REE 4103 FSU Exam 1 Study Questions and Answers 2024
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REE 4103
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Florida State University
info from transitional neighborhood to get stable 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 most probable selling price
Appraisal is - The act or proces...
REE 4103 FSU Exam 1 Study Questions
and Answers 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 most probable selling
price
Appraisal is - The act or process of developing an opinion of value.
The concepts of land are - Legal, geographic and environmental, economic, and social.
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.
All of the following are agents of production except:
Land
Labor
Capital
Entrepreneurial Agency - Entrepreneurial Agency
, REE 4103 FSU Exam 1
The perception that value is created by the expectation of benefits to be derived in the
future. - Anticipation
The result of the cause and effect relationship among the forces that influence real
property value. - 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: - 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: - 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.: - 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.
All of the above are correct as applied to the principle of substitution.
Factors outside a property that exert both positive and negative influences on the
property's value. - Externalities
An appraiser gathers market data from a neighborhood where new, high-rise apartment
buildings are replacing older, small, multifamily residences. The appraiser uses this data
to reflect the value of small, multifamily residences in a stable neighborhood. The
appraisal is rejected by a local bank on the grounds that it is unreliable. (Appraiser took
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