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REE 4103 Exam 1 Questions And Answers
100% Pass
Private ownership of real property rights is subject to certain restrictions, known as the four
powers of government. Which of the following is NOT one of the four powers of government
that restrict real property rights? - ANS Deed Restrictions
Items that have been installed or attached to the land or building in a permanent manner are
considered which of the following? - ANS Real Property
Which of the following is able to perform a formal appraisal of real estate? - ANS Only
licensed appraisers
Which of the following would not be considered personal property? - ANS Goodwill
Which of the following would not be considered an intangible asset? - ANS Tenant Fixture
Typical uses of appraisals include all of the following except: - ANS Financial Redlining
An appraiser _____ - ANS Measures and develops an opinion of value
The tenant of a small, freestanding retail building is a baker who has installed ovens for baking
bread. The ovens are large and heavy and the back wall of the building had to be removed for
the ovens to be installed. The appraiser is performing a refinancing appraisal of the real estate
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only. Should the ovens be included in the appraisal? - ANS The appraiser generally would not
include the ovens because they are trade fixtures.
According to professional standards, appraisal practice includes which of the following types of
services? - ANS Appraisal, appraisal review, and appraisal consulting.
An appraisal provides ....? - ANS A person's opinion of real property value
Which of the following is the best example of using an appraisal in litigation? -
ANS Estimating damages created by violations of environmental laws
An appraiser is allowed to provide an estimate of what type of value(s)? - ANS Market value,
use value, assessed value, fair value, and other types of value identified and defined at the
outset of the appraisal assignment.
In appraisal, appraisers appraise...? - ANS Real Property Interests
The legal definition of real estate includes all of the following except: - ANS Lease benefits
An estate in land describes the ___________________ that a person has in the real property. -
ANS Degree, nature, or extent of interest
Which of the following is the best example of using appraisals in investment counseling? -
ANS Developing an opinion of fair value for financial reporting.
Which of the following is a market transaction where appraisals are used. -
ANS Purchase/Sale Financing
Which of the following would not be considered part of the real property? - ANS Furniture
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Those assets that are not tangible real property, tangible personal property, or financial assets.
Something that is not materal, not corporeal, or not substantially real are _________. -
ANS Intangible assets
Movable items of property that are not permanently affixed to, or part of, the real estate are
considered to be __________. - ANS Personal Property
As the nature and extent of land use controls change, so do the nature and extent of private
land ownership. Consequently, real estate appraisers must be familiar with the regulations and
restrictions that apply to land use in general, but do not need to analyze how these regulations
affect a specific property. - ANS False
The economic concept of land as a sourse of wealth and an object of value is central to
appraisal theory. - ANS True
In economics, land is regarded as one of the four agents of production, along with labor, capital,
and entrepreneurial coordination. - ANS True
Legal matters of particular concern to appraisers include all of the following except: -
ANS Property Size
The utility of land and the highest and best use to which land can be put are significantly
affected by the physical and locational characteristics of the land and other related
considerations, broadly referred to as geography. - ANS True
The concepts of land are - ANS Legal, geographic and environmental, economic, and social.
All of the following are attributes of land except: - ANS The supply if land is infitie
REE 4103 Exam 1 Questions And Answers
100% Pass
Private ownership of real property rights is subject to certain restrictions, known as the four
powers of government. Which of the following is NOT one of the four powers of government
that restrict real property rights? - ANS Deed Restrictions
Items that have been installed or attached to the land or building in a permanent manner are
considered which of the following? - ANS Real Property
Which of the following is able to perform a formal appraisal of real estate? - ANS Only
licensed appraisers
Which of the following would not be considered personal property? - ANS Goodwill
Which of the following would not be considered an intangible asset? - ANS Tenant Fixture
Typical uses of appraisals include all of the following except: - ANS Financial Redlining
An appraiser _____ - ANS Measures and develops an opinion of value
The tenant of a small, freestanding retail building is a baker who has installed ovens for baking
bread. The ovens are large and heavy and the back wall of the building had to be removed for
the ovens to be installed. The appraiser is performing a refinancing appraisal of the real estate
, ©EVERLY 2025 ALL RIGHTS RESERVED
only. Should the ovens be included in the appraisal? - ANS The appraiser generally would not
include the ovens because they are trade fixtures.
According to professional standards, appraisal practice includes which of the following types of
services? - ANS Appraisal, appraisal review, and appraisal consulting.
An appraisal provides ....? - ANS A person's opinion of real property value
Which of the following is the best example of using an appraisal in litigation? -
ANS Estimating damages created by violations of environmental laws
An appraiser is allowed to provide an estimate of what type of value(s)? - ANS Market value,
use value, assessed value, fair value, and other types of value identified and defined at the
outset of the appraisal assignment.
In appraisal, appraisers appraise...? - ANS Real Property Interests
The legal definition of real estate includes all of the following except: - ANS Lease benefits
An estate in land describes the ___________________ that a person has in the real property. -
ANS Degree, nature, or extent of interest
Which of the following is the best example of using appraisals in investment counseling? -
ANS Developing an opinion of fair value for financial reporting.
Which of the following is a market transaction where appraisals are used. -
ANS Purchase/Sale Financing
Which of the following would not be considered part of the real property? - ANS Furniture
, ©EVERLY 2025 ALL RIGHTS RESERVED
Those assets that are not tangible real property, tangible personal property, or financial assets.
Something that is not materal, not corporeal, or not substantially real are _________. -
ANS Intangible assets
Movable items of property that are not permanently affixed to, or part of, the real estate are
considered to be __________. - ANS Personal Property
As the nature and extent of land use controls change, so do the nature and extent of private
land ownership. Consequently, real estate appraisers must be familiar with the regulations and
restrictions that apply to land use in general, but do not need to analyze how these regulations
affect a specific property. - ANS False
The economic concept of land as a sourse of wealth and an object of value is central to
appraisal theory. - ANS True
In economics, land is regarded as one of the four agents of production, along with labor, capital,
and entrepreneurial coordination. - ANS True
Legal matters of particular concern to appraisers include all of the following except: -
ANS Property Size
The utility of land and the highest and best use to which land can be put are significantly
affected by the physical and locational characteristics of the land and other related
considerations, broadly referred to as geography. - ANS True
The concepts of land are - ANS Legal, geographic and environmental, economic, and social.
All of the following are attributes of land except: - ANS The supply if land is infitie
