REE 4103 EXAM 1 QUESTIONS AND ANSWERS
A nearby property sold for $250,000 and included a finished basement. The subject
property is almost identical except that it does not include a basement. What does this
tell you about the subject? - Answer -The subject is worth less than $250,000
Movable items of property that are not permanently affixed to, or part of, the real estate
are considered to be __________. - Answer -Personal property
Suppose that you own a house and five acres just outside the town of Monticello. This
home is adjacent to Route 23, which has been a small two-lane highway or many years.
Last year, the state decided to widen this road to six lanes to accommodate all the
future traffic that will be created by a new riverboat casino. To facilitate this expansion,
the state will need about 50 feet off the front of your homestead. The state will - Answer
-Pay you a fair and equitable amount based on the estimated property value before the
taking and another valuation after the taking
Real property consists of - Answer -Rights in realty
Items that are built to be permanent and intended to be included with real property are -
Answer -real estate
Appraisals are used for all of the following except: - Answer -Appraisals guarantee the
market value of property to a lender.
According to professional standards, appraisal practice includes which of the following
types of services? - Answer -Appraisal, appraisal review, and appraisal consulting.
A fee simple interest in real property is limited only by - Answer -Taxation, eminent
domain, police power, and escheat
Because land ownership can be limited, ownership rights are the subect of law. The
value of these rights is the focus of real property appraisal. - Answer -True
The economic concept of land as a source of wealth and an object of value is central to
appraisal theory. - Answer -True
Land is unique because - Answer -No two parcels can occupy the same space on the
face of the earth
Legal matters of particular concern to appraisers include all of the following except: -
Answer -Property size
The concepts of land are - Answer -Legal, geographic and environmental, economic,
and social.
A nearby property sold for $250,000 and included a finished basement. The subject
property is almost identical except that it does not include a basement. What does this
tell you about the subject? - Answer -The subject is worth less than $250,000
Movable items of property that are not permanently affixed to, or part of, the real estate
are considered to be __________. - Answer -Personal property
Suppose that you own a house and five acres just outside the town of Monticello. This
home is adjacent to Route 23, which has been a small two-lane highway or many years.
Last year, the state decided to widen this road to six lanes to accommodate all the
future traffic that will be created by a new riverboat casino. To facilitate this expansion,
the state will need about 50 feet off the front of your homestead. The state will - Answer
-Pay you a fair and equitable amount based on the estimated property value before the
taking and another valuation after the taking
Real property consists of - Answer -Rights in realty
Items that are built to be permanent and intended to be included with real property are -
Answer -real estate
Appraisals are used for all of the following except: - Answer -Appraisals guarantee the
market value of property to a lender.
According to professional standards, appraisal practice includes which of the following
types of services? - Answer -Appraisal, appraisal review, and appraisal consulting.
A fee simple interest in real property is limited only by - Answer -Taxation, eminent
domain, police power, and escheat
Because land ownership can be limited, ownership rights are the subect of law. The
value of these rights is the focus of real property appraisal. - Answer -True
The economic concept of land as a source of wealth and an object of value is central to
appraisal theory. - Answer -True
Land is unique because - Answer -No two parcels can occupy the same space on the
face of the earth
Legal matters of particular concern to appraisers include all of the following except: -
Answer -Property size
The concepts of land are - Answer -Legal, geographic and environmental, economic,
and social.
