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REE 4103 Bailey Exam 1 Study Questions and Answers Verified 2024
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Those 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 _________. Finite assets Personal property Real property Intangible assets - intangible assets Movable items of pro...

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  • September 3, 2024
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REE 4103 Bailey Exam 1 Study
Questions and Answers Verified 2024
Those 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
_________.


Finite assets
Personal property
Real property
Intangible assets - intangible assets


Movable items of property that are not permanently affixed to, or part of, the real estate
are considered to be __________.


Intangible assets
Finite assets
Personal property
Real property - personal property


An estate in land describes the ___________________ that a person has in the real
property.
Group of answer choices


inheritence
value
fee simple interest
degree, nature, or extent of interest - degree, nature, or extent of interest


An appraisal provides ....?



REE 4103 Bailey Exam 1

,A person's determination of the minimum amount a property should sell for.
A person's opinion of real property value.
A persons' determination of the maximum amount a property should sell for in the
market.
A person's factual determination of a specific real property value. - A person's opinion of
real property value.


Which of the following is a market transaction where appraisals are used.


Property tax assessments
Purchase/Sale Financing
Eminent domain litigation
Divorce litigation - purchase/sale financing


In appraisal, appraisers appraise...?


Real estate
Real estate and fixtures
Real property interests
Real estate and personal property - Real property interests


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
Real property
Intangible assets - real property


Appraisals are used for all of the following except:



REE 4103 Bailey Exam 1

,Appraisals provide unbiased and disinterested opinions of value.
Appraisals advise the public on everyday questions of value.
Appraisals provide a document that is capable of being reviewed by lenders.
Appraisals guarantee the market value of property to a lender. - Appraisals guarantee
the market value of property to a lender.


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. - Estimating damages created by
violations of environmental laws.


Which of the following is the best example of using appraisals in investment
counseling?


Developing an opinion of fair value for financial reporting.
Devleoping an opinion of market value of real property offered as collateral for proposed
mortgage loan.
To establish a basis for real property exchange.
Developing an opinion of the market value of a property in contract disputes. -
Developing an opinion of fair value for financial reporting.


All of the following are attributes of land except:


Land is physically immobile
Land is durable
The supply if land is infinite
Each parcel is unique - The supply if land is infinite



REE 4103 Bailey Exam 1

, Because land ownership can be limited, ownership rights are the subect of law. The
value of these rights is the focus of real property appraisal.


T/F - True


As the nature and extent of land use controls change, so do the nature and extent of
private land ownership. Consequently, real estate appraisers must be familiar with the
regulations and restrictions that apply to land use in general, but do not need to analyze
how these regulations affect a specific property.


T/F - False


Land use decisions are influenced the least by which of the following factors:


America's Got Talent
Economic and population trends
Topography
Climate - America's Got Talent


Professional appraisal standards require the appraiser to identify which interest is to be
valued in an assignment, but the interest valued need not reflect what currently exists.


T/F - True


The concepts of land are


Immobile, durable, finite, and useful
Legal, geographic and environmental, economic, and social.
Land, labor, capital, and entrepreneurialism




REE 4103 Bailey Exam 1

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