BASIC APPRAISAL PRINCIPLES LATEST 2025 ACTUAL
EXAM QUESTIONS AND ANSWERS ALREADY GRADED A+.
⫸ Which form does not have the right to survivorship?
-tenancy in common
-joint tenancy
-tenancy by the entirety. Answer:tenancy in common
⫸ What form of concurrent ownership allows a person to sell off their interest without the
approval or knowledge of the other owners?
-tenants by entirety
-tenants in common
-joint tenants
-all of these. Answer:tenants in common
⫸ What is a corporation of trust that functions like a mutual fund for real estate, by combining
the capital of many investors to acquire real estate?
-general partenership
-land trust
-syndication
-REIT. Answer:REIT
**Real Estate Investment Trust**
⫸ A property is owner as tenancy in severalty. How many owners are there?
-1
-2
-3
- not enough information. Answer:1
⫸ The landlords ownership intrest in a leased property would be
,-life estate
-fee simple absolute
-leased fee
-freehold. Answer:leased fee
⫸ "The right to perform a specific action on a property owned by another" is the definition of
-negative easement
-easement in gross
-affirmative easement
-conservation easement. Answer:affirmative easement
⫸ An easement for a railroad or pipeline would be an example of
-easement apurtenent
-positive easement
-conservation easement
-easement in gross. Answer:easement in gross
⫸ A limited partnership has
-limited partners only
-general partners only
-both general and limited partners
-only one general partner. Answer:bother general and limited partners
⫸ "The holding of property by any form of title" is the definition of
-fee simple
-tenancy
-license
-lien. Answer:tenancy
⫸ A facade easement is a type of _____ easement
-drainage
-historic perservation
,-conservation
-affirmative. Answer:historic preservation
⫸ A drainage easement is an example of a(n)
-negative easement
-easement in gross
-affirmative easement
-conservation easement. Answer:negative easement
⫸ The statute of limitions for suing for breach of an oral contract is ___ for written contracts
-longer than
-shorter than
-exactly the same as
-unlimited, unlike. Answer:shorter than
⫸ Which is the best type of deed for the buyer?
-warranty deed
-grant deed
-bargain and sale deed
-tax deed. Answer:warranty deed
⫸ What is the purpose of a states statute of frauds?
-gives the FBI jurisdiction
-prohibits fraud in real estate transactions
-requires certain documents to be in writing. Answer:requires certain documents to be in
writing
⫸ In a trust deed state, title to a property is vested in the ______ until the mortgage lien is
satisfied
-mortgagor
-grantee
-grantor
, -trustee. Answer:trustee
⫸ Which of these is not necessary in creating a valid contract that would be binding and
enforcable on all parties?
-competent parties
-reasonable price
-lawful objection
-consideration. Answer:reasonable price
⫸ Under the 2015 criteria, college level course, are required for
-none
-certified residential and general
-trainees only. Answer:certified residential and general
⫸ Which of the following stiatuions would not normally require an appraisal?
-condemnation
-employee relocation
-life insurance
-foreclosure. Answer:Life insurance
⫸ The document transmitted to the client upon completion of an appraisal assignment is the
-evaluation
-limited analysis
-appraisal report
-invoice. Answer:Appraisal report
⫸ All appraisals are performed for mortgage lending purpose.
T/F. Answer:False
⫸ When completing an appraisal assignment, an appraiser may be an advocate for one partys
interest.
EXAM QUESTIONS AND ANSWERS ALREADY GRADED A+.
⫸ Which form does not have the right to survivorship?
-tenancy in common
-joint tenancy
-tenancy by the entirety. Answer:tenancy in common
⫸ What form of concurrent ownership allows a person to sell off their interest without the
approval or knowledge of the other owners?
-tenants by entirety
-tenants in common
-joint tenants
-all of these. Answer:tenants in common
⫸ What is a corporation of trust that functions like a mutual fund for real estate, by combining
the capital of many investors to acquire real estate?
-general partenership
-land trust
-syndication
-REIT. Answer:REIT
**Real Estate Investment Trust**
⫸ A property is owner as tenancy in severalty. How many owners are there?
-1
-2
-3
- not enough information. Answer:1
⫸ The landlords ownership intrest in a leased property would be
,-life estate
-fee simple absolute
-leased fee
-freehold. Answer:leased fee
⫸ "The right to perform a specific action on a property owned by another" is the definition of
-negative easement
-easement in gross
-affirmative easement
-conservation easement. Answer:affirmative easement
⫸ An easement for a railroad or pipeline would be an example of
-easement apurtenent
-positive easement
-conservation easement
-easement in gross. Answer:easement in gross
⫸ A limited partnership has
-limited partners only
-general partners only
-both general and limited partners
-only one general partner. Answer:bother general and limited partners
⫸ "The holding of property by any form of title" is the definition of
-fee simple
-tenancy
-license
-lien. Answer:tenancy
⫸ A facade easement is a type of _____ easement
-drainage
-historic perservation
,-conservation
-affirmative. Answer:historic preservation
⫸ A drainage easement is an example of a(n)
-negative easement
-easement in gross
-affirmative easement
-conservation easement. Answer:negative easement
⫸ The statute of limitions for suing for breach of an oral contract is ___ for written contracts
-longer than
-shorter than
-exactly the same as
-unlimited, unlike. Answer:shorter than
⫸ Which is the best type of deed for the buyer?
-warranty deed
-grant deed
-bargain and sale deed
-tax deed. Answer:warranty deed
⫸ What is the purpose of a states statute of frauds?
-gives the FBI jurisdiction
-prohibits fraud in real estate transactions
-requires certain documents to be in writing. Answer:requires certain documents to be in
writing
⫸ In a trust deed state, title to a property is vested in the ______ until the mortgage lien is
satisfied
-mortgagor
-grantee
-grantor
, -trustee. Answer:trustee
⫸ Which of these is not necessary in creating a valid contract that would be binding and
enforcable on all parties?
-competent parties
-reasonable price
-lawful objection
-consideration. Answer:reasonable price
⫸ Under the 2015 criteria, college level course, are required for
-none
-certified residential and general
-trainees only. Answer:certified residential and general
⫸ Which of the following stiatuions would not normally require an appraisal?
-condemnation
-employee relocation
-life insurance
-foreclosure. Answer:Life insurance
⫸ The document transmitted to the client upon completion of an appraisal assignment is the
-evaluation
-limited analysis
-appraisal report
-invoice. Answer:Appraisal report
⫸ All appraisals are performed for mortgage lending purpose.
T/F. Answer:False
⫸ When completing an appraisal assignment, an appraiser may be an advocate for one partys
interest.
