Real Estate Appraisal Exam 1 Ch 1-6
test quiz with correct answers
acceptance - CORRECT an express act that indicates agreement over the terms of a proposed loan
appraisal - CORRECT an estimate or opinion of value as of certain date
appraisal report - CORRECT communication of a formal report
appraisal standards - CORRECT the generally agreed upon practices for professional appraisers
appurtenance - CORRECT that which has been added or appended to a property and which then becomes an inherent part
base line - CORRECT in U.S. gov't surveys, the east-west refernce line through the base point
bundle of rights - CORRECT the rights that accompany the ownership of real estate
competency rule - CORRECT requires that appraisers accept only that work that they have the knowledge and experience necessary to perform (eith er individually or, if
needed, in association with others)
consideration - CORRECT in law, something of value
a necessary element of a valid contract
contract - CORRECT an agreement between people to do or not do an act in return for something of value
easement - CORRECT right, privilege, or interest that one party has in the land of another, created for a specific purpose by grant, agreement, or necessity
eminent domain - CORRECT the power of a government to acquire property for a public purpose by paying just or reasonable compensation
equity - CORRECT interest or value that an owner has in real estate, over and above any liens against it
ethics rule - CORRECT in USPAP 2012-13 the obligation of an appraiser to comply with professional practice requirements regarding conduct, management, and
confidentiality
fixture - CORRECT personal property that is considered part of the real estate because it has become attached, physically or legally to the real estate
formal appraisal - CORRECT an estimate of value that is reached by the collection and analysis of relevant data
-a formal appraisal is usually reported in writing
government restrictions - CORRECT
government survey - CORRECT
highest and best use - CORRECT the legally possible, reasonable, and probable use of a property that will support the highest present value of the land
informal appraisal - CORRECT an estimate of value that is reached by using intuition, past experience, and general knowledge
intangible property - CORRECT rights to something other than tangible or physical property
jurisdictional exception rule - CORRECT defined in USPAP as an assignment condition established by applicable law or regulation that precludes an appraiser from
complying with a part of USPAP
leased fee estate - CORRECT property owner's interest in leased property
leasehold estate - CORRECT tenant's interest in leased property
legal description - CORRECT a description of the boundaries of a parcel of real estate that is clear and unambiguous
usually must meet legal standards
legal transactions - CORRECT transactions occurring in a legal setting, requiring an appraisal
life estate - CORRECT holder controls the right of possession and use of a property during the lifetime of some specifically named person
market restrictions - CORRECT
market transactions - CORRECT one of two major categories of reasons for appraisals, along with legal transactions
market value - CORRECT the most probable price in terms of money that a property should bring in a competitive and open market, under all conditions requisite to a fair
sale, with buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus
metes and bounds description - CORRECT legal description of land that describes the length and direction of each boundary line, in sequence, starting at a defined point
of beginning
mutual obligation - CORRECT one of the requirements for a legally valid contract
each of the contracting parties has specified performance obligations
offer - CORRECT one of the steps needed to set up a contract
test quiz with correct answers
acceptance - CORRECT an express act that indicates agreement over the terms of a proposed loan
appraisal - CORRECT an estimate or opinion of value as of certain date
appraisal report - CORRECT communication of a formal report
appraisal standards - CORRECT the generally agreed upon practices for professional appraisers
appurtenance - CORRECT that which has been added or appended to a property and which then becomes an inherent part
base line - CORRECT in U.S. gov't surveys, the east-west refernce line through the base point
bundle of rights - CORRECT the rights that accompany the ownership of real estate
competency rule - CORRECT requires that appraisers accept only that work that they have the knowledge and experience necessary to perform (eith er individually or, if
needed, in association with others)
consideration - CORRECT in law, something of value
a necessary element of a valid contract
contract - CORRECT an agreement between people to do or not do an act in return for something of value
easement - CORRECT right, privilege, or interest that one party has in the land of another, created for a specific purpose by grant, agreement, or necessity
eminent domain - CORRECT the power of a government to acquire property for a public purpose by paying just or reasonable compensation
equity - CORRECT interest or value that an owner has in real estate, over and above any liens against it
ethics rule - CORRECT in USPAP 2012-13 the obligation of an appraiser to comply with professional practice requirements regarding conduct, management, and
confidentiality
fixture - CORRECT personal property that is considered part of the real estate because it has become attached, physically or legally to the real estate
formal appraisal - CORRECT an estimate of value that is reached by the collection and analysis of relevant data
-a formal appraisal is usually reported in writing
government restrictions - CORRECT
government survey - CORRECT
highest and best use - CORRECT the legally possible, reasonable, and probable use of a property that will support the highest present value of the land
informal appraisal - CORRECT an estimate of value that is reached by using intuition, past experience, and general knowledge
intangible property - CORRECT rights to something other than tangible or physical property
jurisdictional exception rule - CORRECT defined in USPAP as an assignment condition established by applicable law or regulation that precludes an appraiser from
complying with a part of USPAP
leased fee estate - CORRECT property owner's interest in leased property
leasehold estate - CORRECT tenant's interest in leased property
legal description - CORRECT a description of the boundaries of a parcel of real estate that is clear and unambiguous
usually must meet legal standards
legal transactions - CORRECT transactions occurring in a legal setting, requiring an appraisal
life estate - CORRECT holder controls the right of possession and use of a property during the lifetime of some specifically named person
market restrictions - CORRECT
market transactions - CORRECT one of two major categories of reasons for appraisals, along with legal transactions
market value - CORRECT the most probable price in terms of money that a property should bring in a competitive and open market, under all conditions requisite to a fair
sale, with buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus
metes and bounds description - CORRECT legal description of land that describes the length and direction of each boundary line, in sequence, starting at a defined point
of beginning
mutual obligation - CORRECT one of the requirements for a legally valid contract
each of the contracting parties has specified performance obligations
offer - CORRECT one of the steps needed to set up a contract
