Appraisal Book 2

Card Set Information

Author:
LAMERBOI
ID:
190039
Filename:
Appraisal Book 2
Updated:
2012-12-31 14:08:46
Tags:
Appraisal
Folders:

Description:
Ch 1-3
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user LAMERBOI on FreezingBlue Flashcards. What would you like to do?


  1. Anything that is capable of being owned and gained lawfully
    Property
  2. The interests, benefits and right inherent in the ownership of real estate
    A. real property
    B. trade fixture
    C. investment value
    D. will
    A. real property
    (this multiple choice question has been scrambled)
  3. An ownership concept describing all the legal rights that attach to the ownership of real property
    A. bundle of rights
    B. assessment value
    C. eschat
    D. subsurface rights
    A. bundle of rights
    (this multiple choice question has been scrambled)
  4. An identified parcel or tract of land
    A. real property
    B. property
    C. real estate
    D. lot size
    C. real estate
    (this multiple choice question has been scrambled)
  5. Real property to a reasonable height
    A. airspace
    B. property
    C. personal property
    D. transferability
    A. airspace
    (this multiple choice question has been scrambled)
  6. The rights to underground, natural resources such as minerals, oil, gas
    A. intellectual property
    B. subsurface rights
    C. airspace
    D. trade fixture
    B. subsurface rights
    (this multiple choice question has been scrambled)
  7. Identifiable tangible objects that are considered by the general public as being personal
    A. real property
    B. real estate
    C. personal property
    D. transferability
    C. personal property
    (this multiple choice question has been scrambled)
  8. Another term for personal property
    A. escheat
    B. chattel
    C. real property
    D. property owner
    B. chattel
    (this multiple choice question has been scrambled)
  9. Personal property that has become affixed to real estate
    A. real property
    B. personal property
    C. fixture
    D. trade fixture
    C. fixture
    (this multiple choice question has been scrambled)
  10. An item of personal property used to conduct business
    A. real property
    B. transferability
    C. bundle of rights
    D. escheat
    B. transferability
    (this multiple choice question has been scrambled)
  11. General term of various legal rights, which attach to certain types of information, ideas, or other intangibles
    A. intellectual property
    B. real property
    C. personal property
    D. transferability
    A. intellectual property
    (this multiple choice question has been scrambled)
  12. A limitation on the use of real property and may be placed by a private owner, a developer, or the government
    A. escheat
    B. intellectual property
    C. restriction
    D. personal property
    C. restriction
    (this multiple choice question has been scrambled)
  13. Power of the state to enact laws within constitutional limits to promote the order, safety, health, morals, and general welfare of our society
    Police Power
  14. The right of the government to take private property from an owner, for the public good, paying fair market value
    eminent domain
  15. A legal process in which property reverts to the state because the deceased left no will and has no legal heirs
    A. CC&Rs
    B. escheat
    C. bundle of rights
    D. intellectual property
    B. escheat
    (this multiple choice question has been scrambled)
  16. Recorded deed restrictions that run with the land, usually initiated by the original subdivider
    A. CC&Rs (Conditions, convenant & restrictions)
    B. trade fixture
    C. subsurface rights
    D. fixture
    A. CC&Rs (Conditions, convenant & restrictions)
    (this multiple choice question has been scrambled)
  17. The monetary relationship between properties and those who buy, sell, or use those properties
    Value
  18. The desire to buy or obtain a commodity
    demand
  19. The ability to transfer ownership of an item from one person or entity to another
    transferability
  20. The most probably price property should bring in a competitive and open market under all conditions requisite to a fair sale
    market value
  21. Property is best defined as:
    A. anything capable of being owned and gained lawfully
    B. personal property
    C. real estate
    D. real property
    A. anything capable of being owned and gained lawfully
    (this multiple choice question has been scrambled)
  22. Which os these is considered real property
    A. jewelry
    B. airspace
    C. trade fixtures
    D. cut timber
    B. airspace
    (this multiple choice question has been scrambled)
