Real Estate Appraisal questions n answers 2023/2024 verified to pass

Real Estate AppraisalThe act or process of critically studying a report prepared by another is called: - correct answer A review Federally related transactions are transactions: - correct answer involving a federal agency or regulatory An item that was formerly personal property that has become real property is called: - correct answer A fixture An appurtenance is something that - correct answer Goes along with the ownership of the land Possessory interests are called estates while non-possessory interests are known as - correct answer Encumbrances An interest that is held by a creditor is called a - correct answer Lien A property that is subject to an easement is known as - correct answer Servient tenement The power of the government to take private property for public use is called - correct answer Eminent domain Ad valorem is Latin for - correct answer According to value Escheat is the power to have property - correct answer Revert to the state if the owner dies without a will All of the following are classified as characteristics of value except - correct answer Attractiveness Which of the following refers to the cost of labor and materials used to build an improvement - correct answer Direct costs The cost to create an exact replica of a building using the same design, materials, and construction methods as the original is called - correct answer Reproduction cost Which appraisal principle holds that value of a property cannot exceed the value of the equivalent substitute properties that are available in the marketplace - correct answer Principle of substitution Completion occurs when - correct answer Supply and demand are out of balance What principle recognizes that the forces of supply and demand are in constant flux - correct answer Principle of change What principle states that value is affected by the expectation of future benefits to be gained from owning property - correct answer Principle of anticipation The principle of conformity states that value is enhanced when the uses of surrounding properties - correct answer Conform to the use of the subject property Which of the following are considered agents of production - correct answer Capital and land, labor and coordination Which of the following describes the value of a property to a particular investor with specific investment goals - correct answer Investment value The appraisal process begins by - correct answer defining the appraisal problem in defining the appraisal problem, it is important to identify the - correct answer the real estate that is the subject of the appraisal,