Exam (elaborations)
REAL ESTATE APPRAISAL FINAL EXAM
- Course
- Institution
REAL ESTATE APPRAISAL FINAL EXAM
[Show more]
Content preview
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GEEKA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81989 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now