Ch 5 Quiz Basic Appraisal Concepts Flashcards
True or False? By exercising one of his/her bundle of rights, a property owner may be giving up another one of those rights from the bundle.
TRUE
Public limitations on private property rights include all of the following EXCEPT
CC&Rs. CC&Rs are private restrictions for homeowners.
“The right to construct and maintain tunnels, subways, subcellars, pipelines, sewers, etc.” is the definition of ___________ rights.
subsurface
“A list of expressed assurances and limitations on land use; often found in contracts between a land subdivider and a lot purchaser” is the definition of
C, C & R
“The party or parties who engage, by employment or contract, an appraiser in a specific assignment” is the definition of
client
Property Owner A has the right to develop his property into 10 lots. He sells this right to nearby Property Owner B who wishes to develop his property into additional lots. This is an example of
transferable development rights
A client asks an appraiser to omit the client’s identity from the appraisal report. What can the appraiser do?
omit the client’s identity from the report, but identify the client in the workfile
A property’s bundle of rights is analogous to
a bundle of sticks
The process of eminent domain is administered through
condemnation
The Fifth Amendment to the U.S. Constitution guarantees payment of ________ for the taking of private property.
just compensation
“The interests, benefits, and rights inherent in the ownership of real estate” is the definition of
real property
Land is a long lasting asset, and has a long economic life as compared to other assets. What characteristic of land does this refer to?
durability
Police power would include all of the following EXCEPT
taxation
(Government)
Modern definitions of the word “appraisal” have replaced the word _______ with ________.
estimate, opinion
Which of the following would likely NOT be considered personal property?
wall to wall carpet
“The right of government, through which property is regulated, to protect public safety, health, morals, and general welfare” is the definition of
police power
__________ rights are considered to be vertical rights.
Air
Trade fixtures are most commonly found in ___________ property.
rented commercial property
An appraisal is a( n) ____________ of value.
opinion
An appraisal is best described as
an opinion of value
Physical land and appurtenances attached to the land is the definition of
real estate
(appurtenances = Zubehör)
Which would NOT be a characteristic of a good appraisal?
unsupported
Which of these would be considered a public restriction on real property ownership?
escheat
Which of these is NOT a public restriction on real property ownership?
CC&Rs
Which of these items is LEAST likely to be considered part of the real estate?
window air conditioner
A property owner hires a contractor to construct an addition on his home, but does not pay the contractor when the work is completed. The contractor may place a __________ on the property to recover the debt.
mechanic’s lien
“A development right that cannot be used by the landowner, or that the owner chooses not to use, but can be sold to landowners in another location” are called ___________________ rights.
transferable development
Which is NOT a characteristic of land?
mobility
“A document or a clause in a document in which the borrower accepts responsibility for the repayment of a debt” is the definition of
mortgage note
Private restrictions on property rights include all of the following EXCEPT
escheat
Private restrictions are
CC&Rs
Deed Restrictions
Mechanics Lean
Mortgages
The public restriction on property rights that allows the government to place a lien on a property is
taxation. The government places a lien against your property to ensure the payment of taxes.
“The earth’s surface, both land and water, and anything that is attached to it whether by the course of nature or human hands” is the definition of
real estate
An article that was once personal property but has since been installed or attached to the land or building in a rather permanent manner is a(an)
fixture
