Exam (elaborations)
REE 4103 Unit 1
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Exam of 21 pages for the course REE 4103 at REE 4103 (REE 4103 Unit 1)
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REE 4103 Unit 1________ is/are created by the anticipation of benefits to be derived in the future. -
ANS-Value
____________________ is fundamental to the dynamics of supply and demand in a
free-enterprise, profit-maximizing economic system: - ANS-Competition
A casement window is - ANS-A vertically hinged window that opens like a door
A client may request that the intended user not be identified in the appraisal report. -
ANS-True
A deed of trust is - ANS-A document that gives a third party the deed until the mortgage
loan is paid off
A district is - ANS-A type of neighborhood that is characterized by homogeneous land
use
A finished real estate product is created by combining: - ANS-Land, labor, capital, and
entrepreneurial coordination
A full section of land usually - ANS-Includes 27,878,400 square feet
A good's capacity to satisfy human desires or needs is known as - ANS-Utility
A land contract, also known as a conditional sales contract or an installment sales
contract is, - ANS-A sale of real estate with the seller financing the sale but retaining the
deed until the loan is paid off
A large residential lot is an ideal location for industrial development, but the zoning
imposed by the local government ensures that the lot will continue to be used for
residential development. The power of the local government to zone property is through
its: - ANS-Police Power
A lease - ANS-Conveys rights of occupancy to another
A leased fee interest is - ANS-The ownership interest of the landlord when a lease is in
effect
,A legally nonconforming use is - ANS-A use that was legally established and maintained
but no longer conforms to existing zoning
A market analysis is not used in which of the following approaches to value: -
ANS-private assessment approach
A market area characterized by one predominant land use—e.g., apartment,
commercial, industrial, agricultural is known as: - ANS-A district
A movie theatre without stadium seating may be experiencing what? - ANS-functional
obsolescence
A neighborhood is - ANS-A group of complementary land uses
A new two-family home is constructed in a neighborhood of new, three-family homes on
a lot that could support a three-family home. Market research and the application of the
sales comparison approach to value indicate an appraised value significantly lower than
the sum of the land and building costs. What principle of value was violated? -
ANS-Balance
A one-unit home owner who builds a new and unique structure will commonly find that -
ANS-Generally, fewer people desire unique structures
A parcel of land that is improved to the point of being ready to be built upon is called -
ANS-a site
A plot of land, 100 x 200 ft., along an interstate freeway, is situated 12 miles north of the
central business district of a city with a population approaching 1 million. Which of the
following would be the highest and best use of the land? - ANS-There is not enough
information to make a determination
A project with units that are limited both vertically and horizontally and have a
percentage ownership in the common elements is a - ANS-Condominium
A property's immediate environment is: - ANS-a neighborhood
A purchaser's wish for an item to satisfy human needs or individual wants beyond
essential life-support needs. - ANS-Desire
, A real estate market is - ANS-A group of individuals or firms that are in contact with one
another for the purpose of conducting real estate transactions
A real property interest held by a lessee and conveying the right of use and occupancy
for a stated term under certain conditions is called the - ANS-Leasehold estate
A site is - ANS-Land that is improved so that it is ready to be used for a specific purpose
A small building used to manufacture saw blades is an example of - ANS-Industrial land
use
A small town (pop. 2,500) has only two home builders. These two companies have each
been building about five houses per year for the last 15 years. The subcontractors they
used all came from neighboring towns, but occasionally there would be a need to import
a tradesperson from father away. The state recently decided to build a new law
enforcement academy in town, which would cause an influx of about 500 people and an
increase of about 200 households. There is almost no excess capacity of residences
now. What will most likely happen? - ANS-The existing builders will gear up to handle
some of the demand, but some subcontractors will become builders and some workers
will become subcontractors. Prices will increase in the short run.
A systematic procedure an appraiser follows to provide answers to a client's questions
about real property value. - ANS-Valuation Process
A trade area is - ANS-A geographic area from which a retail center will draw its
customers
Air rights are - ANS-The rights to use and control space above a specific parcel of land
(as defined on the surface)
All of the following are attributes of land except: - ANS-The supply of land is infinite
All of the following are factors of value except: - ANS-Effective marketing power
An acre of land includes - ANS-43,560 square feet
An appraisal of a property located in an old industrial area in which the appraiser
assumes that the property does not suffer from soil or groundwater contamination. In
other words, the appraiser analyzes the land as though the soild was not contaminated
for the purposes of the appraisal, even though the appraiser does not know for certain if
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