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Appraisal Principles > Part 2 > Flashcards

Part 2 Flashcards

1
Q

What are two characteristics of land?

A

it is immobile and unique

in location and compostiion

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2
Q

Land theory suggests that ownership in land includes

A

complete possession from the center of the earth to the ends of the universe.

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3
Q

What are the three rights in the inverted pyramid?

A

Suprasurface rights
Surface Rights
Subsurface rights

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4
Q

Surface rights include_______

A

land, water and anything that is attached to the land.

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5
Q

These are rights pertaining to properties touching a body of water or a waterway such as a river or stream with an emphasis on the benefit and useful purpose to which the flowing water may be applied. (generally interpreted as flowing waters)

A

Riparian rights

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6
Q

These are rights pertaining to properties abutting an ocean, lake or pond (generally interpreted as non-flowing waters) with an emphasis on the use and enjoyment of the shore (the area between high and low water levels.)

A

Littoral rights

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7
Q

Landowners with water rights generally have an unrestricted right to use the water that adjoins their property. However, they

A

cannot interrupt or divert the flow of water (or contaminate it).

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8
Q

Riparian and littoral rights are _________(that is, attached) to the land and cannot be retained by the seller after the property is sold.

A

appurtenant

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9
Q

The Colorado Doctrine is also known as

A

Prior appropriation water rights

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10
Q

The phrase “first in time is first in line” summarizes what doctrine

A

Prior appropriation water rights.

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11
Q

This system of allocating water rights is different from riparian and littoral rights. Water in the western United State generally follow this doctrine which came about due to the scarcity of water in that area of the county. The rights are unconnected to land ownership.

A

The appropriation doctrine (sometimes referred to as the Colorado Doctrine.

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12
Q

Subsurface rights break down into what two area:

A

solid minerals,

oil and gas

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13
Q

Both subsurface rights are considered real estate unitl_____

A

they are extracted from the ground.

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14
Q

Once a resource (solid mineral/oil and gas) are brought to the surface, it is considered

A

personal property

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15
Q

Schaefer owns land with a grove of trees that are pried for their wood. The tree would be classified as

A

real estate

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16
Q

Schaefer cuts down several of the trees and stacks the wood on his land. They are know considered

A

Personal property

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17
Q

Schaefer’s marriage falls apart, and a judge orders that Schaefer’s spouse receive one-half the wholesale timber value of the tree grove. The interest in the tree grove represents

A

Real property

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18
Q

What are the four land perspectives

A
  1. Government and legal
  2. Economic
  3. Social
  4. Environmental and geographic
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19
Q

Fixtures

Test of fixtures

A

Attachment
The manner (permanence) in which item is affixed.
Adaptation
Character of the (for example, custom made) and its adjustment (or modification) to the real estate.

Agreement
The intention of party who attached the item

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20
Q

All real estate improvements were once personal property: When______________they become real property

A

attached to a property

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21
Q

Something added or appended to a property that then becomes an inherent part of the property….usually passes with the property when title is transferred.

A

Appurtenance

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22
Q

T or F

Fixtures can be either real estate or personal property, depending on how they are used.

A

True

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23
Q

Personal property is also known as

A

chattel and personalty

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24
Q

Dwellings that are not affixed to a permanent foundation are generally treated as

A

personal property

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25
Q

Annual crops and planting such as corn, wheat, and vegetables are known as ___________ and are personal property.

A

Emblements

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26
Q

T or F

A fixture is real estate

A

True

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27
Q

What distinguishes a fixture?

A

It was once personal property.

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28
Q

An article that was once personal property but has since been installed or attached to the land or building in a rather permanent manner so that it is regarded in law as part of the real estate.

A

Fixture

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29
Q

What is the primary factor in determining whether an item is a fixture.

A

Intent

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30
Q

Tests of fixtures

A
  1. Attachment: The manner in which the item is affixed.
  2. Adaptation: The character of the item and its adjustment or modification to the real estate.
  3. Agreement: The intention of the party who attached the item.
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31
Q

Improvements to real estate in order to carry out business

A

Trade Fixture

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32
Q

What kind of property are trade fixtures?

A

Personal property

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33
Q

The ______ is the total range of ownership interest in real property.

A

Bundle of rights

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34
Q

There are 5 basic rights that make up the bundle of rights. What are they?

A
  1. Possession
  2. Lease
  3. Mortgage
  4. Improvement
  5. Transfer
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35
Q

A right or interest in real estate is also referred to as

A

An estate

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36
Q

the general characteristic of land are best identified as

A

immobile, durable, finite, and useful

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37
Q

when an appraiser values real property, what is actually being valued?

A

All interest, benefits, and rights inherent in the ownership of real estate

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38
Q

Corn in a cornfield is an example of

A

an emblement

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39
Q

The terms riparian and littoral are connected to what type of land rights?

A

Water rights

40
Q

Why can’t riparian rights be retained by a seller after a property is sold?

A

Water rights are attached to the land rather than to an individual.

41
Q

Surface right,

A

include riparian rights are appurtenant-that is they are attached to the land rather than to an individual.

42
Q

A chain link fence is considered?

A

Real estate

43
Q

An estate is considered

A

Real property

44
Q

A swimming pool above ground is considered______ property

A

Personal property

45
Q

Room air conditioner permanently mounted in a wall opening. Type of property

A

Fixture

46
Q

Right to occupy

Type of property?

A

Real property

47
Q

Portable hot tub permanently enclosed in a deck with underground plumbing

A

Fixture

48
Q

Shrubbery (type of property)

A

Real estate

49
Q

Estates in land break down into what two categories?

