An appraiser may be liable for all of the following except:
- Negligence
- Misrepresentation
- Fraud
- Low value - Low value
For appraisal purposes, market value may be defined as:
- The highest offer
- The amount of the loan commitment
- The most probable selling price
- The asking pric...
REE 4103 EXAM 1 QUESTIONS AND
ANSWERS SOLVED 2024
An appraiser may be liable for all of the following except:
- Negligence
- Misrepresentation
- Fraud
- Low value - Low value
For appraisal purposes, market value may be defined as:
- The highest offer
- The amount of the loan commitment
- The most probable selling price
- The asking price - - The most probable selling price
Appraisal is
- The act or process of telling the client the market value of the real estate
- The act of process of developing an opinion of value
- The report conveyed to the client
- A lucrative profession - - The act of process of developing an opinion of value
The concepts of land are
- Immobile, durable, finite, and useful
- Legal, geographic and environmental, economic, and social
- Land, labor, capital, and entrepreneurialism
- Leasehold, leased fee, and fee simple - - Legal, geographic and environmental,
economic, and social
REE 4103 EXAM 1
,REE 4103 EXAM 1
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 would generally include the ovens in the appraisal as part of he real
estate, since it would be difficult to remove them.
- The appraiser generally would not include the ovens because they are trade fixtures.
- The appraiser would generally include the ovens in the appraisal because they are
worth a lot of money and will add a lot to the property value.
- The appraiser would generally not include the ovens because they add no value in
most markets. - - The appraiser generally would not include the ovens because they are
trade fixtures.`
All of the following are agents of production except:
- Land
- Labor
- Capital
- Entrepreneurial Agency - - Entrepreneurial Agency
The perception that value is created by the expectation of benefits to be derived in the
future
- Utility
- Anticipation
- Change
- Balance - - Anticipation
The result of the cause and effect relationship among the forces that influence real
property value.
- Utility
- Anticipation
REE 4103 EXAM 1
, REE 4103 EXAM 1
- Change
- Balance - - Change
The amount of a type of real estate available for sale or lease at various prices in a
given market at a given time is the:
- Substitution
- Demand
- Supply
- Balance - Supply
The amount of a type of real estate desired for purchase or rent at various prices in a
given market for a given period of time is the:
- Substitution
- Demand
- Supply
- Balance - Demand
Theory that when several similar or commensurate commodities, goods, or services are
available, the one with the lowest price attracts the greatest demand and widest
distribution
- Demand
- Substitution
- Balance
- Externalities - Substitution
Substitution:
- This is the primary principle upon which the cost and sales comparison approaches
are based.
- A buyer will not pay more for one property than for another that is equally desirable.
- Property values tend to be set by the price of acquiring an equally desirable substitute
property.
REE 4103 EXAM 1
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