Ch 5 Quiz Basic Appraisal Concepts

Question 1

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.

Answer 1

TRUE

Question 2

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

Answer 2

CC&Rs. CC&Rs are private restrictions for homeowners.

Question 3

“The right to construct and maintain tunnels, subways, subcellars, pipelines, sewers, etc.” is the definition of ___________ rights.

Answer 3

subsurface

Question 4

“A list of expressed assurances and limitations on land use; often found in contracts between a land subdivider and a lot purchaser” is the definition of

Answer 4

C, C & R

Question 5

“The party or parties who engage, by employment or contract, an appraiser in a specific assignment” is the definition of

Answer 5

client

Question 6

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

Answer 6

transferable development rights

Question 7

A client asks an appraiser to omit the client’s identity from the appraisal report. What can the appraiser do?

Answer 7

omit the client’s identity from the report, but identify the client in the workfile

Question 8

A property’s bundle of rights is analogous to

Answer 8

a bundle of sticks

Question 9

The process of eminent domain is administered through

Answer 9

condemnation

Question 10

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

Answer 10

just compensation

Question 11

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

Answer 11

real property

Question 12

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?

Answer 12

durability

Question 13

Police power would include all of the following EXCEPT

Answer 13

taxation

(Government)

Question 14

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

Answer 14

estimate, opinion

Question 15

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

Answer 15

wall to wall carpet

Question 16

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

Answer 16

police power

Question 17

__________ rights are considered to be vertical rights.

Answer 17

Air

Question 18

Trade fixtures are most commonly found in ___________ property.

Answer 18

rented commercial property

Question 19

An appraisal is a( n) ____________ of value.

Answer 19

opinion

Question 20

An appraisal is best described as

Answer 20

an opinion of value

Question 21

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

Answer 21

real estate

(appurtenances = Zubehör)

Question 22

Which would NOT be a characteristic of a good appraisal?

Answer 22

unsupported

Question 23

Which of these would be considered a public restriction on real property ownership?

Answer 23

escheat

Question 24

Which of these is NOT a public restriction on real property ownership?

Answer 24

CC&Rs

Question 25

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

Answer 25

window air conditioner

Question 26

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.

Answer 26

mechanic's lien

Question 27

“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.

Answer 27

transferable development

Question 28

Which is NOT a characteristic of land?

Answer 28

mobility

Question 29

"A document or a clause in a document in which the borrower accepts responsibility for the repayment of a debt" is the definition of

Answer 29

mortgage note

Question 30

Private restrictions on property rights include all of the following EXCEPT

Answer 30

escheat Private restrictions are CC&Rs Deed Restrictions Mechanics Lean Mortgages

Question 31

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

Answer 31

taxation. The government places a lien against your property to ensure the payment of taxes.

Question 32

“The earth's surface, both land and water, and anything that is attached to it whether by the course of nature or human hands" is the definition of

Answer 32

real estate

Question 33

An article that was once personal property but has since been installed or attached to the land or building in a rather permanent manner is a(an)

Answer 33

fixture