Appraisal Institute: Basic Appraisal Principles Exam Questions and Answers 100% Pass

Appraisal Institute: Basic Appraisal Principles Exam Questions and Answers 100% Pass Appraiser must perform by being: (4) - Impartial or neutral, objective or fair minded, independent or autonomous, free of self interest Uncompetent Steps - 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 - immobile, unique, finite supply, solid surface on earth, distinguished from water Suprasurface Rights - right to undisturbed use and control of designated air space above a specific land area within stated elevations, cant interfere with feds Surface Rights - includes land water, anything attached to land, things on land by human or nature Riparian rights - water rights where their land touches water Littoral Rights - Water rights involving land that touches non flowing waters such as oceans, lakes, and ponds 2100% Pass Guarantee Emily Charlene All Rights Reserved © 2025 Subsurface Rights - rights to use and profit of the underground portion of a property,construct or extract minerals, oil, and gas Four Forces of Value - Government & Legal, Economic, Social, and Environmental & Geographic Real Estate - Physical raw land, everything natural on land, and any improvements that are attached to the land Personal Property - Anything tangible that nor classified as real estate known as chattel or personality, annual crops Fixture - Real estate, was once personal property, but now real estate such as a planted tree "Test of Fixtures" - Attachment of annexation, Adaptation, agreement Trade Fixtures - Fixtures that are personal property due to them being under a lease contract Real Property - all rights, interest, and benefits relating to the ownership of real estate Bundle of Rights - Possession, Transfer, Lease, Mortgage, Improve Estate - a right or interest in a property Freehold Estate - Have present/Future Possession, Indeterminate duration, considered in an ownership position, full bundle of rights Absolute Estate-Fee Simple-Freehold Estate - only one that does not include any future interest and hold all rights 3100% Pass Guarantee Emily Charlene All Rights Reserved © 2025 Fee Simple Defeasible - Future interest, conditioned on a specific use "so long as" "in condition that" summer camp property use Fee Simple Leased for Interest - not having possession of but having future interest after tenant lease Life Estate - granted property for future interest, Grantor, life tenant, remainder man, reversionary interest Leasehold Estate - Tenant has possession, defined duration, includes reversion of rights after lease expires Estate for years-Leasehold - Tenancy is defined, standard lease, extension requires new contract Estate from period to period-Leasehold - residential, indefinite, month to month, Estate at Will-Leasehold - similar to period to period with no specific date, renews itself array of time Estate at Sufferance-Leasehold - tenant lawfully takes po