  23. Which of the following is not one of the tests of a fixture?
    A. relationship of the parties
    B. time of attachment
    C. adaptability of the item
    D. method of attachment
    B. time of attachment
    (this multiple choice question has been scrambled)
  24. Tenant Bob installs a ceiling fan, Bob informs landlord Pat that he will re-install the old fixture when he moves. Of the five tests of a fixture, this is an example of:
    A. relationship
    B. adaptation
    C. intention
    D. attachment
    C. intention
    (this multiple choice question has been scrambled)
  25. In legal terms, ____ is a general term for various legal rights, which attach to certain types of information, ideas, or other intangibles
    A. chattel fixtures
    B. personal property
    C. industrial property
    D. intellectual property
    D. intellectual property
    (this multiple choice question has been scrambled)
  26. The primary difference between condemnation through exercise of power of eminent domain and condemnation through the exercise of police power is :
    A. there is no payment involved in condemnation under police power
    B. there is no difference
    C. there is no compensation necessary in the exercise of eminent domain
    D. one is a power of the public body, and the other is not
    A. there is no payment involved in condemnation under police power
    (this multiple choice question has been scrambled)
  27. In most cases, when there is a conflict between a public (governmental) restriction on a  property and a private deed restriction, which one must be adhered to?
    A. the one that is most restrictive
    B. the public or governmental restriction
    C. the one that is least restrictive
    D. the private deed restriction
    A. the one that is most restrictive
    (this multiple choice question has been scrambled)
  28. Privately owned real property in most states is subject to real estate taxation. Exempt properties may include
    a. churches
    b. schools
    c. non-profit organizations
    d. all of the above
    d. all of the above
  29. For an appraiser, value is:
    A. not a fact, it is a qualified opinion
    B. based on fact and is an unbaised opinion
    C. neither a fact nor an opinion
    D. always a fact, never an opinion
    A. not a fact, it is a qualified opinion
    (this multiple choice question has been scrambled)
  30. Price is the amount asked, offered, or paid for a property. Once stated, price:
    A. must be disclosed publicly
    B. is a fact, whether it is publicly disclosed or retained inprivate
    C. is not related to value
    D. is relevant only to the buyer and seller
    B. is a fact, whether it is publicly disclosed or retained inprivate
    (this multiple choice question has been scrambled)
  31. The value of real property is best measured by:
    A. demand, utility, scarcity, and transferability
    B. cost, demand, transferability, and utility
    C. cost, feasibility, utility, and scarcity
    D. demand, depreciation, scarcity, and utility
    A. demand, utility, scarcity, and transferability
    (this multiple choice question has been scrambled)
  32. The ultimate test of functional utility is:
    A. utility
    B. maintenance costs
    C. design
    D. marketability
    D. marketability
    (this multiple choice question has been scrambled)
  33. According to the USPAP, the most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale is known as:
    A. marketability
    B. market stability
    C. market value
    D. market price
    C. market value
    (this multiple choice question has been scrambled)
  34. A sale that is characterized an an arm's length transaction is a sale:
    A. in which all involved parties act in their own self-interest
    B. that includes creative financing or sales concessions
    C. between related parties
    D. in which either the buyer or seller is acting under duress
    A. in which all involved parties act in their own self-interest
    (this multiple choice question has been scrambled)
  35. The process of estimating market value for a real property as of a specific time
    A. development
    B. surplus productivity
    C. obsolescence
    D. valuation
    D. valuation
    (this multiple choice question has been scrambled)
  36. The use, from among reasonably probably and adequately supported alternative uses, that is physically possible, legally permitted, economically feasible, and maximally productive
    highest and best use or principle of highest and best use
  37. A short-term and temporary use of a property until it is ready for a more productive highest and best use
    interim use
  38. Requires that land and improvements be appraised on the basis of the same use
    A. matched pair analysis
    B. Automated Valuation Models (AVMs)
    C. obsolescence
    D. principle of consistent use
    D. principle of consistent use
    (this multiple choice question has been scrambled)
  39. States that market value is affected by the intersection of supply and demand forces in the market as of the appraisal date
    principle of supply and demand
  40. States that it is the future, not the past, which is of prime importance in estimating value
    a. principle of change
    b. four agents of production
    c. decline
    d. obsolescence
  41. The first phase of teh life cycle, which consists of initial construction of improvements on vacant land
    development
  42. Delayed repairs and deterioration of building generally mark the third phase in the life cycle of a neighborhood
    decline
