Real Estate Appraisal Exam 1: Ch 1-6
acceptance - ANSWER-an express act that indicates agreement over the terms of a
proposed loan
appraisal - ANSWER-an estimate or opinion of value as of certain date
appraisal report - ANSWER-communication of a formal report
appraisal standards - ANSWER-the generally agreed upon practices for professional
appraisers
appurtenance - ANSWER-that which has been added or appended to a property and
which then becomes an inherent part
base line - ANSWER-in U.S. gov't surveys, the east-west refernce line through the base
point
bundle of rights - ANSWER-the rights that accompany the ownership of real estate
competency rule - ANSWER-requires that appraisers accept only that work that they
have the knowledge and experience necessary to perform (either individually or, if
needed, in association with others)
consideration - ANSWER-in law, something of value
a necessary element of a valid contract
contract - ANSWER-an agreement between people to do or not do an act in return for
something of value
easement - ANSWER-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 - ANSWER-the power of a government to acquire property for a public
purpose by paying just or reasonable compensation
equity - ANSWER-interest or value that an owner has in real estate, over and above any
liens against it
ethics rule - ANSWER-in USPAP 2012-13 the obligation of an appraiser to comply with
professional practice requirements regarding conduct, management, and confidentiality
fixture - ANSWER-personal property that is considered part of the real estate because it
has become attached, physically or legally to the real estate
acceptance - ANSWER-an express act that indicates agreement over the terms of a
proposed loan
appraisal - ANSWER-an estimate or opinion of value as of certain date
appraisal report - ANSWER-communication of a formal report
appraisal standards - ANSWER-the generally agreed upon practices for professional
appraisers
appurtenance - ANSWER-that which has been added or appended to a property and
which then becomes an inherent part
base line - ANSWER-in U.S. gov't surveys, the east-west refernce line through the base
point
bundle of rights - ANSWER-the rights that accompany the ownership of real estate
competency rule - ANSWER-requires that appraisers accept only that work that they
have the knowledge and experience necessary to perform (either individually or, if
needed, in association with others)
consideration - ANSWER-in law, something of value
a necessary element of a valid contract
contract - ANSWER-an agreement between people to do or not do an act in return for
something of value
easement - ANSWER-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 - ANSWER-the power of a government to acquire property for a public
purpose by paying just or reasonable compensation
equity - ANSWER-interest or value that an owner has in real estate, over and above any
liens against it
ethics rule - ANSWER-in USPAP 2012-13 the obligation of an appraiser to comply with
professional practice requirements regarding conduct, management, and confidentiality
fixture - ANSWER-personal property that is considered part of the real estate because it
has become attached, physically or legally to the real estate
