©THESTAR 2025 ALL RIGHTS RESERVED 11:44 AM A+
Appraisal Institute: Basic Appraisal
Principles. Exam Questions And Answers
|Latest 2025 | Guaranteed Pass
Appraiser must perform by being: (4) - Answer✔Impartial or neutral, objective or fair minded,
independent or autonomous, free of self interest
Uncompetent Steps - Answer✔Inform the client about the identified issues before accepting
assignment, complete steps to understand issues, disclose what actions were taken to gain the
knowledge
Land - Answer✔immobile, unique, finite supply, solid surface on earth, distinguished from
water
Suprasurface Rights - Answer✔right to undisturbed use and control of designated air space
above a specific land area within stated elevations, cant interfere with feds
Surface Rights - Answer✔includes land water, anything attached to land, things on land by
human or nature
Riparian rights - Answer✔water rights where their land touches water
Littoral Rights - Answer✔Water rights involving land that touches non flowing waters such as
oceans, lakes, and ponds
Subsurface Rights - Answer✔rights to use and profit of the underground portion of a
property,construct or extract minerals, oil, and gas
1|Page
, ©THESTAR 2025 ALL RIGHTS RESERVED 11:44 AM A+
Four Forces of Value - Answer✔Government & Legal, Economic, Social, and Environmental &
Geographic
Real Estate - Answer✔Physical raw land, everything natural on land, and any improvements
that are attached to the land
Personal Property - Answer✔Anything tangible that nor classified as real estate known as
chattel or personality, annual crops
Fixture - Answer✔Real estate, was once personal property, but now real estate such as a
planted tree
"Test of Fixtures" - Answer✔Attachment of annexation, Adaptation, agreement
Trade Fixtures - Answer✔Fixtures that are personal property due to them being under a lease
contract
Real Property - Answer✔all rights, interest, and benefits relating to the ownership of real estate
Bundle of Rights - Answer✔Possession, Transfer, Lease, Mortgage, Improve
Estate - Answer✔a right or interest in a property
Freehold Estate - Answer✔Have present/Future Possession, Indeterminate duration,
considered in an ownership position, full bundle of rights
Absolute Estate-Fee Simple-Freehold Estate - Answer✔only one that does not include any
future interest and hold all rights
Fee Simple Defeasible - Answer✔Future interest, conditioned on a specific use "so long as" "in
condition that" summer camp property use
Fee Simple Leased for Interest - Answer✔not having possession of but having future interest
after tenant lease
2|Page
Appraisal Institute: Basic Appraisal
Principles. Exam Questions And Answers
|Latest 2025 | Guaranteed Pass
Appraiser must perform by being: (4) - Answer✔Impartial or neutral, objective or fair minded,
independent or autonomous, free of self interest
Uncompetent Steps - Answer✔Inform the client about the identified issues before accepting
assignment, complete steps to understand issues, disclose what actions were taken to gain the
knowledge
Land - Answer✔immobile, unique, finite supply, solid surface on earth, distinguished from
water
Suprasurface Rights - Answer✔right to undisturbed use and control of designated air space
above a specific land area within stated elevations, cant interfere with feds
Surface Rights - Answer✔includes land water, anything attached to land, things on land by
human or nature
Riparian rights - Answer✔water rights where their land touches water
Littoral Rights - Answer✔Water rights involving land that touches non flowing waters such as
oceans, lakes, and ponds
Subsurface Rights - Answer✔rights to use and profit of the underground portion of a
property,construct or extract minerals, oil, and gas
1|Page
, ©THESTAR 2025 ALL RIGHTS RESERVED 11:44 AM A+
Four Forces of Value - Answer✔Government & Legal, Economic, Social, and Environmental &
Geographic
Real Estate - Answer✔Physical raw land, everything natural on land, and any improvements
that are attached to the land
Personal Property - Answer✔Anything tangible that nor classified as real estate known as
chattel or personality, annual crops
Fixture - Answer✔Real estate, was once personal property, but now real estate such as a
planted tree
"Test of Fixtures" - Answer✔Attachment of annexation, Adaptation, agreement
Trade Fixtures - Answer✔Fixtures that are personal property due to them being under a lease
contract
Real Property - Answer✔all rights, interest, and benefits relating to the ownership of real estate
Bundle of Rights - Answer✔Possession, Transfer, Lease, Mortgage, Improve
Estate - Answer✔a right or interest in a property
Freehold Estate - Answer✔Have present/Future Possession, Indeterminate duration,
considered in an ownership position, full bundle of rights
Absolute Estate-Fee Simple-Freehold Estate - Answer✔only one that does not include any
future interest and hold all rights
Fee Simple Defeasible - Answer✔Future interest, conditioned on a specific use "so long as" "in
condition that" summer camp property use
Fee Simple Leased for Interest - Answer✔not having possession of but having future interest
after tenant lease
2|Page
