Certified Pennsylvania Evaluator Exam
UPDATED Study Guide ACTUAL
QUESTIONS AND CORRECT ANSWERS
The most probable price which a property should bring in a competitive and open market under all
conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and
assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation
of a sale as of a specified date and the passing of title from seller to buyer whereby:
1. Buyer and seller are typically motivated
2. Both parties are well informed or well advised, and asking in what thy consider their best interests
3. A reasonable time is allowed for exposure in the open market
4. Payment is made in terms of cash in United States dollars or in terms of financial arrangements
comparable thereto
5. The price represents the normal consideration for the property sold unaffected by special or creative
financing or sales concessions granted by anyone associated with the sale. - CORRECT ANSWER
Market Value
The actual amount paid, or to be paid, for a property in a particular transaction - CORRECT
ANSWER Market Price
A written document under seal conveying real estate. Types: Warranty and Quit Claim - CORRECT
ANSWER Deed
A deed in which the grantor warrants the title to be good and accurate and agrees to defend the title
against all parties.
When a true owner of record transfers the ownership.
This is guaranteed.
1. Grantor has the right to convey the real estate
2. Grantor is the owner of the real estate mentioned
3. That the land is free and clear of all encumbrances, liens, bargains, sales, taxes
4. That the grantee will have quiet enjoyment of the real estate and not be pout out by someone with a
superior title
5. That the grantee has legal recourse against the grantor should there be any problem with the title. -
CORRECT ANSWER Warranty Deed
,The deed by which the grantor conveys only the interest he or she may have in the property -
CORRECT ANSWER Quit Claim Deed
The greatest degree of ownership. It is title free and clear of all liens & encumbrances. ...No taxes, no
loans. Owner owns the bundle of rights - CORRECT ANSWER Fee Simple Title
Latin for "according to value". - CORRECT ANSWER Ad Valorem
Taxes are levied according to the value of the property - CORRECT ANSWER Ad Valorem
Taxation
The year upon which real property values are based for the most recent countywide reassessment or
other prior year for which the market value of all real estate of the county is based. - CORRECT
ANSWER Base Year
Can be seen and touched. Consists of actual physical things. - CORRECT ANSWER Tangible
Property
Cannot be seen or touched; it is evidence of ownership rights. Examples: stocks, bonds, mortgages
and copy rights...rights you have as a owner. - CORRECT ANSWER Intangible Property
Can be tangible or intangible, and can be real or personal - CORRECT ANSWER Property
Property that is tangible; it can be moved by its owner.
Chattel or fixture - CORRECT ANSWER Personal Property
Personal property not permanently affixed to land - CORRECT ANSWER Chattel
Personal property is permanently affixed to the land - CORRECT ANSWER Fixture
S- Sell
, L- Lease
U-Use
G-Give away
E-Enter/leave
R-Refuse to do anything - CORRECT ANSWER Bundle of Rights
P-police power
E-escheat
T-taxation
E-eminent domain - CORRECT ANSWER Public Limitations
The right of the government to regulate the use of property for the public welfare in areas of safety,
health, morals, zoning, building codes, traffic and sanitary regulations - CORRECT ANSWER
Police Power
The right to have property revert to the state for nonpayment of taxes or when there are no legal heirs
or a decedent who dies "intestate." - CORRECT ANSWER Escheat
A person who dies having made no will. - CORRECT ANSWER Intestate
The right to take property for public use provide that just compensation is paid. - CORRECT
ANSWER Eminent domain
The right to tax property for the support of the government - CORRECT ANSWER Taxation
1. Rights of other co-owners
2. Condominium and subdivision restrictions
3. Covenants, conditions and restrictions in the chain of title
4. Easements and rights of way
5. Liens and judgements
6. Leases - CORRECT ANSWER Private Limitations of Ownership
UPDATED Study Guide ACTUAL
QUESTIONS AND CORRECT ANSWERS
The most probable price which a property should bring in a competitive and open market under all
conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and
assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation
of a sale as of a specified date and the passing of title from seller to buyer whereby:
1. Buyer and seller are typically motivated
2. Both parties are well informed or well advised, and asking in what thy consider their best interests
3. A reasonable time is allowed for exposure in the open market
4. Payment is made in terms of cash in United States dollars or in terms of financial arrangements
comparable thereto
5. The price represents the normal consideration for the property sold unaffected by special or creative
financing or sales concessions granted by anyone associated with the sale. - CORRECT ANSWER
Market Value
The actual amount paid, or to be paid, for a property in a particular transaction - CORRECT
ANSWER Market Price
A written document under seal conveying real estate. Types: Warranty and Quit Claim - CORRECT
ANSWER Deed
A deed in which the grantor warrants the title to be good and accurate and agrees to defend the title
against all parties.
When a true owner of record transfers the ownership.
This is guaranteed.
1. Grantor has the right to convey the real estate
2. Grantor is the owner of the real estate mentioned
3. That the land is free and clear of all encumbrances, liens, bargains, sales, taxes
4. That the grantee will have quiet enjoyment of the real estate and not be pout out by someone with a
superior title
5. That the grantee has legal recourse against the grantor should there be any problem with the title. -
CORRECT ANSWER Warranty Deed
,The deed by which the grantor conveys only the interest he or she may have in the property -
CORRECT ANSWER Quit Claim Deed
The greatest degree of ownership. It is title free and clear of all liens & encumbrances. ...No taxes, no
loans. Owner owns the bundle of rights - CORRECT ANSWER Fee Simple Title
Latin for "according to value". - CORRECT ANSWER Ad Valorem
Taxes are levied according to the value of the property - CORRECT ANSWER Ad Valorem
Taxation
The year upon which real property values are based for the most recent countywide reassessment or
other prior year for which the market value of all real estate of the county is based. - CORRECT
ANSWER Base Year
Can be seen and touched. Consists of actual physical things. - CORRECT ANSWER Tangible
Property
Cannot be seen or touched; it is evidence of ownership rights. Examples: stocks, bonds, mortgages
and copy rights...rights you have as a owner. - CORRECT ANSWER Intangible Property
Can be tangible or intangible, and can be real or personal - CORRECT ANSWER Property
Property that is tangible; it can be moved by its owner.
Chattel or fixture - CORRECT ANSWER Personal Property
Personal property not permanently affixed to land - CORRECT ANSWER Chattel
Personal property is permanently affixed to the land - CORRECT ANSWER Fixture
S- Sell
, L- Lease
U-Use
G-Give away
E-Enter/leave
R-Refuse to do anything - CORRECT ANSWER Bundle of Rights
P-police power
E-escheat
T-taxation
E-eminent domain - CORRECT ANSWER Public Limitations
The right of the government to regulate the use of property for the public welfare in areas of safety,
health, morals, zoning, building codes, traffic and sanitary regulations - CORRECT ANSWER
Police Power
The right to have property revert to the state for nonpayment of taxes or when there are no legal heirs
or a decedent who dies "intestate." - CORRECT ANSWER Escheat
A person who dies having made no will. - CORRECT ANSWER Intestate
The right to take property for public use provide that just compensation is paid. - CORRECT
ANSWER Eminent domain
The right to tax property for the support of the government - CORRECT ANSWER Taxation
1. Rights of other co-owners
2. Condominium and subdivision restrictions
3. Covenants, conditions and restrictions in the chain of title
4. Easements and rights of way
5. Liens and judgements
6. Leases - CORRECT ANSWER Private Limitations of Ownership
