Appraisal Final Exam - The Property
Description-Graded A
Leonard owns the fee simple interest in a two-acre parcel improved with a 24,000-sq.-ft.
industrial building. He leased it to Lorraine for 32 years. Leonard is the - ANS-Lessor
The subject property is an interest in real estate whereby the owner gets a proprietary
lease and a share of stock in a corporation that owns the fee simple to the property. In
this case, this interest describes a(n) - ANS-Cooperative
Real estate is - ANS-land and anything that is attached to it
Real property includes - ANS-All interests, benefits, and rights inherent in the ownership
of real estate
Personal property that is installed in a permanent way for use in the tenant's business
on leased property is classified as - ANS-Trade Fixture
Items that are designed and built to be permanent and intended to be included and sold
with real property are - ANS-Real Estate
The subject is a residential property. It has a title problem because of a demand made
by the estranged wife of the former owner of the real estate. This claim, if proven valid,
would diminish the value for the current owners. This is a claim against - ANS-The real
property
The subject is the fee simple interest in a residential property. If an appraiser were
doing an appraisal of this property, a tree planted on the subject real estate a year ago
would be considered as - ANS-Real Estate
Easement - ANS-Is a nonpossessory right to use or pass over another person's land for
a specific or general purpose
A deed should be recorded because - ANS-Recording gives public notice of the
transaction and sets the priority of the claims
The highest and Fullest estate in land is the - ANS-Fee Simple
Littoral Rights - ANS-The rights of property owners to access a lake or ocean
With few exceptions, the supply of land is - ANS-Finite (to have heavy limits or bounds)
, An owner of a stone quarry is tunneling underground next to his open pit quarry. To find
additional product, he has gone down 200 feet and has also extended about 200 feet
under the adjacent owner's property. The owner of the quarry has - ANS-respassed
onto the adjacent owner's property
A real property is owned by a group of persons who each have an undivided fractional
interest as tenants in common. If one of the owners dies, his or her interest goes to -
ANS-The decedent's heirs
A property is owned in joint tenancy with rights of survivorship. If one of the owners
dies, the decedent's interest goes to - ANS-The other joint tenant(s)
The subject parcel has a legal description that reads as follows:"Beginning at the
southwest corner of Old McDonald's farm, then proceeding 4556' north to the southeast
corner of the Johnson's 59-acre farm, thence east 4,321' to the eastern property line of
the Flintstone residential property, thence 4,444' to the place of beginning."This is an
example of - ANS-The metes and bounds system
The subject property is a one-acre parcel improved with a 24-year-old residence. This
parcel is zoned for commercial use only. The residential use was established 30 years
ago, which was before the zoning ordinance was passed into law. This is an example of
a(n) - ANS-Legal Nonconforming use
Fill in the blank:
John and Sue Anderson own a small commercial building in Smallburg. The Andersons
think that the county assessor has overvalued their asset and they are paying more
than their fair share of property taxes as a result. They hired an appraiser to estimate
the value of their property to contest the taxes. This is most likely a(n) ________
appraisal. - ANS-Assessed Value
A process whereby the owner gives title to the lender voluntarily because he or she is
unable to meet its obligations is called - ANS-A deed in lieu of foreclosure
Land is unique because - ANS-No two parcels can occupy the same location and
uniqueness
Licensed or certified real estate appraisers generally develop opinions of the value of -
ANS-Real property rights
Amy obtained a mortgage loan on a property from ABC Mortgage Company last year.
There were no other mortgage liens against the property at that time. She then obtained
another mortgage from XYZ Mortgage Company this year without paying off the other
loan. Amy paid off the mortgage loan with ABC this month.The loan with XYZ is now -
ANS-the first mortgage lien
Description-Graded A
Leonard owns the fee simple interest in a two-acre parcel improved with a 24,000-sq.-ft.
industrial building. He leased it to Lorraine for 32 years. Leonard is the - ANS-Lessor
The subject property is an interest in real estate whereby the owner gets a proprietary
lease and a share of stock in a corporation that owns the fee simple to the property. In
this case, this interest describes a(n) - ANS-Cooperative
Real estate is - ANS-land and anything that is attached to it
Real property includes - ANS-All interests, benefits, and rights inherent in the ownership
of real estate
Personal property that is installed in a permanent way for use in the tenant's business
on leased property is classified as - ANS-Trade Fixture
Items that are designed and built to be permanent and intended to be included and sold
with real property are - ANS-Real Estate
The subject is a residential property. It has a title problem because of a demand made
by the estranged wife of the former owner of the real estate. This claim, if proven valid,
would diminish the value for the current owners. This is a claim against - ANS-The real
property
The subject is the fee simple interest in a residential property. If an appraiser were
doing an appraisal of this property, a tree planted on the subject real estate a year ago
would be considered as - ANS-Real Estate
Easement - ANS-Is a nonpossessory right to use or pass over another person's land for
a specific or general purpose
A deed should be recorded because - ANS-Recording gives public notice of the
transaction and sets the priority of the claims
The highest and Fullest estate in land is the - ANS-Fee Simple
Littoral Rights - ANS-The rights of property owners to access a lake or ocean
With few exceptions, the supply of land is - ANS-Finite (to have heavy limits or bounds)
, An owner of a stone quarry is tunneling underground next to his open pit quarry. To find
additional product, he has gone down 200 feet and has also extended about 200 feet
under the adjacent owner's property. The owner of the quarry has - ANS-respassed
onto the adjacent owner's property
A real property is owned by a group of persons who each have an undivided fractional
interest as tenants in common. If one of the owners dies, his or her interest goes to -
ANS-The decedent's heirs
A property is owned in joint tenancy with rights of survivorship. If one of the owners
dies, the decedent's interest goes to - ANS-The other joint tenant(s)
The subject parcel has a legal description that reads as follows:"Beginning at the
southwest corner of Old McDonald's farm, then proceeding 4556' north to the southeast
corner of the Johnson's 59-acre farm, thence east 4,321' to the eastern property line of
the Flintstone residential property, thence 4,444' to the place of beginning."This is an
example of - ANS-The metes and bounds system
The subject property is a one-acre parcel improved with a 24-year-old residence. This
parcel is zoned for commercial use only. The residential use was established 30 years
ago, which was before the zoning ordinance was passed into law. This is an example of
a(n) - ANS-Legal Nonconforming use
Fill in the blank:
John and Sue Anderson own a small commercial building in Smallburg. The Andersons
think that the county assessor has overvalued their asset and they are paying more
than their fair share of property taxes as a result. They hired an appraiser to estimate
the value of their property to contest the taxes. This is most likely a(n) ________
appraisal. - ANS-Assessed Value
A process whereby the owner gives title to the lender voluntarily because he or she is
unable to meet its obligations is called - ANS-A deed in lieu of foreclosure
Land is unique because - ANS-No two parcels can occupy the same location and
uniqueness
Licensed or certified real estate appraisers generally develop opinions of the value of -
ANS-Real property rights
Amy obtained a mortgage loan on a property from ABC Mortgage Company last year.
There were no other mortgage liens against the property at that time. She then obtained
another mortgage from XYZ Mortgage Company this year without paying off the other
loan. Amy paid off the mortgage loan with ABC this month.The loan with XYZ is now -
ANS-the first mortgage lien