  43. The depreciation of an asset due to ordinary usage
    Wear and Tear
  44. The fourth and final phase in the life cycle of a neighborhood that occurs through the demolition, relocation, or major renovation of existing buildings
    revitalization
  45. States that maximum value results when properties in a neighborhood are relatively similar in size, style, quality, use and/or type
    Principle of conformity
  46. States that highest-valued properties tend to suffer when placed in close proximity with lower-valued properties
    Principle of regression
  47. Computer software programs that analyze data using automated systems, such as regression analysis and/or so-called artificial intelligence
    A. automated appraisal models
    B. automated computer models
    C. automated analysis models
    D. automated valuation models
    D. automated valuation models
    (this multiple choice question has been scrambled)
  48. States that the worth of a lesser-valued residence tends to be enhanced by association with highest-valued residences in the same area
    principle of progression
  49. States that real estate values are affected by supply and demand because of competition
    Principle of competition
  50. Calculates the worth of a particular component in terms of its contribution to the value of the whole property
    Principle of contribution
  51. Method of adjusting comparable sales in which two comparable properties with one differing feature are used to estimate an amount of adjustment for that feature
    matched pair analysis
  52. The income generated by a project after the four agents of production have been paid
    Surplus productivity
  53. Labor, management, capital, and land
    four agents of production
  54. Recognizes competing investments, usually in different industries, that may have a greater return
    Principle of opportunity cost
  55. Highest and best use can best be described as the use that will
    A. result in the highest building
    B. result in the maximum return on investment
    C. be the most expensive to develop
    D. result in the highest legal return
    B. result in the maximum return on investment
    (this multiple choice question has been scrambled)
  56. The principle of conssitent use affirms that:
    A. improvements are not taken into consideration
    B. all homes in an area should conform to one another
    C. land and improvements should be valued based on the same use
    D. all of the properties should be zoned the same
    A. improvements are not taken into consideration
    (this multiple choice question has been scrambled)
  57. Which of the following statements is correct?
    • a. if supply is high and demand is high, then value tends to be high
    • b. if supply is low and demand is high, then value tends to be high
    • c. if supply and demand are in equilibrium, then value tends to be high
    • d. if supply is high and demand is low, then value tends to be high
  58. The principle of supply and demand must include an anlysis of:
    a. population growth
    b. the buyer's ability to pay
    c. the relative scarcity of available land
    d. all of the above
    d. all of the above
  59. Reasonably, a buyer will not pay more for a particular property than the cost of buying a similar property. This is the underlying basis of which principle?
    A. anticipation
    B. substitution
    C. conformity
    D. change
    B. substitution
    (this multiple choice question has been scrambled)
  60. The principle of anticipation is easiest to measure int he case of
    A. new construction
    B. income-producting property
    C. high-rise condominiums
    D. vacant land
    B. income-producting property
    (this multiple choice question has been scrambled)
  61. What are the four stages of the heighborhood life cycle?
    A. growth, stability, demand, and revitalization
    B. scarcity, decline, revitalization, and growth
    C. development, stability, decline, and revitalization
    D. regression, growth, stability, and decline
    C. development, stability, decline, and revitalization
    (this multiple choice question has been scrambled)
  62. Same purchased adjacent lots in a suburban area twhere the typical house is 3-brdroom/2-bath, under 2,000 square feet. Sam intends to combine the lots and build a 7 bedroom/5 bath, 6,000 square-foot Spanish-style mansion, which principle of valuation is Sam disregarding?
    A. conformity
    B. progression
    C. regression
    d. all of the above
    B. progression
    (this multiple choice question has been scrambled)
  63. The principle of ___ states that the worth of a lesser-valued residence tends to be enhanced by association with higher-valued residences in the same area
    A. regression
    B. progression
    C. contribution
    D. increasing and decreasing returns
    B. progression
    (this multiple choice question has been scrambled)
  64. Typically, the principle of competition follows 3 steps. Which of the following is not one of the tree steps?
    A. competition decreases profits
    B. market demand generates profits
    C. competition stabilizes profits
    D. profits generate competition
    A. competition decreases profits
    (this multiple choice question has been scrambled)
  65. Ted and Gayle bought a cabin in the mountains for $145,000. They repaired the furnace, redecorated the interior, and repainted the exterior. All of this work totally just over $9,000. When the couple tried to resell the cabin a few months later, their best offer was $148,500. Which principle of valuation does this scenario exemplify?
