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Basic Appraisal Principles > Chapter 5 > Flashcards

Chapter 5 Flashcards

1
Q

Modern definitions of the word “appraisal” have replaced the word _______ with ________.

pounds, dollars
time, market conditions
value, cost
estimate, opinion

A

Estimate, opinion

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2
Q

“An identified parcel or tract of land, including improvements, if any” is the definition of

trade fixture
real estate
real property
personal property

A

Real Estate

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3
Q

An appraisal is best described as

  • an opinion of value
  • the estimated cost to replace the property
  • a guarantee of the true worth of the property
  • an estimate of value
A

An opinion of value

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4
Q

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?

unique location
immobility
durability
finite supply

A

durability

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5
Q

Which of these items is LEAST likely to be considered part of the real estate?

rose bushes
central air conditioner
chandelier
window air conditioner

A

Window Air Conditioner

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6
Q

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
air rights
subsurface rights
trade fixtures

A

transferable development rights

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7
Q

“The interests, benefits, and rights inherent in the ownership of real estate” is the definition of

real property
real estate
trade fixtures
chattel

A

Real Property

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8
Q

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.

A

True

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9
Q

The Fifth Amendment to the U.S. Constitution guarantees payment of ________ for the taking of private property.

just compensation
top dollar
an equally desirable substitute property
time and money

A

Just compensation

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10
Q

True or False? When people buy and sell land and buildings in the marketplace, they are actually buying and selling real property rights.

A

True

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11
Q

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.

CC&R
deed restriction
mortgage
mechanic’s lien

A

Mechanic’s lien

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12
Q

A property’s bundle of rights is analogous to

a tidal wave
a house of cards
a bundle of sticks
the spokes on a bicycle wheel

A

A bundle of sticks

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13
Q

Private restrictions on property rights include all of the following EXCEPT

mortgages
escheat
mechanic’s liens
deed restrictions

A

Escheat

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14
Q

Which of the following would likely NOT be considered personal property?

area rug
washing machine
wall to wall carpet
drapes

A

Wall to wall carpet

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15
Q

The right of government that gives the state titular ownership of a property when its owner dies without a will or any ascertainable heirs is called

eminent domain
condemnation
accrual
escheat

A

Escheat

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16
Q

Which is NOT a characteristic of land?

durability
mobility
unique location
finite supply

A

Mobility

17
Q

“The interests, benefits, and rights, inherent in the ownership of real estate” is the definition of

real estate
personal property
real property
intangible property

A

Real Property

18
Q

Trade fixtures are only found in ___________ property.

owner-occupied
rented
residential
none of the above

A

Rented

19
Q

Public limitations on private property rights include all of the following EXCEPT

CC&Rs
taxation
eminent domain
escheat

A

CC&R’s

20
Q

“A pledge of a described property interest as collateral or security for the repayment of a loan under certain terms and conditions” is the definition of

mortgage note
mortgage
bond
promissory note

A

Mortgage

21
Q

An appraisal is a( n) ____________ of value.

guarantee
prediction
opinion
summary

A

opinion

22
Q

Which would NOT be a characteristic of a good appraisal?

concise
unsupported
accurate
unbiased

A

Unsupported

23
Q

“The right of government, through which property is regulated, to protect public safety, health, morals, and general welfare” is the definition of

eminent domain
police power
taxation
homeland security

A

Police Power

24
Q

__________ rights are considered to be vertical rights.

Air
Surface
Water
Property

A

Air

25
Q

Which is NOT a public restriction of private property rights?

taxation
easement
police power
escheat

A

Easement

26
Q 
“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.
vertical
passive
temporary
transferable development
A

Transferable Development

27
Q

Another name for trade fixture is

emblement
chattel mortgage
attachment
chattel fixture

A

Chattel Fixture

28
Q

The right of government to take private property for public use upon the payment of just compensation is called

condemnation
eminent domain
escheat
taxation

A

Eminent Domain

29
Q

Police power would include all of the following EXCEPT

building codes
zoning
taxation
fire codes

A

Taxation

30
Q

“The right of government, through which property is regulated, to protect public safety, health, morals, and general welfare” is the definition of

eminent domain
police power
taxation
homeland security

A

Police Power

31
Q

The public restriction on property rights that allows the government to place a lien on a property is

escheat
caveat emptor
taxation
none of the above

A

Taxation

32
Q

Physical land and appurtenances attached to the land is the definition of

real property
personal property
fixture
real estate

A

Real Estate

33
Q

The right of government to take private property for public use upon the payment of just compensation is called

condemnation
eminent domain
escheat
taxation

A

Eminent Domain

34
Q

Public limitations on private property rights include all of the following EXCEPT

CC&Rs
taxation
eminent domain
escheat

A

CC&R’s

35
Q

An appraisal assignment is a valuation service provided as a consequence of an agreement between an ________ and a _________.

appraiser, client
client, intended user
appraiser, lender
appraiser, user

A

Appraiser, client

36
Q

The process of eminent domain is administered through

escheat
condemnation
unjust compensation
police power

A

Condemnation

Basic Appraisal Principles (19 decks)

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