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Real Estate Valuation REE 4103 Bailey FSU Unit One Exam (1).
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Real Estate Valuation REE 4103 BaileyFSU Unit One Exam
Which of the following would not be considered an intangible asset? - ANS-Tenant
fixture
Which of the following is the best example of using appraisals in investment
counseling? - ANS-Developing an opinion of fair value for financial reporting.
An appraiser __________. - ANS-Measures and develops an opinion of value
According to professional standards, appraisal practice includes which of the following
types of services? - ANS-Appraisal, appraisal review, and appraisal consulting.
Movable items of property that are not permanently affixed to, or part of, the real estate
are considered to be __________. - ANS-Personal property
Appraisals are used for all of the following except: - ANS-Appraisals guarantee the
market value of property to a lender.
An appraiser is allowed to provide an estimate of what type of value(s)? - ANS-Market
value, use value, assessed value, fair value, and other types of value identified and
defined at the outset of the appraisal assignment.
Which of the following is a market transaction where appraisals are used. -
ANS-Purchase/Sale Financing
Typical uses of appraisals include all of the following except: - ANS-Financial redlining
Private ownership of real property rights is subject to certain restrictions, known as the
four powers of government. Which of the following is not one of the four powers of
government that restrict real property rights? - ANS-Deed restrictions
The tenant of a small, freestanding retail building is a baker who has installed ovens for
baking bread. The ovens are large and heavy and the back wall of the building had to
be removed for the ovens to be installed. The appraiser is performing a refinancing
appraisal of the real estate only. Should the ovens be included in the appraisal? -
, ANS-The appraiser generally would not include the ovens because they are trade
fixtures.
Items that have been installed or attached to the land or building in a permanent
manner are considered which of the following? - ANS-Real property
An estate in land describes the ___________________ that a person has in the real
property. - ANS-degree, nature, or extent of interest
Which of the following would not be considered part of the real property? -
ANS-Furniture
Which of the following is the best example of using an appraisal in litigation? -
ANS-Estimating damages created by violations of environmental laws.
Which of the following is able to perform a formal appraisal of real estate? - ANS-Only
licensed appraisers
An appraisal provides ....? - ANS-A person's opinion of real property value.
Those assets that are not tangible real property, tangible personal property, or financial
assets. Something that is not materal, not corporeal, or not substantially real are
_________. - ANS-Intangible assets
In appraisal, appraisers appraise...? - ANS-Real property interests
The legal definition of real estate includes all of the following except: - ANS-Lease
benefits.
Which of the following would not be considered personal property? - ANS-Goodwill
In economics, land is regarded as one of the four agents of production, along with labor,
capital, and entrepreneurial coordination. - ANS-True
The concepts of land are - ANS-Legal, geographic and environmental, economic, and
social.
Land can be used for all of the following purposes except: - ANS-climate
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