Real Estate Appraisal Final Exam
test with correct answers
__ is a person (or entity) who the appraiser intends will use the results of the appraisal for some purpose - CORRECT ANSWER-Intended user
__ is the estimated length of time the property interest being appraised would have been offered on the market prior to the h ypothetical consummation of a sale at market
value on the effective date of the appraisal - CORRECT ANSWER-Exposure time
___ is the value of a property according to the tax rolls in ad valorem taxation - CORRECT ANSWER-Assessed value
A ___ is something that is believed to be true for the sake of the appraisal abut that may or may not in fact be true as of the effective date of the appraisal - CORRECT
ANSWER-Extraordinary assumption
A ___ is something that is known to be contrary to fact as of the effective date of the appraisal but that is taken to be true for the purposes of the appraisal - CORRECT
ANSWER-Hypothetical condition
A district is - CORRECT ANSWER-a type of neighborhood that is characterized by homogenous land use
A fee simple estates include ownership of the full bundle of rights, limited only by the four powers of government - CORRECT ANSWER-True
A gross lease is - CORRECT ANSWER-a lease in which the landlord receives stipulated rent and is obligated to pay all or nearly all operating expenses and real estate
taxes
A group of individuals or firms that are in contact with one another for the purpose of conducting real estate transactions is called - CORRECT ANSWER-Real estate
market
A jalousie is - CORRECT ANSWER-A type of window with several window panes
A lease - CORRECT ANSWER-Conveys the right of occupancy to another
A leased fee interest is - CORRECT ANSWER-landlord
A local ordinance prohibiting construction of a motel in a specified area is an example of - CORRECT ANSWER-Police power
A period in which a neighborhood gains public favor and acceptance is one of - CORRECT ANSWER-Growth
A person owning less than an entire bundle of rights in real estate is said to have - CORRECT ANSWER-Partial interest
A project with units that are limited both vertically and horizontally and have percentage ownership in the common el ements is - CORRECT ANSWER-Condominium
A real property interest held by a lessee and conveying the right to use and occupancy for stated term under certain conditions is called - CORRECT ANSWER-Leasehold
estate
A trade area is - CORRECT ANSWER-A geographic area from which a retail center will draw its customers
According to law, fixtures are personal property that cannot become real property - CORRECT ANSWER-false
According to law, fixtures such as attached kitchen cabinets would be considered - CORRECT ANSWER-Real estate
Air rights are - CORRECT ANSWER-The rights to use and control space above a specified parcel of land
All of the following characteristics are essential to the viability of industrial districts except - CORRECT ANSWER-Protective tariffs
an appraisal is made as of a specified date to - CORRECT ANSWER-satisfy the requirements of the client
An ownership interest held by a landlord with the right of use and occupancy conveyed by lease to others in a - CORRECT ANSWER-Leased fee estate
Appraisers typically refer to a particular type of value rather than use the word value on its own - CORRECT ANSWER-True
Assessed value is usually based on, but not necessarily equivalent to, a property's - CORRECT ANSWER-Market
Because developing an estimate of market value is the purpose of most appraisals, an appraiser does not need to define the va lue sought in every valuation assignment -
CORRECT ANSWER-False
Because of their complexity and potential for affecting the development and results of an appraisal, jurisdictional exceptions need to be identified at the beginning of an
assignment rather than after the fact - CORRECT ANSWER-True
Bob owned a small farm of 100 acres in Hamilton County. When he dies, he had no heirs, no friends, and no will - CORRECT ANSWER-The state will take the property
and sell it
test with correct answers
__ is a person (or entity) who the appraiser intends will use the results of the appraisal for some purpose - CORRECT ANSWER-Intended user
__ is the estimated length of time the property interest being appraised would have been offered on the market prior to the h ypothetical consummation of a sale at market
value on the effective date of the appraisal - CORRECT ANSWER-Exposure time
___ is the value of a property according to the tax rolls in ad valorem taxation - CORRECT ANSWER-Assessed value
A ___ is something that is believed to be true for the sake of the appraisal abut that may or may not in fact be true as of the effective date of the appraisal - CORRECT
ANSWER-Extraordinary assumption
A ___ is something that is known to be contrary to fact as of the effective date of the appraisal but that is taken to be true for the purposes of the appraisal - CORRECT
ANSWER-Hypothetical condition
A district is - CORRECT ANSWER-a type of neighborhood that is characterized by homogenous land use
A fee simple estates include ownership of the full bundle of rights, limited only by the four powers of government - CORRECT ANSWER-True
A gross lease is - CORRECT ANSWER-a lease in which the landlord receives stipulated rent and is obligated to pay all or nearly all operating expenses and real estate
taxes
A group of individuals or firms that are in contact with one another for the purpose of conducting real estate transactions is called - CORRECT ANSWER-Real estate
market
A jalousie is - CORRECT ANSWER-A type of window with several window panes
A lease - CORRECT ANSWER-Conveys the right of occupancy to another
A leased fee interest is - CORRECT ANSWER-landlord
A local ordinance prohibiting construction of a motel in a specified area is an example of - CORRECT ANSWER-Police power
A period in which a neighborhood gains public favor and acceptance is one of - CORRECT ANSWER-Growth
A person owning less than an entire bundle of rights in real estate is said to have - CORRECT ANSWER-Partial interest
A project with units that are limited both vertically and horizontally and have percentage ownership in the common el ements is - CORRECT ANSWER-Condominium
A real property interest held by a lessee and conveying the right to use and occupancy for stated term under certain conditions is called - CORRECT ANSWER-Leasehold
estate
A trade area is - CORRECT ANSWER-A geographic area from which a retail center will draw its customers
According to law, fixtures are personal property that cannot become real property - CORRECT ANSWER-false
According to law, fixtures such as attached kitchen cabinets would be considered - CORRECT ANSWER-Real estate
Air rights are - CORRECT ANSWER-The rights to use and control space above a specified parcel of land
All of the following characteristics are essential to the viability of industrial districts except - CORRECT ANSWER-Protective tariffs
an appraisal is made as of a specified date to - CORRECT ANSWER-satisfy the requirements of the client
An ownership interest held by a landlord with the right of use and occupancy conveyed by lease to others in a - CORRECT ANSWER-Leased fee estate
Appraisers typically refer to a particular type of value rather than use the word value on its own - CORRECT ANSWER-True
Assessed value is usually based on, but not necessarily equivalent to, a property's - CORRECT ANSWER-Market
Because developing an estimate of market value is the purpose of most appraisals, an appraiser does not need to define the va lue sought in every valuation assignment -
CORRECT ANSWER-False
Because of their complexity and potential for affecting the development and results of an appraisal, jurisdictional exceptions need to be identified at the beginning of an
assignment rather than after the fact - CORRECT ANSWER-True
Bob owned a small farm of 100 acres in Hamilton County. When he dies, he had no heirs, no friends, and no will - CORRECT ANSWER-The state will take the property
and sell it
