Part 2

Question 1

No two parcels can occupy the same space on the face of the earth; land is immobile, and each parcel is unique in its location and composition, which is what?

Answer 1

A characteristic that makes land unique

Question 2

In theory, the supply of land is considered to be what?

Answer 2

Finite. Land is durable, but the supply of land is finite.

Question 3

In law, the solid surface on the earth, as distinguished from water is called what?

Answer 3

Land.

Question 4

The rights of an owner are called what?

Answer 4

Property rights.

*Land Basics

Question 5

Immobile, durable, finite, and useful best define what?

Answer 5

The general characteristics of land.

Question 6

“The physical land and appurtenances affixed to the land” is most connected to what?

Answer 6

How appraisers distinguish real estate from real property.

Question 7

___________ __________ is land (physical raw land) and all things that are a natural part of the land such as trees and minerals.

Answer 7

Real estate

Question 8

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 is defined as what?

Ex: Driveways, entrances, fences, sheds, and in-ground pools are examples.

Answer 8

Appurtenance. All real estate improvements were once personal property; when “attached” to the land, they become real estate.

Question 9

Why do we distinguish real property, fixtures, and trade fixtures in a real property appraisal?

Answer 9

Because their inclusion or exclusion could affect the value conclusion

Question 10

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

Answer 10

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

Question 11

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 is called what?

Might include plumbing, lighting, or a built-in dishwasher.

Answer 11

A fixture.

Question 12

Any tangible or intangible article that is subject to ownership and not classified as real property, including identifiable objects that are considered by the general public as being ‘personal,’ such as furnishings, artwork, antiques, machinery, and equipment; and intangible property that is created and stored electronically such as plans for installation art, choreography, emails, or designs for digital tokens is defined as what?

Answer 12

Personal property.

Question 13

The rights to undisturbed use and control of designated air space above a specific land area within stated elevations is defined as what?

Answer 13

1. Air rights (a.k.a., suprasurface rights)

Question 14

The rights that include land, water, and anything attached to the land is defined as what?

Answer 14

2. Surface rights.

Question 15

The rights that pertain to properties touching a body of water or a waterway such as a river or stream (generally interpreted as flowing waters) with an emphasis on the benefit and useful purpose to which the flowing water may be applied is defined as what?

Answer 15

Riparian rights

These rights falls under water rights.

Question 16

The rights that pertain to properties abutting an ocean, lake, or pond (generally interpreted as nonflowing waters) with an emphasis on the use and enjoyment of the shore is defined as what?

Answer 16

Littoral rights.

These rights falls under water rights.

Question 17

1.The right to the use and profits of the underground portion of a designated property.

2. The right to extract coal, solid minerals, oil, gas, and water.
3. The right to construct and maintain tunnels, subways, sewers, and basements.

All fall under which land rights?

Answer 17

3. Subsurface rights.

Question 18

Annual crops and plantings such as corn, wheat, and vegetables are known as what?

Answer 18

They are known as emblements and are personal property.

Question 19

Articles placed in or attached to rented buildings by a tenant to help carry out the trade or business of the tenant is known as what?

Answer 19

Trade fixtures. These fixtures are personal property regardless of how they are affixed.

Question 20

The tenant of a retail building operates a baking facility and has installed commercial ovens for baking bread. The ovens are large and heavy and a portion of the back wall of the building had to be removed for the ovens to be installed. The appraiser is performing an appraisal of the real estate interest only. Should the ovens be included in the appraiser’s valuation?

Answer 20

The appraiser should not include the ovens because they are trade fixtures.

Question 21

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

Answer 21

an estate.

Question 22

The total range of ownership interests in real property is known as what?

Answer 22

The bundle of rights. An owner that possesses all the interests in the bundle of rights has the most complete form of ownership.

Question 23

1. The right to possession
2. The right to transfer
3. The right to lease
4. The right to mortgage
5. The right to improve

These rights are also known as what?

Answer 23

The five major rights in the bundle of rights.

Question 24

Divided or undivided rights in real estate that represent less than the whole, i.e., a fractional interest is defined as what?

Answer 24

Partial interests.

Question 25

In real estate, an appurtenance is a permanent addition to a property that becomes part of the property and is transferred when the property is sold. A fixture is an item that is permanently attached to a property but can still be removed. This is considered the what?

Answer 25

This is considered the difference between an appurtenance and a fixture.

Question 26

A property owner discovered during a loan refinance that a previously unknown public easement may prevent the owner from building an addition to the residence. The owner believes this will have an impact on any future sale of the property. What real property right is affected in this situation?

Answer 26

Right to improve.

Question 27

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

Answer 27

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

Question 28

An appraiser is analyzing the value of a multi-unit apartment complex and observes that each unit has a washer and dryer. How should these items be categorized in the valuation?

Answer 28

The appraiser should include these items in the valuation but treat them separately as personal property based on their contributory value to the property.

Check to make sure this is the right answer because you got it wrong on

Question 29

What property type best describes a structure built to be permanently attached to the land?

Answer 29

Real estate.

Question 30

The right to occupy a dwelling located on a residential site is connected to what category of property?

Answer 30

Real property.

When you’re talking about rights, you’re talking about real property and its interests.

Question 31

The concept within land theory that suggests that ownership in land includes complete possession from the center of the earth to the ends of the universe is known as what?

Answer 31

The inverted pyramid.