Exam (elaborations)
REE 4103 Chapter 1 Quizzes.
REE 4103 Chapter 1 Quizzes.
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REE 4103 Chapter 1 QuizzesAccording 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.
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.
An appraiser __________.
Determines value
Measures price
Determines price
Measures and develops an opinion of value - ANS-Measures and develops an opinion
of value
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.
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
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