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REAL ESTATE APPRAISAL FINAL EXAM
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REAL ESTATE APPRAISAL FINAL EXAM
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REAL ESTATE APPRAISAL FINAL EXAMThe right of the sovereign government to take private property for public use upon the
payment of just compensation is - Answers -Eminent domain
A person owning less than an entire bundle of rights in real estate is said to have -
Answers -Partial interest
Real estate appraisers perform analyses and render opinions or conclusions relating to
the nature, quality, value, or utility of specified interests in, or aspects of, identified -
Answers -real estate
According to law, fixtures are personal property that cannot become real property -
Answers -false
The use of an appraisal is the manner in which the client uses the information in the
appraisal report - Answers -True
The bundler of rights refers to the ownership of personal property - Answers -False
Which of the following an be the purpose of a valuation assignment - Answers -Market
value estimate
According to law, fixtures such as attached kitchen cabinets would be considered -
Answers -Real estate
A local ordinance prohibiting construction of a motel in a specified area is an example of
- Answers -Police power
A fee simple estates include ownership of the full bundle of rights, limited only by the
four powers of government - Answers -True
Farm machinery is an example of a fixture - Answers -False
The purpose of an appraisal is based on the client's need for information about the
defined value of a real property interest - Answers -True
The price paid for a property is never less than the cost to create it - Answers -False
Which value applies in ad valorem taxation and refers to the value of a property
according the tax rolls - Answers -Assessed
Social, economic, governmental, and environmental influences that affect property
value are called - Answers -Forces
, Identifying and analyzing submarkets of a large market is called - Answers -Market
segmentation
Supply and demand are seldom far out of balance in an efficient market because the
market tends to move toward balance due to the effects of competition - Answers -True
The net income that remains after proper costs of labor, capital, coordination, and land
have been paid is - Answers -Surplus productivity
The quality of space may affect property values even more than the quantity of space -
Answers -True
Submarkets are based on purchaser and investor preferences - Answers -True
The cost of options forgone is called - Answers -Opportunity cost
It is easy to predict the behavior of real estate markets - Answers -False
Real estate markets are made up of - Answers -Buyers and sellers
The identification and study of a pertinent market is called - Answers -Market analysis
A group of individuals or firms that are in contact with one another for the purpose of
conducting real estate transactions is called - Answers -Real estate market
Buyers and sellers set prices based on their conclusion about the most profitable use of
a site or property. The criteria for determining the highest and best use include all of the
following except - Answers -effect on community welfare
False - Answers -Buyers and sellers in real estate market are usually informed about
the product
Families looking for homes constitute a submarket - Answers -True
Which principle states that real property value is created and sustained when
contrasting, opposing, or interacting elements are in a state of equilibrium - Answers -
Balance
Which principle states that economic outside a property have a positive effect on its
value while diseconomies outside a property have a negative effect on its value -
Answers -Externalities
Market analysis involves all of the following steps except - Answers -Cost/benefit
analysis
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