Basic Appraisal Principles Exam Questions and
ANSWERs
.
Fructus Industriales - ANSWER -Plants planted and cultivated by people (fruits
of industry)
Fructus Narurales - ANSWER -Naturally occuring plants ("fruits of nature")
Government Survey System - ANSWER -A legal description for lad referencing
principal meridians and base lines designated throughout the country.
Immobility - ANSWER -A physical characteristic of real state referring to the fact
that real estate cannot move form one place to another
Indestructibility - ANSWER -A physical characteristic of real estate referring to
the fact that that is cannot be destroyed
Littoral Rights - ANSWER -The water rights of a landowner whose property is
adjacent to a lake or contains a lake
Riparian Rights - ANSWER -The water rights of a landowner whose property is
adjacent to or crossed by a river
Lot & Block - ANSWER -A legal description used for platted property. The
description states only the property's lot and block number in a particular
subdivision; to find out the exact location of property boundaries, the plat map for
the subdivision must be consulted at the county recorder's office.
Metes & Bounds - ANSWER -A legal description that starts at an easily
identifiable point of beginning (POB) then describes the property's boundaries in
terms of courses (compass directions) and distances, ultimately returning to the
, POB
Personal Property - ANSWER -Tangible items not permanently attached to or
part of real estate. Any property that is not real property. Movable property not
affixed to land.
Property - ANSWER -The rights of ownership in a thing, such as the right to use,
posses, transfer, or encumber real estate. Something that is owned, real or personal.
Real Estate - ANSWER -The actual physical land and everything, both natural
and manmade, attached (or appurtenant) to it.
Real Property - ANSWER -Not only the physical land and everything attached to
it, but alson the rights of ownership in real estate.
Rule of Capture - ANSWER -A rule that addresses the ownership of oil or gas
derived from a well on a person's land. Whoever drills a well on his land owns all
the oil or gas the well produces, even though it might have migrated from under a
neighbor's land.
Scarcity - ANSWER -A physical characteristic of real property that says there is a
limited supply of real estate; the perceived supply of a good or service relative to
the demand for the item
Trade Fixtures - ANSWER -Equipment installed for use in a business that can be
removed before the lease expires or the property is conveyed. They are considered
personal property.
Transferability - ANSWER -The ability to freely buy, sell, encumber, or dispose
of property in any way the owner sees fit
Utility - ANSWER -The ability of a good or service to satisfy human wants,
needs, or desires.
ANSWERs
.
Fructus Industriales - ANSWER -Plants planted and cultivated by people (fruits
of industry)
Fructus Narurales - ANSWER -Naturally occuring plants ("fruits of nature")
Government Survey System - ANSWER -A legal description for lad referencing
principal meridians and base lines designated throughout the country.
Immobility - ANSWER -A physical characteristic of real state referring to the fact
that real estate cannot move form one place to another
Indestructibility - ANSWER -A physical characteristic of real estate referring to
the fact that that is cannot be destroyed
Littoral Rights - ANSWER -The water rights of a landowner whose property is
adjacent to a lake or contains a lake
Riparian Rights - ANSWER -The water rights of a landowner whose property is
adjacent to or crossed by a river
Lot & Block - ANSWER -A legal description used for platted property. The
description states only the property's lot and block number in a particular
subdivision; to find out the exact location of property boundaries, the plat map for
the subdivision must be consulted at the county recorder's office.
Metes & Bounds - ANSWER -A legal description that starts at an easily
identifiable point of beginning (POB) then describes the property's boundaries in
terms of courses (compass directions) and distances, ultimately returning to the
, POB
Personal Property - ANSWER -Tangible items not permanently attached to or
part of real estate. Any property that is not real property. Movable property not
affixed to land.
Property - ANSWER -The rights of ownership in a thing, such as the right to use,
posses, transfer, or encumber real estate. Something that is owned, real or personal.
Real Estate - ANSWER -The actual physical land and everything, both natural
and manmade, attached (or appurtenant) to it.
Real Property - ANSWER -Not only the physical land and everything attached to
it, but alson the rights of ownership in real estate.
Rule of Capture - ANSWER -A rule that addresses the ownership of oil or gas
derived from a well on a person's land. Whoever drills a well on his land owns all
the oil or gas the well produces, even though it might have migrated from under a
neighbor's land.
Scarcity - ANSWER -A physical characteristic of real property that says there is a
limited supply of real estate; the perceived supply of a good or service relative to
the demand for the item
Trade Fixtures - ANSWER -Equipment installed for use in a business that can be
removed before the lease expires or the property is conveyed. They are considered
personal property.
Transferability - ANSWER -The ability to freely buy, sell, encumber, or dispose
of property in any way the owner sees fit
Utility - ANSWER -The ability of a good or service to satisfy human wants,
needs, or desires.
