Hondros / Ohio Real Estate / Appraisal || A+ Grade
Institution
Hondros / Ohio Real Estate / Appraisal || A+ Grade
Appraisal (ch.1) correct answers The act of process of developing an opinion of value; an opinion of value.
Appraisal Foundation (ch.1) correct answers A nonprofit organization, created by the leading appraisal organizations, which is recognized as the authority for professional appraisal standa...
Hondros / Ohio Real Estate / Appraisal || A+ Graded
Already.
Appraisal (ch.1) correct answers The act of process of developing an opinion of value; an
opinion of value.
Appraisal Foundation (ch.1) correct answers A nonprofit organization, created by the leading
appraisal organizations, which is recognized as the authority for professional appraisal standards.
Appraisal Institutie (AI) (ch.1) correct answers Professional organzationfoer appraisers; created
in 1990 by the merger of the American Institute of Real Estate Appraisers and society of
Residential Appraisers
Appraisal Review (ch.1) correct answers The act of process of developing and communication an
opinion about the quality of another appraiser's work that was performed as part of an appraisal,
appraisal appraisal review, or appraisal consulting assignment.
Appraiser (ch.1) correct answers One who is expected to perform valuation service competently
and in a manner that independent, impartial, and objective.
FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act) (ch.1) correct answers
An act passed in 1989 as comprehensive savings and loan bailout and preventive measure against
future savings and loan insolvency. This Act of Congress recognizes USPAP as the current
industry standard for appraisal, and identifies the Appraisal Foundation as the authority for
professional appraisal standards.
Uniform Standards of Professional Appraisal Practice (USPAP) (ch.1) correct answers
Professional appraisal standards promulgate by the Appraisal foundation. Contains 4 special
rules: ethics rule, competency rule, scope of work rule, & jurisdictional exception rule.
Annexer (ch.2) correct answers A person who owns an item of personal property and brings it
onto real property, making it a part of the real property.
Appurtenance (ch.2) correct answers A right that goes with ownership of real property. It is
usually transferred with the property, but may be sold separately. This is a legal term referring to
both physical and non-physical appurtenances.
Bundle of Rights (ch.2) correct answers All real property rights conferred with ownership,
including (but not limited to) the right of use, right of enjoyment , and right of disposal.
Deed Restriction (ch.2) correct answers Limitations on real property use, imposed by a former
owner through language including in the deed. Deed restrictions can be in the form of
RESTRICTIVE COVENANTS OR RESTRICTIVE CONDITIONS.
, Fee Simple (ch.2) correct answers The greatest estate (ownership) one can have in real property;
it is freely transferable and inheritable, and of indefinite duration, with no conditions on title.
Also called FEE SIMPLE ABSOLUTE or FEE TITLE.
Fixture (ch.2) correct answers A man-made attachment; an item of personal property that has
been attached or annexed to real property that has been attached or annexed to real property in
such a way that it legally becomes part of the real property. Major fixtures are called
IMPROVEMENTS.
Personal Property (ch.2) correct answers 1.Tangible item not permanently attached to or part of
real estate. 2. Any property that is not real property. 3. Movable property not affixed to land.
Also called CHATTEL or PERSONALTY.
Police Power (ch.2) correct answers The constitutional power of state and local governments to
enact and enforce laws that protect the public's health, safety, morals, and general welfare.
Property (ch.2) correct answers 1. The rights of ownership in an object, such as the right to use,
possess, transfer, or encumber real estate. 2. Something that is owned, real or personal.
Real Estate (ch.2) correct answers The actual physical land and everything, both natural and
man-made, attached to it.
Real Property (ch.2) correct answers Not only the physical land and everything attached to it, but
also the rights of ownership (Bundle of Rights) in the real estate.
Site (ch.2) correct answers A parcel of land with enhancements that make it ready for a building
or structure.
Trade Fixture (ch.2) correct answers Personal property that a tenant or current owner installs for
use in his trade or business and that can be removed by the tenant before the lease expires or that
the owner can remove prior to transfer.
Zoning Laws (ch.2) correct answers Local ordinances dividing a city, county, etc., into zones,
specifying different types of land use and requirements in different areas. This is a type of
government restriction via police power.
Arm's Length Transaction (ch.3) correct answers A transaction that occurred under typical
condition in the marketplace, with each of the parties action in their won best interest.
Buyer's Market (ch.3) correct answers A situation in the real estate market in which buyers have
a large selection of properties from which to choose (advantage to the buyer)
Cost (ch.3) correct answers The dollars needed to develop produce, or build something.
Economic Base (ch.3) correct answers The main business or industry in an area that a
community uses to support and sustain itself.
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