15 HOUR NATIONAL USPAP/REAL ESTATE APPRAISAL FINAL
EXAM CHAPTERS ALL CHAPTER WITH ALL POSSIBLE
QUESTIONS AND VERIFIED CORRECT ANSWERS RATED A+
Appraisers must develop and communication their work in a manner
that is meaningful and _____ to their clients. - ANSWER ->not
misleading
An appraiser must not advocate the cause or interest of any ____. -
ANSWER ->party or issue
At what point must an appraiser be competent regarding an appraisal
assignment? - ANSWER ->at completion of the assignment
The appraiser must be prepared to demonstrate that the type and
extent of research and analyses performed in the appraisal is sufficient
to produce ____ assignment results. - ANSWER ->credible
an appraiser performing an assignment in an unfamiliar geographic
location must spend sufficient time to understand the _____ of the
local market. - ANSWER ->nuances
FALSE - ANSWER ->T/F?
A series of errors in an appraisal is acceptable as long as it does not
significantly affect the value conclusion
TRUE - ANSWER ->T/F?
An appraiser must inform a client prior to accepting the assignment if
he or she lacks the requisite knowledge and/ or experience to complete
the assignment competently.
,FALSE - ANSWER ->T/F?
A fee arrangement contingent on an appraiser's value conclusion will
help the appraiser to maintain impartiality and independence.
FALSE - ANSWER ->T/F?
In an assignment that involves a dispute between two parties, it is the
appraiser's duty to represent his client's position.
TRUE - ANSWER ->T/F?
The unethical practices of a few can sometimes damage public trust for
an entire profession.
one who is expected to perform valuation services competently and in
a manner that is independent, impartial, and objective - ANSWER -
>APPRAISER
- ANSWER ->COMPETENCY
- ANSWER ->ETHICAL PRACTICE
- ANSWER ->PUBLIC TRUST
- ANSWER ->SUFFICIENT DILIGENCE
something added or appended to a property that then becomes an
inherent part of the property; ... usually passes with the property when
title is transferred - ANSWER ->APPURTENANCE
total range of ownership interests in real property. an owner that
possesses all the interests the bundle of rights has the most complete
form of ownership
1. transfer
2. lease
,3. mortgage
4. improve
5. possession - ANSWER ->BUNDLE OF RIGHTS
annual cops and plantings such as corn, wheat, and vegetables are
know as emblements and are personal property - ANSWER -
>EMBLEMENTS
an article that was once personal property but has since been installed
or attached to the land or building in a rather permanent manner so
that it is regarded in law as part of the real estate - ANSWER -
>FIXTURES
- ANSWER ->IMPROVEMENTS
the earth's surface, both land and water, and anything that is attached
to it whether by the course of nature or human hands; all natural
resources in their original state, e.g., mineral deposits, wildlife, timber,
fish, water, coal deposits, soil. - ANSWER ->LAND
theses are rights pertaining to properties abutting an ocean, lake or
pond (general interpreted as non-flowing waters) with an emphasis on
the use and enjoyment of the shore (thee are between high and low
water levels). - ANSWER ->LITTORAL RIGHTS
divided or undivided rights in real estate that represent less than the
whole - ANSWER ->PARTIAL INTERESTS
identifiable tangible objects that are considered by the general public
as being personal. all tangible property that is not classified as real
estate
is also known as CHATTEL and PERSONALTY - ANSWER ->PERSONAL
PROPERTY
, is land and all things that are a natural part of the land such as trees
and minerals
includes appurtenances
all real estate improvements were once personal property; when
attached to the land, they become real estate - ANSWER ->REAL ESTATE
the interests, benefits, and rights inherent in the ownership of real
estate - ANSWER ->REAL PROPERTY
these are rights pertaining to properties touching a body of water or a
waterway such as a river or stream (generally interpreted as flowing
waters) with an emphasis on the benefit and useful purpose to which
the flowing water may be applied. - ANSWER ->RIPARIAN RIGHTS
rights to the use and profits of the underground portion of a designated
property
right to extract coal, minerals, oil, gas and water
right to construct and maintain tunnels, subways, sewers and
basements
solid mineral rights
oil and gas rights - ANSWER ->SUBSURFACE RIGHTS
include land, water, and anything attached to the land -- either
naturally or placed by human hands - ANSWER ->SURFACE RIGHTS
are articles placed in or attached to rented buildings by a tenant to help
carry out the trade or business of the tenant
are personal property - ANSWER ->TRADE FIXTURES
TRADE FIXTURE - ANSWER ->Photographic printing equipment owned
and used by a one-hour photo business that rents space in a mall
EXAM CHAPTERS ALL CHAPTER WITH ALL POSSIBLE
QUESTIONS AND VERIFIED CORRECT ANSWERS RATED A+
Appraisers must develop and communication their work in a manner
that is meaningful and _____ to their clients. - ANSWER ->not
misleading
An appraiser must not advocate the cause or interest of any ____. -
ANSWER ->party or issue
At what point must an appraiser be competent regarding an appraisal
assignment? - ANSWER ->at completion of the assignment
The appraiser must be prepared to demonstrate that the type and
extent of research and analyses performed in the appraisal is sufficient
to produce ____ assignment results. - ANSWER ->credible
an appraiser performing an assignment in an unfamiliar geographic
location must spend sufficient time to understand the _____ of the
local market. - ANSWER ->nuances
FALSE - ANSWER ->T/F?
