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Questions and Answers
Appraisal is:
Appraisal is:
Real estate is:
Real estate is:
Real property includes:
Real property includes:
The manner in which a client employs the information contained in the appraisal report is called:
The manner in which a client employs the information contained in the appraisal report is called:
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Appraisals are always used:
Appraisals are always used:
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Should an appraiser include a clothes washer and dryer in the appraisal?
Should an appraiser include a clothes washer and dryer in the appraisal?
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Easements usually give a party the right:
Easements usually give a party the right:
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The Fifth Amendment requires the government to pay just compensation for land taken for the common good.
The Fifth Amendment requires the government to pay just compensation for land taken for the common good.
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What happens if a property owner has not paid taxes on their land for five years?
What happens if a property owner has not paid taxes on their land for five years?
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A fee simple interest in real property is limited only by:
A fee simple interest in real property is limited only by:
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A deed should be recorded because:
A deed should be recorded because:
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Land is unique because:
Land is unique because:
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The supply of land is:
The supply of land is:
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When real property is sold, the amount of money used to compensate the seller is called:
When real property is sold, the amount of money used to compensate the seller is called:
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A cash-equivalent price reflects what?
A cash-equivalent price reflects what?
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A good's capacity to satisfy human desires or needs is known as:
A good's capacity to satisfy human desires or needs is known as:
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A vacant residential lot located in a flood zone can be given a building permit.
A vacant residential lot located in a flood zone can be given a building permit.
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Demand for real estate may be affected by:
Demand for real estate may be affected by:
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The four agents of production are:
The four agents of production are:
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Real property has value because it provides:
Real property has value because it provides:
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The supply of one-unit residential properties is most affected by:
The supply of one-unit residential properties is most affected by:
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Which of the following statements is the most accurate about two homes of the same features?
Which of the following statements is the most accurate about two homes of the same features?
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When a property is put up for sale, the seller is forced to reduce the price when:
When a property is put up for sale, the seller is forced to reduce the price when:
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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.
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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.