    A. contribution
    B. highest and best use
    C. competition
    D. opportunity cost
    A. contribution
    (this multiple choice question has been scrambled)
  66. Overall, the principle of contribution emphasezes that cost:
    A. is not necessarily equal to value
    B. adjusts according to value
    C. is equivalent to value
    D. is not a factor invalue
    A. is not necessarily equal to value
    (this multiple choice question has been scrambled)
  67. The principle of increasing and decreasing returns can best be applied when there is
    A. a poorly designed home
    B. an under-improvement on a parcel of land
    C. an over-improvement on a parcel of land
    D. minimal profit
    C. an over-improvement on a parcel of land
    (this multiple choice question has been scrambled)
  68. The income generated by a project after the four agents of production have been paid is known as
    A. entrepreneurial profit
    B. surplus productivity
    C. opportunity cost
    D. capital expenditures
    B. surplus productivity
    (this multiple choice question has been scrambled)
  69. Joe is presented with Investment A and Investmen B, both very attractive. He can only afford to invest in one and chooses Investment B. One year later, he learns that Investment A yielded 80% more profit than the investment he chose. Joe is a victim of
    A. unearned increment
    B. opportunity cost
    C. regression
    D. substitution
    B. opportunity cost
    (this multiple choice question has been scrambled)
  70. The bundle of rights consists of all legal rights that are attached to the ownership of real property. These include the right to _____ the property
    a. use and enjoy
    b. transfer
    c. possess
    d. all of the above
    d. all of the above
  71. Which type of estate represents the most complete form of ownership?
    A. fee simple estate
    B. leasehold estate
    C. fee simple estate and estate in fee
    D. estate in fee
    C. fee simple estate and estate in fee
    (this multiple choice question has been scrambled)
  72. A property owner may impose qualifications, conditions, or restrictions when transferring title to property. If a seller imposes qualifications or conditions that the buyer must do or not do, this is known as a(n):
    A. less-than-freehold estate
    B. fee simple qualified estate
    C. life estate
    D. perpetual estate
    B. fee simple qualified estate
    (this multiple choice question has been scrambled)
  73. Which of the following is a leasehold estate?
    A. estate or inheritance
    B. estate for years
    C. estate in remainder
    D. life estate
    B. estate for years
    (this multiple choice question has been scrambled)
  74. A month-to-month tenancy is typically an:
    A. estate at sufferance
    B. estate for years
    C. estate from period to period
    D. estate in remainder
    C. estate from period to period
    (this multiple choice question has been scrambled)
  75. A partial interest is best described as an interest in real estate that represents:
    A. less than the fee simple estate
    B. the land or the improvements only
    C. ownership of all rights to the property
    D. a fractional interest only
    A. less than the fee simple estate
    (this multiple choice question has been scrambled)
  76. When property is owned by two or more persons or entities at the same time, it is known as concurrent ownership, or co-ownership. Which of the following is not a type of concurrent ownership?
    A. joint tenancy
    B. tenancy in common
    C. community property
    D. tenancy at sufferance
    D. tenancy at sufferance
    (this multiple choice question has been scrambled)
  77. An uncle left his nephew 2/3 interest and left his nephew's wife 1/3 interest i real property jointly and without the right of survivorship. The couple will assume title to an estate that is classified as
    A. joint tenancy
    B. leasehold
    C. partnership
    D. tenancy in common
    D. tenancy in common
    (this multiple choice question has been scrambled)
  78. The words time, title, interest, and possession are associated with:
    A. undivided interest
    B. survivorship
    C. tenancy
    D. possession
    B. survivorship
    (this multiple choice question has been scrambled)
  79. As used in real estate law, the term tenancy is best ddescribed as:
    A. the landlord-tenany relationship
    B. the retention of rights
    C. tenant in a lease agreement
    D. a mode or method of holding title to real property by a lessee or owner
    D. a mode or method of holding title to real property by a lessee or owner
    (this multiple choice question has been scrambled)
  80. All of the following are classifications of a lease, except:
    A. type of real estate
    B. method of payment
    C. length of term
    D. amount of payment
    D. amount of payment
    (this multiple choice question has been scrambled)
  81. The owner of a condominium has a title to the unit and:
    A. the land under it
    B. both an undivided interest in the common areas and pays property taxes for his or her own unit
    C. pays property taxes for his or her own unit
    D. an undivided interest in the common area
    B. both an undivided interest in the common areas and pays property taxes for his or her own unit
    (this multiple choice question has been scrambled)
  82. In an undivided interest, the land itself is not divided--just the ownership. The buyer receives an undivided interest in a parcel of land as a____ with all the other owners.
