Basic Appraisal Principles Exam Prep
UPDATED ACTUAL Questions and
CORRECT Answers
43,560 - CORRECT ANSWER - How many square feet in 1 acre
640 - CORRECT ANSWER - how many acres in township
Accretion - CORRECT ANSWER - land besides a lake or river is gradually increased when
waterborne silt is deposited on the shore
Actual notice - CORRECT ANSWER - Straight forward knowledge of information. in terms
of real property, may stem from seller, neighbor, personal inspection of property, etc.
Adaptation - CORRECT ANSWER - item is a fixture if the item is built in, custom made, or
was constructed or installed to fulfill specific purpose
Apply the correct approaches - CORRECT ANSWER - Step 4
Attachment/annexation - CORRECT ANSWER - the item is a fixture that is attached to real
estate in such a way that is removal would cause damage
Bill of sale - CORRECT ANSWER - transfer ownership of personal property that is not
included in valuation of real estate property
borrower - CORRECT ANSWER - signs a promissory note AND a mortgage
Collect data and conduct analysis - CORRECT ANSWER - Step 3
, Common interest ownership - CORRECT ANSWER - combines sole ownership with co-
ownership
Deed - CORRECT ANSWER - written, legal instrument where grantor conveys to a grantee a
right, title, or interest in real property
Define the problem - CORRECT ANSWER - Step 1
Determine scope of work - CORRECT ANSWER - Step 2
Determines the scope of work - CORRECT ANSWER - Appraiser, not client
Economic base analysis - CORRECT ANSWER - allows business to generate income from
outside the immediate community (income, population growth, purchasing power, employment
quality)
Emblement - CORRECT ANSWER - a growing crop that is produced and cultivated annually
and is considered personal property
Eminent domain - CORRECT ANSWER - U.S. Constitution states that government has the
power to take private property for public use
Equity - CORRECT ANSWER - difference between value of a property and the debt against it
Essential element of deed - CORRECT ANSWER - be delivered to and accepted by the
grantee (grandkid never receives it before grandpa dies, grandpa still owns)
Estate in remainder - CORRECT ANSWER - upon death of the life tenant, fee simple interest
granted to a third party
UPDATED ACTUAL Questions and
CORRECT Answers
43,560 - CORRECT ANSWER - How many square feet in 1 acre
640 - CORRECT ANSWER - how many acres in township
Accretion - CORRECT ANSWER - land besides a lake or river is gradually increased when
waterborne silt is deposited on the shore
Actual notice - CORRECT ANSWER - Straight forward knowledge of information. in terms
of real property, may stem from seller, neighbor, personal inspection of property, etc.
Adaptation - CORRECT ANSWER - item is a fixture if the item is built in, custom made, or
was constructed or installed to fulfill specific purpose
Apply the correct approaches - CORRECT ANSWER - Step 4
Attachment/annexation - CORRECT ANSWER - the item is a fixture that is attached to real
estate in such a way that is removal would cause damage
Bill of sale - CORRECT ANSWER - transfer ownership of personal property that is not
included in valuation of real estate property
borrower - CORRECT ANSWER - signs a promissory note AND a mortgage
Collect data and conduct analysis - CORRECT ANSWER - Step 3
, Common interest ownership - CORRECT ANSWER - combines sole ownership with co-
ownership
Deed - CORRECT ANSWER - written, legal instrument where grantor conveys to a grantee a
right, title, or interest in real property
Define the problem - CORRECT ANSWER - Step 1
Determine scope of work - CORRECT ANSWER - Step 2
Determines the scope of work - CORRECT ANSWER - Appraiser, not client
Economic base analysis - CORRECT ANSWER - allows business to generate income from
outside the immediate community (income, population growth, purchasing power, employment
quality)
Emblement - CORRECT ANSWER - a growing crop that is produced and cultivated annually
and is considered personal property
Eminent domain - CORRECT ANSWER - U.S. Constitution states that government has the
power to take private property for public use
Equity - CORRECT ANSWER - difference between value of a property and the debt against it
Essential element of deed - CORRECT ANSWER - be delivered to and accepted by the
grantee (grandkid never receives it before grandpa dies, grandpa still owns)
Estate in remainder - CORRECT ANSWER - upon death of the life tenant, fee simple interest
granted to a third party
