Real Estate Appraisal Tests Bundle Set

FIRREA—Financial Institutions Reform, Recovery, and Enforcement Act of 1989 CORRECT ANSWER -Required banks to get appraisals on most properties. -Required that certified appraisers be used to perform appraisals -Required that states follow Appraisal Foundation requirements in order to certif...

The right of the sovereign government to take private property for public use upon the payment of just compensation is CORRECT ANSWER Eminent domain A person owning less than an entire bundle of rights in real estate is said to have CORRECT ANSWER Partial interest Real estate appraisers perfor...

What is the difference between a formal and informal appraisal? CORRECT ANSWER a formal appraisal relies upon the collection and analysis of relevant data instead of intuition Definition of Market Value? CORRECT ANSWER the most probable selling price What are the ethics standards covered by US...

Which of the following is not a test of a fixture? CORRECT ANSWER The cost of the object The bundle of rights include all except CORRECT ANSWER The right to exclude yourself from property taxes When title to property reverts to the state because the owner left no will or heirs, this is known a...

The value of an object means its: _________ CORRECT ANSWER worth, utility or usefulness For appraisal purposes, market value generally may be defined as: CORRECT ANSWER the most probable selling price Informal appraisals include: CORRECT ANSWER a. price comparisons made by consumers b. the fa...

An appraiser is using the market data approach comparing the prices of comparable properties to the subject property. If the comparable properties have a feature that is not present in the subject property, the value of that feature will be: CORRECT ANSWER Subtracted from the sales price of the comp...