A series of errors in an appraisal is acceptable as long as it does not
significantly affect the value conclusion
TRUE - ANSWER ->T/F?
An appraiser must inform a client prior to accepting the assignment if
he or she lacks the requisite knowledge and/ or experience to complete
the assignment competently.
,FALSE - ANSWER ->T/F?
A fee arrangement contingent on an appraiser's value conclusion will
help the appraiser to maintain impartiality and independence.
FALSE - ANSWER ->T/F?
In an assignment that involves a dispute between two parties, it is the
appraiser's duty to represent his client's position.
TRUE - ANSWER ->T/F?
The unethical practices of a few can sometimes damage public trust for
an entire profession.
one who is expected to perform valuation services competently and in
a manner that is independent, impartial, and objective - ANSWER -
>APPRAISER
- ANSWER ->COMPETENCY
- ANSWER ->ETHICAL PRACTICE
- ANSWER ->PUBLIC TRUST
- ANSWER ->SUFFICIENT DILIGENCE
something added or appended to a property that then becomes an
inherent part of the property; ... usually passes with the property when
title is transferred - ANSWER ->APPURTENANCE
total range of ownership interests in real property. an owner that
possesses all the interests the bundle of rights has the most complete
form of ownership
1. transfer
2. lease
,3. mortgage
4. improve
5. possession - ANSWER ->BUNDLE OF RIGHTS
annual cops and plantings such as corn, wheat, and vegetables are
know as emblements and are personal property - ANSWER -
>EMBLEMENTS
an article that was once personal property but has since been installed
or attached to the land or building in a rather permanent manner so
that it is regarded in law as part of the real estate - ANSWER -
>FIXTURES
- ANSWER ->IMPROVEMENTS
the earth's surface, both land and water, and anything that is attached
to it whether by the course of nature or human hands; all natural
resources in their original state, e.g., mineral deposits, wildlife, timber,
fish, water, coal deposits, soil. - ANSWER ->LAND
theses are rights pertaining to properties abutting an ocean, lake or
pond (general interpreted as non-flowing waters) with an emphasis on
the use and enjoyment of the shore (thee are between high and low
water levels). - ANSWER ->LITTORAL RIGHTS
divided or undivided rights in real estate that represent less than the
whole - ANSWER ->PARTIAL INTERESTS
identifiable tangible objects that are considered by the general public
as being personal. all tangible property that is not classified as real
estate
is also known as CHATTEL and PERSONALTY - ANSWER ->PERSONAL
PROPERTY
, is land and all things that are a natural part of the land such as trees
and minerals
includes appurtenances
all real estate improvements were once personal property; when
attached to the land, they become real estate - ANSWER ->REAL ESTATE
the interests, benefits, and rights inherent in the ownership of real
estate - ANSWER ->REAL PROPERTY
these are rights pertaining to properties touching a body of water or a
waterway such as a river or stream (generally interpreted as flowing
waters) with an emphasis on the benefit and useful purpose to which
the flowing water may be applied. - ANSWER ->RIPARIAN RIGHTS
rights to the use and profits of the underground portion of a designated
property
right to extract coal, minerals, oil, gas and water
right to construct and maintain tunnels, subways, sewers and
basements
solid mineral rights
oil and gas rights - ANSWER ->SUBSURFACE RIGHTS
include land, water, and anything attached to the land -- either
naturally or placed by human hands - ANSWER ->SURFACE RIGHTS
are articles placed in or attached to rented buildings by a tenant to help
carry out the trade or business of the tenant
are personal property - ANSWER ->TRADE FIXTURES
TRADE FIXTURE - ANSWER ->Photographic printing equipment owned
and used by a one-hour photo business that rents space in a mall
