Real Estate Appraisal Final Exam
Graded A+
__ is a person (or entity) who the appraiser intends will use the results of the appraisal
for some purpose - ANSWER-Intended user
__ is the estimated length of time the property interest being appraised would have
been offered on the market prior to the hypothetical consummation of a sale at market
value on the effective date of the appraisal - ANSWER-Exposure time
___ is the value of a property according to the tax rolls in ad valorem taxation -
ANSWER-Assessed value
A ___ is something that is believed to be true for the sake of the appraisal abut that may
or may not in fact be true as of the effective date of the appraisal - ANSWER-
Extraordinary assumption
A ___ is something that is known to be contrary to fact as of the effective date of the
appraisal but that is taken to be true for the purposes of the appraisal - ANSWER-
Hypothetical condition
A district is - ANSWER-a type of neighborhood that is characterized by homogenous
land use
A fee simple estates include ownership of the full bundle of rights, limited only by the
four powers of government - ANSWER-True
A gross lease is - ANSWER-a lease in which the landlord receives stipulated rent and is
obligated to pay all or nearly all operating expenses and real estate taxes
A group of individuals or firms that are in contact with one another for the purpose of
conducting real estate transactions is called - ANSWER-Real estate market
A jalousie is - ANSWER-A type of window with several window panes
A lease - ANSWER-Conveys the right of occupancy to another
A leased fee interest is - ANSWER-landlord
A local ordinance prohibiting construction of a motel in a specified area is an example of
- ANSWER-Police power
A period in which a neighborhood gains public favor and acceptance is one of -
ANSWER-Growth
, A person owning less than an entire bundle of rights in real estate is said to have -
ANSWER-Partial interest
A project with units that are limited both vertically and horizontally and have percentage
ownership in the common elements is - ANSWER-Condominium
A real property interest held by a lessee and conveying the right to use and occupancy
for stated term under certain conditions is called - ANSWER-Leasehold estate
A trade area is - ANSWER-A geographic area from which a retail center will draw its
customers
According to law, fixtures are personal property that cannot become real property -
ANSWER-false
According to law, fixtures such as attached kitchen cabinets would be considered -
ANSWER-Real estate
Air rights are - ANSWER-The rights to use and control space above a specified parcel
of land
All of the following characteristics are essential to the viability of industrial districts
except - ANSWER-Protective tariffs
an appraisal is made as of a specified date to - ANSWER-satisfy the requirements of
the client
An ownership interest held by a landlord with the right of use and occupancy conveyed
by lease to others in a - ANSWER-Leased fee estate
Appraisers typically refer to a particular type of value rather than use the word value on
its own - ANSWER-True
Assessed value is usually based on, but not necessarily equivalent to, a property's -
ANSWER-Market
Because developing an estimate of market value is the purpose of most appraisals, an
appraiser does not need to define the value sought in every valuation assignment -
ANSWER-False
Because of their complexity and potential for affecting the development and results of
an appraisal, jurisdictional exceptions need to be identified at the beginning of an
assignment rather than after the fact - ANSWER-True
Graded A+
__ is a person (or entity) who the appraiser intends will use the results of the appraisal
for some purpose - ANSWER-Intended user
__ is the estimated length of time the property interest being appraised would have
been offered on the market prior to the hypothetical consummation of a sale at market
value on the effective date of the appraisal - ANSWER-Exposure time
___ is the value of a property according to the tax rolls in ad valorem taxation -
ANSWER-Assessed value
A ___ is something that is believed to be true for the sake of the appraisal abut that may
or may not in fact be true as of the effective date of the appraisal - ANSWER-
Extraordinary assumption
A ___ is something that is known to be contrary to fact as of the effective date of the
appraisal but that is taken to be true for the purposes of the appraisal - ANSWER-
Hypothetical condition
A district is - ANSWER-a type of neighborhood that is characterized by homogenous
land use
A fee simple estates include ownership of the full bundle of rights, limited only by the
four powers of government - ANSWER-True
A gross lease is - ANSWER-a lease in which the landlord receives stipulated rent and is
obligated to pay all or nearly all operating expenses and real estate taxes
A group of individuals or firms that are in contact with one another for the purpose of
conducting real estate transactions is called - ANSWER-Real estate market
A jalousie is - ANSWER-A type of window with several window panes
A lease - ANSWER-Conveys the right of occupancy to another
A leased fee interest is - ANSWER-landlord
A local ordinance prohibiting construction of a motel in a specified area is an example of
- ANSWER-Police power
A period in which a neighborhood gains public favor and acceptance is one of -
ANSWER-Growth
, A person owning less than an entire bundle of rights in real estate is said to have -
ANSWER-Partial interest
A project with units that are limited both vertically and horizontally and have percentage
ownership in the common elements is - ANSWER-Condominium
A real property interest held by a lessee and conveying the right to use and occupancy
for stated term under certain conditions is called - ANSWER-Leasehold estate
A trade area is - ANSWER-A geographic area from which a retail center will draw its
customers
According to law, fixtures are personal property that cannot become real property -
ANSWER-false
According to law, fixtures such as attached kitchen cabinets would be considered -
ANSWER-Real estate
Air rights are - ANSWER-The rights to use and control space above a specified parcel
of land
All of the following characteristics are essential to the viability of industrial districts
except - ANSWER-Protective tariffs
an appraisal is made as of a specified date to - ANSWER-satisfy the requirements of
the client
An ownership interest held by a landlord with the right of use and occupancy conveyed
by lease to others in a - ANSWER-Leased fee estate
Appraisers typically refer to a particular type of value rather than use the word value on
its own - ANSWER-True
Assessed value is usually based on, but not necessarily equivalent to, a property's -
ANSWER-Market
Because developing an estimate of market value is the purpose of most appraisals, an
appraiser does not need to define the value sought in every valuation assignment -
ANSWER-False
Because of their complexity and potential for affecting the development and results of
an appraisal, jurisdictional exceptions need to be identified at the beginning of an
assignment rather than after the fact - ANSWER-True
