REE 4103 Exam 1 Questions and Answers Graded A 2024
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REE 4103
What is appraisal? - The act or process of developing an opinion of value of an asset
What is USPAP? - Uniform Standards of Professional Appraisal Practice
What is real estate? - An identified parcel or tract of land, including imporvements, if any. The physical land and appurtenances affixed...
REE 4103 Exam 1 Questions and
Answers Graded A 2024
What is appraisal? - The act or process of developing an opinion of value of an asset
What is USPAP? - Uniform Standards of Professional Appraisal Practice
What is real estate? - An identified parcel or tract of land, including imporvements, if
any. The physical land and appurtenances affixed to the land
What is real property? - The interests, benefits, and rights inherent in the ownership of
real estate (land, buildings, fixtures)
What is the total range of private owneership interests in real property called? - Bundle
of rights
The complete bundle of rights includes what? - The right to sell an interest, the right to
lease an interest, the right to occupy the property, the right to mortgage an interest, and
the right to give an interest away
If leases are in place interests are called what? - A leased fee
Taxation - The right of government to raise revenue through assessments on valuable
goods, products and rights
Eminent Domain - The right of government to take private property for public use upon
the payment of just compensation
, REE 4103 Exam 1
Police power - The inherent power of government to regulate property in order to protect
public health, safety, and general welfare
Escheat - The right of government that gives the state titular ownership of a property
when its owner dies without a will or any ascertainable heirs.
What are the four powers of government? - Taxation, eminent domain, police power and
escheat
Examples of personal property - furniture and furnishings, refrigerators and freestanding
shelves
Land - Includes not only the ground, or soil, but everything that is attached to the earth,
whether by course of nature, as are trees and herbage, or by the hand of man, as are
houses and other buildings.
What are the four agents of production? - Land, labor, capital and entrepreneurial
coordination
Which agent does an entreprenuer generally consider first? - Land
Labor - the physical and intellectual contribution of workers to the production process
Entrepreneurial Coordination - No prudent developer will undertake to construct and
market a property without anticipating receipt of a profit in addition to the return of the
equity investment
What are the four interdependent economic factors that create value? - Utility, scarcity,
desire and effective purchasing power
Utility - The ability of a product to satisfy a human want, need, or desire.
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