Module 1 - 3 Review Quiz

Question 1

Which of the following items are considered to be personal property?
A) A tree orchard
B) Built-in cabinetry					
C) Furniture
D) interior light fixtures

Answer 1

C) Furniture

Question 2

Mayes owns a property but has leased it to Jacobs. Which term best
describes Jacobs’ right in the property?
A) fee simple interest						
B) leased fee interest
C) leasehold interest
D) lessor interest

Answer 2

C) leasehold interest

Question 3

Real Estate is best described as
A) everything resting on the surface of the land
B) fixtures and building improvements
C) land and everything permanently attached to the land
D) the complete bundle of rights attached to land

Answer 3

C) land and everything permanently attached to the land

Question 4

Mineral rights are an example of 
A) air rights							
B) riparian rights
C) subsurface rights
D) suprasurface rights

Answer 4

C) subsurface rights

Question 5

An appraisers familiarity with a specific type of property
applies to what concept?
A) Competency							
B) impartiality
C) intended use
D) sufficient diligence

Answer 5

A) Competency

Question 6

Sanchez is appraising a property for a client with the intended
use of filling a tax appeal. In this type of assignment, Sanchez should
A) find out what value the client’s lawyer recommends
B) not advocate the cause of interest of any party or issue
C) represent the clients cause in the appeal
D) try to keep the value as low as possible

Answer 6

B) not advocate the cause of interest of any party or issue

Question 7

Before an appraiser begins an assignment, the problem to be solved
must be identified. What is the next step the appraiser must take to
ensure credible assignment results?
A) a preliminary opinion for the client
B) a pro forma for the assignment
C) a project timeline
D) determination of the scope of work

Answer 7

D) Determination of scope of work

Question 8

Chattel and personalty are terms used to describe
A) emblements
B) fixtures
C) personal property
D) real property

Answer 8

C) Personal Property

Question 9

Hooper gave permission to a nearby business neighbor to place
a sign on his corner property to advertise the neighbor’s liquidation
sale. What has Hooper given to his neighbor?
A) a license
B) a partial interest in his property
C) a personal easement in gross
D) an estate

Answer 9

A) a license

Question 10

What is a tenancy (that is, estate) in which a lessee remains in
possession of the property without the lessor’s consent?
A) tenancy at sufferance
B) tenancy at will
C) tenancy for years
D) tenancy from period to period

Answer 10

A) Tenancy at sufferance