BASIC APPRAISAL PRINCIPLES REVISION EXAM ACTUAL
QUESTIONS AND ANSWERS SURE A+
✔✔The right to construct and maintain tunnels, subways, subcellars, pipelines, sewers,
etc." is the definition of ___________ rights. - ✔✔subsurface
✔✔Which is NOT considered to be real estate? - ✔✔property rights
✔✔Physical land and appurtenances attached to the land is the definition of - ✔✔real
estate
✔✔Which is NOT a characteristic of land? - ✔✔mobility
✔✔The public restriction on property rights that allows the government to place a lien on
a property is - ✔✔taxation
✔✔Public limitations on private property rights include all of the following EXCEPT -
✔✔CC&R's
✔✔True or False? A lot and block legal description always gives the lot size and
dimensions. - ✔✔False
✔✔Which system of legal desription is the earliest of systems used in the U.S.? -
✔✔metes and bounds
✔✔"Metes" refers to __________ and "bounds" refers to _________. - ✔✔bearing,
distance
✔✔A farmer purchased a half-section for $456,000. How much did he pay for the
property per acre? - ✔✔$1,425
✔✔Which system of legal descriptions is based on standardized measurements and
consistent squares? - ✔✔rectangular survey
✔✔The rectangular survey system is also known as the - ✔✔government survey system
✔✔A rectangular lot measures 569.32 feet by 414.90 feet. How many acres is that? -
✔✔5.42
✔✔A lot contains 5.62 acres. It sells for $225,000. How much did it sell for per acre? -
✔✔$ 40,036
, ✔✔A lot contains 1.54 acres. It sells for $100,000. How much did it sell for per square
foot? - ✔✔$ 1.49
✔✔A township contains ______ square miles. - ✔✔36
✔✔How many degrees are in a full circle? - ✔✔360
✔✔How many links are there in Gunter's chain? - ✔✔100
✔✔A rancher owns 8 full sections and 3 half sections. He sells off 5 quarter sections.
How many acres are left? - ✔✔$ 5,280
✔✔An easement that has, by definition, both dominant and servient tenements is a -
✔✔easement appurtenant
✔✔When appraising a property that is subject to a life estate, an appraiser is MOST
likely to use - ✔✔a discount based on a mortality table
✔✔Bob grants a life estate in his property to his mother, Mary. As long as Mary is alive,
Bob's estate in the property is referred to as a (an) - ✔✔estate in remainder
✔✔True or False? When a property is leased, two separate estates are created. -
✔✔True
✔✔What type of property ownership is characterized by the purchase of shares of stock
in a corporation, which provides a proprietary lease to occupy an apartment unit? -
✔✔cooperative
✔✔What is a corporation or trust that functions like a mutual fund for real estate, by
combining the capital of many investors to acquire real estate? - ✔✔REIT
✔✔What form of concurrent ownership allows a person to sell off their interest without
the approval or knowledge of the other owners? - ✔✔tenants in common
✔✔Tenancy by the entirety is a form of ownership reserved for - ✔✔spouses
✔✔Which is NOT a partial estate? - ✔✔fee simple estate
✔✔"A form of ownership in which each owner possesses the exclusive right to use and
occupy an allotted unit plus an undivided interest in common areas" is the definition of a
- ✔✔condominium
QUESTIONS AND ANSWERS SURE A+
✔✔The right to construct and maintain tunnels, subways, subcellars, pipelines, sewers,
etc." is the definition of ___________ rights. - ✔✔subsurface
✔✔Which is NOT considered to be real estate? - ✔✔property rights
✔✔Physical land and appurtenances attached to the land is the definition of - ✔✔real
estate
✔✔Which is NOT a characteristic of land? - ✔✔mobility
✔✔The public restriction on property rights that allows the government to place a lien on
a property is - ✔✔taxation
✔✔Public limitations on private property rights include all of the following EXCEPT -
✔✔CC&R's
✔✔True or False? A lot and block legal description always gives the lot size and
dimensions. - ✔✔False
✔✔Which system of legal desription is the earliest of systems used in the U.S.? -
✔✔metes and bounds
✔✔"Metes" refers to __________ and "bounds" refers to _________. - ✔✔bearing,
distance
✔✔A farmer purchased a half-section for $456,000. How much did he pay for the
property per acre? - ✔✔$1,425
✔✔Which system of legal descriptions is based on standardized measurements and
consistent squares? - ✔✔rectangular survey
✔✔The rectangular survey system is also known as the - ✔✔government survey system
✔✔A rectangular lot measures 569.32 feet by 414.90 feet. How many acres is that? -
✔✔5.42
✔✔A lot contains 5.62 acres. It sells for $225,000. How much did it sell for per acre? -
✔✔$ 40,036
, ✔✔A lot contains 1.54 acres. It sells for $100,000. How much did it sell for per square
foot? - ✔✔$ 1.49
✔✔A township contains ______ square miles. - ✔✔36
✔✔How many degrees are in a full circle? - ✔✔360
✔✔How many links are there in Gunter's chain? - ✔✔100
✔✔A rancher owns 8 full sections and 3 half sections. He sells off 5 quarter sections.
How many acres are left? - ✔✔$ 5,280
✔✔An easement that has, by definition, both dominant and servient tenements is a -
✔✔easement appurtenant
✔✔When appraising a property that is subject to a life estate, an appraiser is MOST
likely to use - ✔✔a discount based on a mortality table
✔✔Bob grants a life estate in his property to his mother, Mary. As long as Mary is alive,
Bob's estate in the property is referred to as a (an) - ✔✔estate in remainder
✔✔True or False? When a property is leased, two separate estates are created. -
✔✔True
✔✔What type of property ownership is characterized by the purchase of shares of stock
in a corporation, which provides a proprietary lease to occupy an apartment unit? -
✔✔cooperative
✔✔What is a corporation or trust that functions like a mutual fund for real estate, by
combining the capital of many investors to acquire real estate? - ✔✔REIT
✔✔What form of concurrent ownership allows a person to sell off their interest without
the approval or knowledge of the other owners? - ✔✔tenants in common
✔✔Tenancy by the entirety is a form of ownership reserved for - ✔✔spouses
✔✔Which is NOT a partial estate? - ✔✔fee simple estate
✔✔"A form of ownership in which each owner possesses the exclusive right to use and
occupy an allotted unit plus an undivided interest in common areas" is the definition of a
- ✔✔condominium
