Chapter 1-5 Review Flashcards
USPAP defines an _________ as “one who is expected to perform valuation services competently and in a
manner that is independent, impartial, and objective.”
Appraiser
True or False: Evaluation service can be done by anybody.
True
True or False: Appraisal practice is NOT Specific to appraisers.
False
True or False: The appraisal process always begins with problem identification.
True
Who determines the scope of your work?
The appraiser
“the party or parties who ENGAGE, by employment or contract, an appraiser in a specific assignment, whether directly or through an agent.”
THE CLIENT
a valuation service, including performing an appraisal as well as other appraisal services, while in the role of an appraiser is an ________.
Appraisal practice
_________ is “information that is either identified by the client as confidential when providing it to an appraiser and that is not available from any other source; or classified as confidential or private by applicable law or regulation.”
Confidential information
True or False: An appraiser CANNOT disclose confidential information or assignment results to:
- state appraiser regulatory agencies; or
- third parties as may be authorized by due process of law;
False
_______ establishes these requirements:
1. the ability to properly identify the problem to be addressed;
2. the knowledge and experience to complete the assignment competently;
The COMPETENCY RULE
What are three major factors to an appraisors competency?
Knowledge of property type, geographic location, and methodology.
Items that can be held or touched and are further classified as either real property or personal property.
Tangible property
Personal property that has value, yet cannot be physically touched or seen
(e.g., business interests, stocks, patents, trademarks, equities).
Intangible property
________ is defined not only as the physical land and everything attached to it, but also the rights of ownership (bundle of rights) in real estate.
Real property
__________ is defined as tangible items that (usually) are not permanently attached to, or part of, the real estate. Personal property is also called personalty or chattel. An example is Patio Furniture
Personal property (personalty or chattel)
What is the diffrence between Real Estate and Real Property?
Real Property includes the bundle of rights.
Term for conversion of personal property to real property—most often by attaching or affixing personal property to real property. An example is ceilling fan or dishwasher.
Annexation
What are exampes of Fructus naturales (“fruits of nature”)—Naturally occurring plants.
(e.g., trees, plants) Shade tree
What are exampes of Fructus industriales (“fruits of industry”)—Plants planted and cultivated by people
(e.g., crops, orchards) Grape vines
A tenant farmer’s crops are referred
to as emblements. Under the legal theory of the _______________.
Doctrine of emblements,
________ are any equipment or items a tenant installs for business purposes
(e.g. shelving)
Trade fixtures
The bundle of rights includes:
A. the right to occupy, exclude others or to sell.
B. the right to borrow against
C. the right to convey by inheritance
D. all of the above
D. all of the above
What is another name for Air Rights?
Suprasurface Rights
Example of riparian rights?
River
Example of littoral rights?
Lake
Which is not a surface right?
A. Agricultural rights
B. Appropriative rights
C. Riparian rights
D. Littoral rights
A. Agricultural rights
___________ says that whoever drills a well on his land owns all the oil or gas the well produces, even though it may have migrated from under a neighbor’s land.
The rule of capture
Site improvements that provide water, sewer are examples of ___________.
Improvements TO the land
