights of ownership in a thing, such as the right to use, posses,
transfer, or encumber real estate. Something that is owned, real or personal.
✔✔Real Estate - ✔✔The actual physical land and everything, both natural and
manmade, attached (or appurtenant) to it.
✔✔Real Property - ✔✔Not only the physical land and everything attached to it, but
alson the rights of ownership in real estate.
✔✔Rule of Capture - ✔✔A rule that addresses the ownership of oil or gas derived from
a well on a person's land. Whoever drills a well on his land owns all the oil or gas the
well produces, even though it might have migrated from under a neighbor's land.
✔✔Scarcity - ✔✔A physical characteristic of real property that says there is a limited
supply of real estate; the perceived supply of a good or service relative to the demand
for the item
, ✔✔Trade Fixtures - ✔✔Equipment installed for use in a business that can be removed
before the lease expires or the property is conveyed. They are considered personal
property.
✔✔Transferability - ✔✔The ability to freely buy, sell, encumber, or dispose of property in
any way the owner sees fit
✔✔Utility - ✔✔The ability of a good or service to satisfy human wants, needs, or
desires.
✔✔Estate - ✔✔A possessory interest in real property; either a freehold estate or a
leasehold estate. The real and personal property left by someone who has died
✔✔Estate for Years - ✔✔A leasehold estate for a fixed time period, such as one week,
on month, or on year
✔✔Free Simple Absolute - ✔✔The greatest estate (ownership) one can have in real
property; it is freely transferable and inhertitable, and indefinite duration, with no
conditions on the title aka Fee Simple or Fee Title
✔✔Fee Simple Conditional (De feasible) - ✔✔A conditional ownership that will terminate
when certain conditions are not maintained
✔✔Fee Simple Determinable - ✔✔A fee simple defeasible estate that is terminated
automatically if certain conditions occur.
✔✔Fee Simple Estate - ✔✔The property owner possesses the full bundle of rights,
subject only to limitations imposed by governmental power
✔✔Fee Simple Subject to a Condition Subsequent - ✔✔A fee simple defeasible estate
in which the former owner has the power to terminate possession through due process
if stated conditions are not complied with
✔✔Freehold - ✔✔A possessory interest in real property of uncertain (and often
unlimited) duration; an ownership estate in real property, either a fee simple or life
estate. The holder of a freehold estate has title.
✔✔Leasehold Estate - ✔✔An estate that gives the holder (Tenant) a temporary right to
possession, without title.
✔✔Lessee - ✔✔A person who leases property from another; a tenant
