Practice Test: Chapters 1-3

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 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 appraiser’s 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 filing 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 or interest of any party or issue.
C. represent the client’s cause in the appeal.
D. try to keep the value as low as possible.

Answer 6

B. not advocate the cause or 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 the 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 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

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