10/28/25, 9:50 AM REE 4103 EXAM 1 Exam Questions and Answers (Verified Answers) Most Recent exam COMPLETE (2025) (Latest Update 2025…
REE 4103 EXAM 1 Exam Questions and Answers
(Verified Answers) Most Recent exam COMPLETE
(2025) (Latest Update 2025) UPDATE!!
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Terms in this set (120)
An appraiser may be Low value
liable for all of the
following except:
- Negligence
- Misrepresentation
- Fraud
- Low value
For appraisal purposes, - The most probable selling price
market value may be
defined as:
- The highest offer
- The amount of the loan
commitment
- The most probable
selling price
- The asking price
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,10/28/25, 9:50 AM REE 4103 EXAM 1 Exam Questions and Answers (Verified Answers) Most Recent exam COMPLETE (2025) (Latest Update 2025…
Appraisal is - The act of process of developing an opinion of value
- The act or process of
telling the client the
market value of the real
estate
- The act of process of
developing an opinion of
value
- The report conveyed to
the client
- A lucrative profession
The concepts of land are - Legal, geographic and environmental, economic,
- Immobile, durable, finite, and social
and useful
- Legal, geographic and
environmental, economic,
and social
- Land, labor, capital, and
entrepreneurialism
- Leasehold, leased fee,
and fee simple
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,10/28/25, 9:50 AM REE 4103 EXAM 1 Exam Questions and Answers (Verified Answers) Most Recent exam COMPLETE (2025) (Latest Update 2025…
The tenant of a small, - The appraiser generally would not include the ovens
freestanding retail because they are trade fixtures.`
building is a baker who
has installed ovens for
baking bread. The ovens
are large and heavy and
the back wall of the
building had to be
removed for the ovens to
be installed. The appraiser
is performing a
refinancing appraisal of
the real estate only.
Should the ovens be
included in the appraisal?
- The appraiser would
generally include the
ovens in the appraisal as
part of he real estate,
since it would be difficult
to remove them.
- The appraiser generally
would not include the
ovens because they are
trade fixtures.
- The appraiser would
generally include the
ovens in the appraisal
because they are worth a
lot of money and will add
a lot to the property value.
- The appraiser would
generally not include the
ovens because they add
no value in most markets.
https://quizlet.com/1099616345/ree-4103-exam-1-exam-questions-and-answers-verified-answers-most-recent-exam-complete-2025-latest-update-20… 3/53
, 10/28/25, 9:50 AM REE 4103 EXAM 1 Exam Questions and Answers (Verified Answers) Most Recent exam COMPLETE (2025) (Latest Update 2025…
All of the following are - Entrepreneurial Agency
agents of production
except:
- Land
- Labor
- Capital
- Entrepreneurial Agency
The perception that value - Anticipation
is created by the
expectation of benefits to
be derived in the future
- Utility
- Anticipation
- Change
- Balance
The result of the cause - Change
and effect relationship
among the forces that
influence real property
value.
- Utility
- Anticipation
- Change
- Balance
The amount of a type of Supply
real estate available for
sale or lease at various
prices in a given market at
a given time is the:
- Substitution
- Demand
- Supply
- Balance
https://quizlet.com/1099616345/ree-4103-exam-1-exam-questions-and-answers-verified-answers-most-recent-exam-complete-2025-latest-update-20… 4/53
REE 4103 EXAM 1 Exam Questions and Answers
(Verified Answers) Most Recent exam COMPLETE
(2025) (Latest Update 2025) UPDATE!!
Save
Terms in this set (120)
An appraiser may be Low value
liable for all of the
following except:
- Negligence
- Misrepresentation
- Fraud
- Low value
For appraisal purposes, - The most probable selling price
market value may be
defined as:
- The highest offer
- The amount of the loan
commitment
- The most probable
selling price
- The asking price
https://quizlet.com/1099616345/ree-4103-exam-1-exam-questions-and-answers-verified-answers-most-recent-exam-complete-2025-latest-update-20… 1/53
,10/28/25, 9:50 AM REE 4103 EXAM 1 Exam Questions and Answers (Verified Answers) Most Recent exam COMPLETE (2025) (Latest Update 2025…
Appraisal is - The act of process of developing an opinion of value
- The act or process of
telling the client the
market value of the real
estate
- The act of process of
developing an opinion of
value
- The report conveyed to
the client
- A lucrative profession
The concepts of land are - Legal, geographic and environmental, economic,
- Immobile, durable, finite, and social
and useful
- Legal, geographic and
environmental, economic,
and social
- Land, labor, capital, and
entrepreneurialism
- Leasehold, leased fee,
and fee simple
https://quizlet.com/1099616345/ree-4103-exam-1-exam-questions-and-answers-verified-answers-most-recent-exam-complete-2025-latest-update-20… 2/53
,10/28/25, 9:50 AM REE 4103 EXAM 1 Exam Questions and Answers (Verified Answers) Most Recent exam COMPLETE (2025) (Latest Update 2025…
The tenant of a small, - The appraiser generally would not include the ovens
freestanding retail because they are trade fixtures.`
building is a baker who
has installed ovens for
baking bread. The ovens
are large and heavy and
the back wall of the
building had to be
removed for the ovens to
be installed. The appraiser
is performing a
refinancing appraisal of
the real estate only.
Should the ovens be
included in the appraisal?
- The appraiser would
generally include the
ovens in the appraisal as
part of he real estate,
since it would be difficult
to remove them.
- The appraiser generally
would not include the
ovens because they are
trade fixtures.
- The appraiser would
generally include the
ovens in the appraisal
because they are worth a
lot of money and will add
a lot to the property value.
- The appraiser would
generally not include the
ovens because they add
no value in most markets.
https://quizlet.com/1099616345/ree-4103-exam-1-exam-questions-and-answers-verified-answers-most-recent-exam-complete-2025-latest-update-20… 3/53
, 10/28/25, 9:50 AM REE 4103 EXAM 1 Exam Questions and Answers (Verified Answers) Most Recent exam COMPLETE (2025) (Latest Update 2025…
All of the following are - Entrepreneurial Agency
agents of production
except:
- Land
- Labor
- Capital
- Entrepreneurial Agency
The perception that value - Anticipation
is created by the
expectation of benefits to
be derived in the future
- Utility
- Anticipation
- Change
- Balance
The result of the cause - Change
and effect relationship
among the forces that
influence real property
value.
- Utility
- Anticipation
- Change
- Balance
The amount of a type of Supply
real estate available for
sale or lease at various
prices in a given market at
a given time is the:
- Substitution
- Demand
- Supply
- Balance
https://quizlet.com/1099616345/ree-4103-exam-1-exam-questions-and-answers-verified-answers-most-recent-exam-complete-2025-latest-update-20… 4/53
