Exam (elaborations)
REE 4103 Exam #1 (1).
REE 4103 Exam #1 (1).
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REE 4103 Exam #1Those 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
_________.
Real property
Personal property
Finite assets
Intangible assets - ANS-Intangible Assets
An estate in land describes the ___________________ that a person has in the real
property.
inheritence
degree, nature, or extent of interest
fee simple interest
value - ANS-degree, nature, or extent of interest
Movable items of property that are not permanently affixed to, or part of, the real estate
are considered to be __________.
Real property
Intangible assets
Personal property
Finite assets - ANS-Personal Property
An appraiser is allowed to provide an estimate of what type of value(s)?
Only market value, investment value, assessed value, and use value.
Only market value.
Market value, use value, assessed value, fair value, and other types of value identified
and defined at the outset of the appraisal assignment.
Only market value, investment value, and assessed value. - ANS-Market value, use
value, assessed value, fair value, and other types of value identified and defined at the
outset of the appraisal assignment.
Typical uses of appraisals include all of the following except:
Transfer of ownership
Financial redlining
Investment counseling
Litigation
Financing and credit - ANS-Financial Redlining
,According to professional standards, appraisal practice includes which of the following
types of services?
Appraisal, appraisal review, and appraisal consulting.
Only appraisal and appraisal consulting.
Only appraisal and appraisal reviews.
Only appraisal services. - ANS-Appraisal, appraisal review, and appraisal consulting.
Items that have been installed or attached to the land or building in a permanent
manner are considered which of the following?
Finite assets
Personal property
Intangible assets
Real property - ANS-Real property
Which of the following is able to perform a formal appraisal of real estate?
Licensed real estate brokers
Licensed attorneys, licensed real estate brokers, and licensed appraisers
Only licensed appraisers
Real estate agents - ANS-Only licensed appraisers
Appraisals are used for all of the following except:
Appraisals provide a document that is capable of being reviewed by lenders.
Appraisals advise the public on everyday questions of value.
Appraisals guarantee the market value of property to a lender.
Appraisals provide unbiased and disinterested opinions of value. - ANS-Appraisals
guarantee the market value of property to a lender.
Which of the following would not be considered personal property?
Slide-in refrigerator
Freestanding shelves
Goodwill
Furniture - ANS-Goodwill
An appraisal provides ....?
A person's opinion of real property value.
A person's factual determination of a specific real property value.
A persons' determination of the maximum amount a property should sell for in the
market.
, A person's determination of the minimum amount a property should sell for. - ANS-A
person's opinion of real property value.
Which of the following would not be considered part of the real property?
Plumbing fixtures
Furniture
Land
Outhouse - ANS-Furniture
Which of the following would not be considered an intangible asset?
Franchise license
Goodwill
Tenant fixture
Skilled worforce - ANS-Tenant Fixture
Which of the following is a market transaction where appraisals are used.
Property tax assessments
Eminent domain litigation
Purchase/Sale Financing
Divorce litigation - ANS-Purchase/Sale Financing
An appraiser __________.
Determines value
Measures price
Determines price
Measures and develops an opinion of value - ANS-Measures and develops an opinion
of value
Which of the following is the best example of using an appraisal in litigation?
Develope feasibility of construction or renovation project.
Estimating damages created by violations of environmental laws.
Developing an opinion of fair value for financial reporting.
To establish a basis for real property exchange. - ANS-Estimating damages created by
violations of environmental laws
In appraisal, appraisers appraise...?
Real estate and fixtures
Real property interests
Real estate
Real estate and personal property - ANS-Real property interests
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