A

Feehold and Leasehold

50
Q

Freehold estates have

A

a full bundle of rights

51
Q

There is no limit as to how long a _____estate can last

A

Freehold

52
Q

Freehold estates divide into what two major categories?

A

Fee simple

and

Life estates

53
Q

Fee simple defeasible is

A

conditioned on a specific use.

The title is conveyed using the words “so long as” or “on the condition that.”

54
Q

A type of fee simple estate might include a lease on the property and thus the owner’s interest is referred to as a

A

leased fee interest and the tenant has a leasehold interest

55
Q

A leasehold estate has a _______ duration

A

defined

56
Q

most complete form of ownership with unlimited duration and subject only to governmental powers.

A

Fee simple absolute

57
Q

__________ is subject to the occurrence or non-occurrence of a specific event.

A

Fee simple defeasible

58
Q

________ is an ownership interest held by a landlord with the rights of use and occupancy conveyed by lease to others.

A

Leased fee interest

59
Q

The three main characteristics of a freehold estate are

A

Possession
Duration
Ownership

  1. have a present or future possession.
  2. Have an indeterminate duration.
  3. are considered to be in an ownership position
60
Q

A future possessory interest in property that is given to a third party and matures upon the termination of a limited or determinable fee

A

Remainder Interest

61
Q

What are three main characteristics of a leasehold estate

A
  1. leasehold estates are possessory- meaning the tenant has possession of the property.
  2. Leasehold estates have a defined duration.
  3. Leasehold estates include the reversion of possessory rights when the lease terminates.
62
Q

In a leasehold estate there are what two primary players

A 
The lessor (landlord)
The Lessee (tenant)
63
Q

In an estate for years an extension of the lease requires_____

A

a new contract

64
Q

What is the most common use of an estate from period to period?

A

residential properties

65
Q

When you hear about an ______ in a lease that simply means that the original tenant transferred all their rights to someone else.

A

assignment

66
Q

I someone transfers less than all their rights in the lease, that’s called a

A

sublease and establishes a subleasehold estate

67
Q

A ______estate at will is a type of leasehold that automatically renews itself. (courts don’t like them)

A

estate at will

68
Q

The primary use of an _________ is that it distinguishes the lessee from a trespasser. In other words, the tenant obviously had the right to possess the property at one time, whereas a trespasser never had that right.

A

Estate at sufferance

69
Q

Tenancy is for an indefinite period of time with no specific expiration date. Notice must be given to terminate the lease.
Comes about as an extension from a tenancy for years.

A

Estate (tenancy) from period to period

70
Q

This estate is created when a tenant lawfully takes possession but stays after the lease expires without the consent of the property owner.

A

Estate (tenancy) at sufferance

71
Q

Encumbrances divide into what two primary categories?

A

Liens and encumbrance

72
Q

True or false

All liens are encumbrances; not all encumbrances are liens.

A

True

73
Q

The right to use another’s land for a stated purpose.

A

An easement

74
Q

This types of easement attaches to the land so that when the property is sold it is transferred to the new owner.

A

Easement appurtenant

This burdens one property while benefiting another.

75
Q

The property that benefits from an easement is called the

A

dominant estate

76
Q

The property that is burdened by the presence of the easement is called the

A

servient estate

77
Q

Who is the owner of the easement?

A

The dominant estate

78
Q

This easement is personal in nature and does not have a dominant estate

A

easement in gross

79
Q

________ easements are generally retained by a governmental entity at the federal, state or local level.

A

Easements in gross

80
Q

Drainage and utility easements affect most platted sites and those would be a good example of

A

easements in gross

81
Q

3 things an appraiser should keep in mind when dealing with an easement in gross.

A
  1. There is no dominant estate.
  2. The “owner” of an easement in gross is a person or entity -often a governmental agency.
  3. It is not attached to any land but burdens the parcels subject to the easement in gross.
82
Q

An ______ occurs when a portion of an improvement extends beyond the site boundary of its owner’s land.

A

Encroachment

83
Q

In a classic sense, an encroachment is not an encumbrance. True or false

A

True

84
Q

Longstanding encroachments can mature into an _______ or possibly a title issue via adverse possession.

A

easement by prescription

85
Q

Deed restrictions are commonly referred to as

A

restrictive covenants

86
Q

In some parts of the county, deed restrictions are referred to as CC&R and that stands for

A

conditions, covenants, and restrictions.

87
Q

A provision written into a deed that limits the use of the land.

A

Deed restriction

88
Q

Can deed restrictions be extended or removed?

A

Yes with the majority consent of the property owners whose properties are affected by the deed restrictions.

89
Q

A clause found in legal instruments and conveyances that creates a new right or interest on behalf of the grantor. While title passes to the grantee, some use or income is reserved for the grantor. Reservations may include mineral rights, rental income, or easements.

A

Reservation.

90
Q

True or False

Licenses are NOT encumbrances

A

True

91
Q
  1. Revocable oral or written agreement granting privilege to use property.
  2. Not an estate or an interest in land (thus not an encumbrance)
  3. Not assignable and can’t be sold
  4. a personal agreement usually granted for a specified period of time
A

A license

92
Q

_______ are not encumbrances because they involve a personal agreement that is not attached to the land.

A

Licenses

93
Q

Life estates have what three primary players

A

The grantor
The grantee
The remainderman

( The grantee owns the property for the duration of his life. Upon the death of the life tenant, the ownership reverts back to the grantor, or the estate can go to a remainder interest (remainderman) if the grantor is no longer alive.

94
Q

Mayes owns a property but has leased it to Jacobs. Which term describes Jacobs right in the property?

A

Leasehold interest

95
Q

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

determination of the scope of work

Appraisal Principles (19 decks)

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