Questions and Answers
When might an investor consult with an appraiser?
What is true about a fee appraiser?
Who primarily participates in the market for real estate financing?
Which of the following is least likely to be considered a fixture?
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What describes an estate that lasts for a fixed term?
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What occurs at the end of a periodic tenancy?
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What type of lien is considered a voluntary lien?
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What does a general lien attach to?
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What is the nature of an easement from the perspective of the easement holder?
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What is the term used for the land that benefits from an appurtenant easement?
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Who typically places private restrictions on property?
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What does eminent domain empower the government to do?
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Which government power serves as the basis for zoning regulations?
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In property law, what does the term 'nonpossessory interest' refer to?
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What defines a servient tenement in relation to an easement?
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Study Notes
Real Estate Appraisal
- Appraisers are consulted by investors or property owners for various reasons including marketing strategies, development feasibility, and reviewing another appraiser's work.
- A fee appraiser generally charges separately for each assignment and is typically hired by a third party outside the transaction.
Real Estate Financing
- The primary market for real estate financing involves individual borrowers and lenders, facilitating real estate transactions.
Fixtures in Real Estate
- Movable patio furniture is not considered a fixture, while fence installations and attached sheds are classified as fixtures.
Types of Estates
- An estate for years is defined as a type that lasts for a specific fixed term.
Periodic Tenancy
- In a periodic tenancy, the lease automatically renews unless either party chooses to terminate and provides notice.
Holdover Tenants
- A holdover tenant holds a tenancy at sufferance and lacks legal rights to possess the property.
Liens
- A mortgage is categorized as a voluntary lien, while other types like construction liens, judgments, and tax liens are not.
General Liens
- A general lien applies to all real estate owned by the debtor, rather than just a specific property.
Non-Financial Encumbrances
- Judgments and profits are classified as financial encumbrances. Private restrictions and easements are considered non-financial encumbrances.
Easement Holder's Perspective
- From the easement holder's viewpoint, the easement represents a nonpossessory interest in property.
Appurtenant Easements
- The land that benefits from an appurtenant easement is known as the dominant tenement, while the land burdened by the easement is referred to as the servient tenement.
Private Restrictions
- Private restrictions on property are commonly established by the property owner.
Eminent Domain
- Eminent domain allows the government to take private property for public use, ensuring compensation to the property owner.
Zoning Regulations
- Zoning regulations are grounded in the government's police power, which allows for the regulation of land use.
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Description
Test your knowledge on real estate appraisal concepts and practices. This quiz covers key aspects such as the roles of appraisers, market conditions, and the appraisal process. Whether you're an investor or just curious about the field, this quiz is designed to enhance your understanding.