    A. stockholder
    B. tenant in partnership
    C. lessee
    D. tenant in common
    D. tenant in common
    (this multiple choice question has been scrambled)
  83. What is the commonality between mobile homes and manufactured homes?
    A. each is permanently attached to land
    B. both are factory built
    C. each must conform to HUD code
    D. they are primarily used as seconds homes
    B. both are factory built
    (this multiple choice question has been scrambled)
  84. Time-share properties are primarily designed for buyers who want:
    A. vacation property
    B. a primary residence
    C. income-producting real property
    D. agricultural property
    A. vacation property
    (this multiple choice question has been scrambled)
  85. Ownership concept describing all the legal rights that attach to the ownership of real property
    A. bundle of rights
    B. survivorship
    C. deed restriction
    D. tenant rights
    A. bundle of rights
    (this multiple choice question has been scrambled)
  86. Ownership interest or claim a person has in real property
    A. lien
    B. estate
    C. tenant
    D. tenancy
    B. estate
    (this multiple choice question has been scrambled)
  87. An estate of indefinite duration and can be sold or inherited
    A. freehold estate
    B. survivorship
    C. life estate
    D. leasehold estate
    A. freehold estate
    (this multiple choice question has been scrambled)
  88. Tenant's interest in the leased property during the term of the lease
    A. estate
    B. life estate
    C. leasehold estate
    D. freehold estate
    C. leasehold estate
    (this multiple choice question has been scrambled)
  89. The most complete form of ownership
    A. estate
    B. estate in fee
    C. life estate
    D. tenancy
    B. estate in fee
    (this multiple choice question has been scrambled)
  90. Limited in duration to the life of its owner or the life of another designated person
    A. feehold estate
    B. estate
    C. life estate
    D. leasehold estate
    C. life estate
    (this multiple choice question has been scrambled)
  91. A mode or method of ownership or holding title to property
    A. tenant
    B. tenancy
    C. survivorship
    D. partnership
    B. tenancy
    (this multiple choice question has been scrambled)
  92. Lease with a definite end date
    A. estate for months
    B. estate for decade
    C. estate for years
    D. estate for period to perior
    C. estate for years
    (this multiple choice question has been scrambled)
  93. Type of estate in which there is no written agreement between the landlord and tenant
    A. feehold estate
    B.. estate at will
    C. life estate
    D. leasehold estate
    B.. estate at will
    (this multiple choice question has been scrambled)
  94. The legal portion of the property and rights that are owned
    A. interest
    B. common intereste development (CID)
    C. lease
    D. condomoniums
    A. interest
    (this multiple choice question has been scrambled)
  95. Ownership of all the rights to the property
    A. fee simple defeasible
    B. estate at sufferance
    C. estate of inheritance
    D. fee simple
    D. fee simple
    (this multiple choice question has been scrambled)
  96. An interest in real estate that represents less than the fee simple estate
    A. leasehold estate
    B. estate for years
    C. partial interest
    D. interest
    C. partial interest
    (this multiple choice question has been scrambled)
  97. When property is owned by two or more persons or entities at the same time
    A. joint tenancy
    B. concurrent ownership
    C. partnership
    D. survivorship
    B. concurrent ownership
    (this multiple choice question has been scrambled)
  98. Allows two or more people to hold equal percentages with   the right of survivorship
    A. tenancy
    B. joint tenancy
    C. partnership
    D. life estate
    B. joint tenancy
    (this multiple choice question has been scrambled)
  99. A contract by which real estate is conveyed for life, for a term of years, or at will, usually for a specified rent
    A. estate at sufferance
    B. estate for years
    C. lease
    D. estate from period to period
    C. lease
    (this multiple choice question has been scrambled)
  100. Another name for lease
    A. tenancy
    B. estate
    C. rental agreement
    D. ownership
    C. rental agreement
    (this multiple choice question has been scrambled)
  101. Combines the individual ownership of private dwellings with the shared ownership of common facilities of the entire project
    A. concurrent ownership
    B. partnership
    C. common interest development (CID)
    D. interest
    C. common interest development (CID)
    (this multiple choice question has been scrambled)
  102. Consists of a separate fee interest in a particular specific space (the unit), plus an undivided interest in all common or public areas of the development
    A. fee simple
    B. estate
    C. condominiums
    D. leasehold estate
    C. condominiums
    (this multiple choice question has been scrambled)
  103. A planning and zoning term describing land not subject to conventional zoning requirements
    A. quiet enjoyment
    B. rental agreement
    C. planned development
    D. zoning development
    C. planned development
    (this multiple choice question has been scrambled)
  104. A real estate development in which a buyer can purchase the exclusive right to occupy a unit for a specified period each year
    A. estate for years
    B. lease
    C. estate from period to period
    D. time-share
    D. time-share
    (this multiple choice question has been scrambled)

What would you like to do?

Home > Flashcards > Print Preview