BASIC APPRAISAL PRINCIPLES 140 EXAM
QUESTIONS & CORRECT ANSWERS LATEST 2025
Appraiser must perform by being: (4) - ANSWER-Impartial or neutral, objective or
fair minded, independent or autonomous, free of self interest
Uncompetent Steps - ANSWER-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 - ANSWER-immobile, unique, finite supply, solid surface on earth,
distinguished from water
Suprasurface Rights - ANSWER-right to undisturbed use and control of designated
air space above a specific land area within stated elevations, cant interfere with
feds
Surface Rights - ANSWER-includes land water, anything attached to land, things
on land by human or nature
Riparian rights - ANSWER-water rights where their land touches water
Littoral Rights - ANSWER-Water rights involving land that touches non flowing
waters such as oceans, lakes, and ponds
Subsurface Rights - ANSWER-rights to use and profit of the underground portion
of a property,construct or extract minerals, oil, and gas
,Four Forces of Value - ANSWER-Government & Legal, Economic, Social, and
Environmental & Geographic
Real Estate - ANSWER-Physical raw land, everything natural on land, and any
improvements that are attached to the land
Personal Property - ANSWER-Anything tangible that nor classified as real estate
known as chattel or personality, annual crops
Fixture - ANSWER-Real estate, was once personal property, but now real estate
such as a planted tree
"Test of Fixtures" - ANSWER-Attachment of annexation, Adaptation, agreement
Trade Fixtures - ANSWER-Fixtures that are personal property due to them being
under a lease contract
Real Property - ANSWER-all rights, interest, and benefits relating to the ownership
of real estate
Bundle of Rights - ANSWER-Possession, Transfer, Lease, Mortgage, Improve
Estate - ANSWER-a right or interest in a property
, Freehold Estate - ANSWER-Have present/Future Possession, Indeterminate
duration, considered in an ownership position, full bundle of rights
Absolute Estate-Fee Simple-Freehold Estate - ANSWER-only one that does not
include any future interest and hold all rights
Fee Simple Defeasible - ANSWER-Future interest, conditioned on a specific use "so
long as" "in condition that" summer camp property use
Fee Simple Leased for Interest - ANSWER-not having possession of but having
future interest after tenant lease
Life Estate - ANSWER-granted property for future interest, Grantor, life tenant,
remainder man, reversionary interest
Leasehold Estate - ANSWER-Tenant has possession, defined duration, includes
reversion of rights after lease expires
Estate for years-Leasehold - ANSWER-Tenancy is defined, standard lease,
extension requires new contract
Estate from period to period-Leasehold - ANSWER-residential, indefinite, month
to month,
Estate at Will-Leasehold - ANSWER-similar to period to period with no specific
date, renews itself array of time
QUESTIONS & CORRECT ANSWERS LATEST 2025
Appraiser must perform by being: (4) - ANSWER-Impartial or neutral, objective or
fair minded, independent or autonomous, free of self interest
Uncompetent Steps - ANSWER-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 - ANSWER-immobile, unique, finite supply, solid surface on earth,
distinguished from water
Suprasurface Rights - ANSWER-right to undisturbed use and control of designated
air space above a specific land area within stated elevations, cant interfere with
feds
Surface Rights - ANSWER-includes land water, anything attached to land, things
on land by human or nature
Riparian rights - ANSWER-water rights where their land touches water
Littoral Rights - ANSWER-Water rights involving land that touches non flowing
waters such as oceans, lakes, and ponds
Subsurface Rights - ANSWER-rights to use and profit of the underground portion
of a property,construct or extract minerals, oil, and gas
,Four Forces of Value - ANSWER-Government & Legal, Economic, Social, and
Environmental & Geographic
Real Estate - ANSWER-Physical raw land, everything natural on land, and any
improvements that are attached to the land
Personal Property - ANSWER-Anything tangible that nor classified as real estate
known as chattel or personality, annual crops
Fixture - ANSWER-Real estate, was once personal property, but now real estate
such as a planted tree
"Test of Fixtures" - ANSWER-Attachment of annexation, Adaptation, agreement
Trade Fixtures - ANSWER-Fixtures that are personal property due to them being
under a lease contract
Real Property - ANSWER-all rights, interest, and benefits relating to the ownership
of real estate
Bundle of Rights - ANSWER-Possession, Transfer, Lease, Mortgage, Improve
Estate - ANSWER-a right or interest in a property
, Freehold Estate - ANSWER-Have present/Future Possession, Indeterminate
duration, considered in an ownership position, full bundle of rights
Absolute Estate-Fee Simple-Freehold Estate - ANSWER-only one that does not
include any future interest and hold all rights
Fee Simple Defeasible - ANSWER-Future interest, conditioned on a specific use "so
long as" "in condition that" summer camp property use
Fee Simple Leased for Interest - ANSWER-not having possession of but having
future interest after tenant lease
Life Estate - ANSWER-granted property for future interest, Grantor, life tenant,
remainder man, reversionary interest
Leasehold Estate - ANSWER-Tenant has possession, defined duration, includes
reversion of rights after lease expires
Estate for years-Leasehold - ANSWER-Tenancy is defined, standard lease,
extension requires new contract
Estate from period to period-Leasehold - ANSWER-residential, indefinite, month
to month,
Estate at Will-Leasehold - ANSWER-similar to period to period with no specific
date, renews itself array of time
