Real Estate Appraisal Exam Questions with Verified Solutions Rated 100%
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Course
Real Estate Appraisal
Institution
Real Estate Appraisal
Real Estate Appraisal Exam Questions with Verified Solutions Rated 100%
The act or process of critically studying a report prepared by another is called: - Answers A review
Federally related transactions are transactions: - Answers involving a federal agency or regulatory
An item that was forme...
Real Estate Appraisal Exam Questions with Verified Solutions Rated 100%
The act or process of critically studying a report prepared by another is called: - Answers A review
Federally related transactions are transactions: - Answers involving a federal agency or regulatory
An item that was formerly personal property that has become real property is called: - Answers A fixture
An appurtenance is something that - Answers Goes along with the ownership of the land
Possessory interests are called estates while non-possessory interests are known as - Answers
Encumbrances
An interest that is held by a creditor is called a - Answers Lien
A property that is subject to an easement is known as - Answers Servient tenement
The power of the government to take private property for public use is called - Answers Eminent domain
Ad valorem is Latin for - Answers According to value
Escheat is the power to have property - Answers Revert to the state if the owner dies without a will
All of the following are classified as characteristics of value except - Answers Attractiveness
Which of the following refers to the cost of labor and materials used to build an improvement - Answers
Direct costs
The cost to create an exact replica of a building using the same design, materials, and construction
methods as the original is called - Answers Reproduction cost
Which appraisal principle holds that value of a property cannot exceed the value of the equivalent
substitute properties that are available in the marketplace - Answers Principle of substitution
Completion occurs when - Answers Supply and demand are out of balance
What principle recognizes that the forces of supply and demand are in constant flux - Answers Principle
of change
What principle states that value is affected by the expectation of future benefits to be gained from
owning property - Answers Principle of anticipation
The principle of conformity states that value is enhanced when the uses of surrounding properties -
Answers Conform to the use of the subject property
Which of the following are considered agents of production - Answers Capital and land, labor and
coordination
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