Chapter 1 - Real Property and Its Appraisal

Question 1

Land is investigated and analyzed in which other disciplines?

Answer 1

Government, the law, economics, geography, and environmental studies.

Question 2

Land

Answer 2

Investigated and analyzed in a variety of disciplines government law economics geography and environmental studies

Question 3

Real Property

Answer 3

The interest benefits and rights inherent in the ownership of real estate.

Question 4

Real Estate

Answer 4

Land, buildings, and other affixed improvements as a tangible entity. (All things natural such as trees or minerals)

Question 5

Attributes of Land

Answer 5

1. Each parcel is unique in location and composition.
2. Land is physically immobile.
3. Land is durable.
4. Supply of the land is finite.
5. Land is useful to people.

Question 6

Land Ownership

Answer 6

Land to sky to depths.

Question 7

Legal matters of concern for appraisers

Answer 7

– Easements
– Access regulations
– Use regulations
– The recording and conveyance of titles

Question 8

Value Theory

Answer 8

A long history of thought on the sources and basis of values

Question 9

Estate in land

Answer 9

The degree, nature or extent of interest that a person has in it. This is distinguished by duration.

Question 10

Chattel Fixture

Answer 10

A trade fixture that has been surrendered in the lease. Examples of this or gas pumps, restaurant booths, lighting that is specific to the business and storage tanks.

Question 11

Fixtures

Answer 11

Plumbing, lighting, and heating etc.

Question 12

Personal property

Answer 12

Furniture, art pieces, and items not attached to the estate.

Question 13

Appraisal reporting options

Answer 13

Narrative, short narrative and form.

Question 14

A Narrative report is

Answer 14

Comprehensive and detailed

Question 15

A Short narrative report is

Answer 15

Concise and briefly descriptive

Question 16

A Form report is

Answer 16

A standardized format combining check off boxes and narrative comments

Question 17

The purpose of an appraisal is

Answer 17

To develop an opinion of some type of value which must be defined at the outset. The defined value may; include market value, use value, investment value, assessed value, business value, Fair value and other types of value.

Question 18

Intended use of an appraisal

Answer 18

The manner in which a client will employee the information contained in the report.