Chapter 3

Question 1

The chart below by entering whether the example is an (I)nventory, (F)ixed asset, (L)easehold improvement, or (INT)angible

Answer 1

Computer in use -F

Dropped ceiling installed in a leased space by a tenant. -L

Money on hand- Int

Raw materials held by a manufacturer-I

Patent- Int

Renter upgraded carpet in a leased building- L

Forklift : F

20-ton press bolted to the floor: 4

Trade fixture in use: L

Office furniture: F

A partially constructed assembly line in a manufacturing plant-

Question 2

bundle of rights

Answer 2

Sluger
Sell
Lease
Use
Give
Right to refuse

Question 3

Personal Property is:

Answer 3

all property that is not realty

Question 4

Real Property is:

Answer 4

the sum of tangible and intangible rights in land and improvements on the land

Question 5

The right of any person to possess, use, enjoy and dispose of thing

Answer 5

Property

Question 6

The physical land and everything permanently attached to it

Answer 6

Real estate

Question 7

Assessors duties

Answer 7

Discover
Inventory
Classify
Estimate
Calculate
Preparation 
Notification 
Defense