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REE 4103 Exam 1 Study Questions and Answers Updated 2024
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  • REE 4103

Private ownership of real property rights is subject to certain restrictions, known as the four powers of government. Which of the following is NOT one of the four powers of government that restrict real property rights? - Deed Restrictions Items that have been installed or attached to the land ...

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  • September 3, 2024
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  • 2024/2025
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REE 4103 Exam 1



REE 4103 Exam 1 Study Questions and
Answers Updated 2024
Private ownership of real property rights is subject to certain restrictions, known as the
four powers of government. Which of the following is NOT one of the four powers of
government that restrict real property rights? - Deed Restrictions


Items that have been installed or attached to the land or building in a permanent
manner are considered which of the following? - Real Property


Which of the following is able to perform a formal appraisal of real estate? - Only
licensed appraisers


Which of the following would not be considered personal property? - Goodwill


Which of the following would not be considered an intangible asset? - Tenant Fixture


Typical uses of appraisals include all of the following except: - Financial Redlining


An appraiser _____ - Measures and develops an opinion of value


The tenant of a small, freestanding retail building is a baker who has installed ovens for
baking bread. The ovens are large and heavy and the back wall of the building had to
be removed for the ovens to be installed. The appraiser is performing a refinancing
appraisal of the real estate only. Should the ovens be included in the appraisal? - The
appraiser generally would not include the ovens because they are trade fixtures.


According to professional standards, appraisal practice includes which of the following
types of services? - Appraisal, appraisal review, and appraisal consulting.

,REE 4103 Exam 1


An appraisal provides ....? - A person's opinion of real property value


Which of the following is the best example of using an appraisal in litigation? -
Estimating damages created by violations of environmental laws


An appraiser is allowed to provide an estimate of what type of value(s)? - Market value,
use value, assessed value, fair value, and other types of value identified and defined at
the outset of the appraisal assignment.


In appraisal, appraisers appraise...? - Real Property Interests


The legal definition of real estate includes all of the following except: - Lease benefits


An estate in land describes the ___________________ that a person has in the real
property. - Degree, nature, or extent of interest


Which of the following is the best example of using appraisals in investment
counseling? - Developing an opinion of fair value for financial reporting.


Which of the following is a market transaction where appraisals are used. -
Purchase/Sale Financing


Which of the following would not be considered part of the real property? - Furniture


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
_________. - Intangible assets


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

, REE 4103 Exam 1


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. - False


The economic concept of land as a sourse of wealth and an object of value is central to
appraisal theory. - True


In economics, land is regarded as one of the four agents of production, along with labor,
capital, and entrepreneurial coordination. - True


Legal matters of particular concern to appraisers include all of the following except: -
Property Size


The utility of land and the highest and best use to which land can be put are significantly
affected by the physical and locational characteristics of the land and other related
considerations, broadly referred to as geography. - True


The concepts of land are - Legal, geographic and environmental, economic, and social.


All of the following are attributes of land except: - The supply if land is infitie


Land use decisions are influenced the least by which of the following factors: -
America's Got Talent


Markets reflect the attitudes and actions of people in response to social and economic
forces and the constraints of law and legal encumbrances. - True


A large residential lot is an ideal location for industrial development, but the zoning
imposed by the local government ensures that the lot will continue to be used for

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