Podcast Beta
Questions and Answers
Appraisal is:
Real estate is:
Real property includes:
The manner in which a client employs the information contained in the appraisal report is called:
Signup and view all the answers
Appraisals are always used:
Signup and view all the answers
Should an appraiser include a clothes washer and dryer in the appraisal?
Signup and view all the answers
Easements usually give a party the right:
Signup and view all the answers
The Fifth Amendment requires the government to pay just compensation for land taken for the common good.
Signup and view all the answers
What happens if a property owner has not paid taxes on their land for five years?
Signup and view all the answers
A fee simple interest in real property is limited only by:
Signup and view all the answers
A deed should be recorded because:
Signup and view all the answers
Land is unique because:
Signup and view all the answers
The supply of land is:
Signup and view all the answers
When real property is sold, the amount of money used to compensate the seller is called:
Signup and view all the answers
A cash-equivalent price reflects what?
Signup and view all the answers
A good's capacity to satisfy human desires or needs is known as:
Signup and view all the answers
A vacant residential lot located in a flood zone can be given a building permit.
Signup and view all the answers
Demand for real estate may be affected by:
Signup and view all the answers
The four agents of production are:
Signup and view all the answers
Real property has value because it provides:
Signup and view all the answers
The supply of one-unit residential properties is most affected by:
Signup and view all the answers
Which of the following statements is the most accurate about two homes of the same features?
Signup and view all the answers
When a property is put up for sale, the seller is forced to reduce the price when:
Signup and view all the answers
Study Notes
Introduction to Appraisal
- Appraisal is an opinion of value.
- The physical land and appurtenances fixed to it are considered real estate.
- Real property includes the interests, benefits, and rights inherent in real estate ownership.
- The intended use refers to how a client utilizes appraisal report information.
- Real property consists of rights in realty.
- Appraisals are crucial for solving real estate valuation issues.
- While appraisers should include items like clothes washers and dryers in an appraisal, they should be identified separately, and their value should be estimated.
- Items permanently built and intended to be included with real property are considered real estate.
- An appraiser quantifies and develops an opinion of value.
- Easements usually grant access to a property for a specific service.
- The Fifth Amendment to the US Constitution mandates just compensation from the government for land taken for public use.
- Failure to pay property taxes for five years gives the state the right to sell the property to recover back taxes.
- The state must pay fair compensation based on property value before and after taking land for public purposes, like road widening.
- A fee simple interest in real property is only limited by taxation, eminent domain, police power, and escheat.
- Recording a deed provides public notice of a transaction and establishes its priority.
- Police power includes zoning and environmental protection regulations.
Land, Real Estate, and Ownership of Real Property
- Each parcel of land is unique because they cannot occupy the same space.
- Land supply is finite.
- The concept of land encompasses geographic, environmental, legal, economic, and social aspects.
- Changes in local building codes exemplify a governmental force affecting real estate value.
- Police power includes zoning and environmental protection regulations.
The Nature of Value
- The price of real property is the amount of money used to compensate the seller during a sale.
- Cash-equivalent price reflects the seller's acceptance as if they received cash at closing.
- Utility refers to an item's ability to satisfy human desires or needs.
- A property located in a flood zone, prohibited from receiving a building permit by the city planning department loses most of its utility.
- Demand for real estate can be affected by increasing population and employment, the availability of mortgage financing, and increases in purchasing power.
- Land, labor, capital, and entrepreneurship are the four agents of production.
- Real property possesses value because it provides future benefits.
- The supply of one-unit residential properties is mainly impacted by increased home construction.
- The lower-priced home will attract more demand when two homes in the same area have identical size, location, amenities, and features but different prices.
- A seller is forced to reduce the price when a property is put up for sale, and no buyers are willing to pay the asking price.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
This quiz explores the fundamentals of appraisal, focusing on the opinions of value for real estate and the rights associated with it. Participants will learn about the critical components of appraisals, the definition of real property, and various considerations appraisers must keep in mind. Prepare to test your knowledge on the essential aspects of real estate valuation and appraisal processes.
