MCKISSOCK BASIC APPRAISAL FINAL EXAM 2026
QUESTIONS AND SOLUTIONS SCORED A+
✔✔fee simple estate (inheritable, transferable, perpetual) - ✔✔Absolute ownership
unencumbered by any other interest or estate, subject only to the limitations imposed by
the governmental powers of taxation, eminent domain, police power, and escheat.
✔✔partial interests - ✔✔divided or undivided rights in real estate that represents less
than a whole
✔✔life interests - ✔✔Rights of use, occupancy, and control, limited to the lifetime of a
designated party, sometimes referred to as the life tenant."
✔✔leased fee interests - ✔✔The ownership interest held by the lessor, which includes
the right to receive the contract rent specified in the lease plus the reversionary right
when the lease expires.
✔✔leasehold interests - ✔✔The right held by the lessee to use and occupy real estate
for a stated term and under the conditions specified in the lease.
✔✔easement - ✔✔the right to use land for a specific and limited purpose
✔✔Easement in Gross - ✔✔An easement that benefits a legal person or entity
✔✔easement appurtenant - ✔✔An easement that is attached to, benefits, and passes
with the transfer of the dominant estate;
✔✔affirmative easement - ✔✔the right to do something on servient land
✔✔negative easement - ✔✔an easement preventing a PROPERTY OWNER FROM
CERTAIN OTHERWISE PEMITTED USE OF HIS OR HER LAND
✔✔conservation easement - ✔✔A negative easement that limits potential development
or other property uses in order to preserve open space, natural resources, wildlife, and
similar land uses.
✔✔drainage easement - ✔✔The right to drain surface water from one owner's land over
the land of one or more adjacent owners."
✔✔historic preservation easement - ✔✔- Includes various kinds of controls on
historically designated properties; which are imposed by cities, towns or villages
✔✔facade easement - ✔✔Traditionally considered a type of preservation easement that
protected only the facade of a building, not the entire structure.
, ✔✔license - ✔✔for real property a personal unassignable and typically revocable
priviledge
✔✔encroachment - ✔✔trespassing on the domain of another
✔✔tenancy in serveralty - ✔✔estate in propert held by one owner
✔✔tenancy - ✔✔the holding of propert by any form of title
✔✔concurrent ownership - ✔✔tenancy in common, joint tenancy, tenancy by the
entirety
✔✔Tenancy in common - ✔✔An estate held by two or more persons, each of whom has
an undivided interest."
✔✔joint tenancy - ✔✔joint ownership by two or more persons with the right of
survivorship
✔✔tenancy by the entirety - ✔✔estate held by husband and wife in which neither has a
disposable interest in the property during the lifetime of the other except through joint
action
✔✔land trusts - ✔✔egal vehicle for partial ownership interests in real estate in which
independently owned properties are conveyed to a trustee
✔✔partnership - ✔✔A business in which two or more persons combine their assets and
skills
✔✔general partnership - ✔✔partnership in which partners share equally in both
responsibility and liability
✔✔limited partnership - ✔✔partnership in which only one partner is required to be a
general partner
✔✔corporation - ✔✔an organization that acts as a single legal entity in performing
certain activities, usually business for profit
✔✔syndication - ✔✔privateor public partnership that pools funds for the acquisition and
development of real estate projects or other business ventures
✔✔real estate investment trust - ✔✔A corporation or trust that combines the capital of
many investors to acquire or provide financing for all forms of real property
QUESTIONS AND SOLUTIONS SCORED A+
✔✔fee simple estate (inheritable, transferable, perpetual) - ✔✔Absolute ownership
unencumbered by any other interest or estate, subject only to the limitations imposed by
the governmental powers of taxation, eminent domain, police power, and escheat.
✔✔partial interests - ✔✔divided or undivided rights in real estate that represents less
than a whole
✔✔life interests - ✔✔Rights of use, occupancy, and control, limited to the lifetime of a
designated party, sometimes referred to as the life tenant."
✔✔leased fee interests - ✔✔The ownership interest held by the lessor, which includes
the right to receive the contract rent specified in the lease plus the reversionary right
when the lease expires.
✔✔leasehold interests - ✔✔The right held by the lessee to use and occupy real estate
for a stated term and under the conditions specified in the lease.
✔✔easement - ✔✔the right to use land for a specific and limited purpose
✔✔Easement in Gross - ✔✔An easement that benefits a legal person or entity
✔✔easement appurtenant - ✔✔An easement that is attached to, benefits, and passes
with the transfer of the dominant estate;
✔✔affirmative easement - ✔✔the right to do something on servient land
✔✔negative easement - ✔✔an easement preventing a PROPERTY OWNER FROM
CERTAIN OTHERWISE PEMITTED USE OF HIS OR HER LAND
✔✔conservation easement - ✔✔A negative easement that limits potential development
or other property uses in order to preserve open space, natural resources, wildlife, and
similar land uses.
✔✔drainage easement - ✔✔The right to drain surface water from one owner's land over
the land of one or more adjacent owners."
✔✔historic preservation easement - ✔✔- Includes various kinds of controls on
historically designated properties; which are imposed by cities, towns or villages
✔✔facade easement - ✔✔Traditionally considered a type of preservation easement that
protected only the facade of a building, not the entire structure.
, ✔✔license - ✔✔for real property a personal unassignable and typically revocable
priviledge
✔✔encroachment - ✔✔trespassing on the domain of another
✔✔tenancy in serveralty - ✔✔estate in propert held by one owner
✔✔tenancy - ✔✔the holding of propert by any form of title
✔✔concurrent ownership - ✔✔tenancy in common, joint tenancy, tenancy by the
entirety
✔✔Tenancy in common - ✔✔An estate held by two or more persons, each of whom has
an undivided interest."
✔✔joint tenancy - ✔✔joint ownership by two or more persons with the right of
survivorship
✔✔tenancy by the entirety - ✔✔estate held by husband and wife in which neither has a
disposable interest in the property during the lifetime of the other except through joint
action
✔✔land trusts - ✔✔egal vehicle for partial ownership interests in real estate in which
independently owned properties are conveyed to a trustee
✔✔partnership - ✔✔A business in which two or more persons combine their assets and
skills
✔✔general partnership - ✔✔partnership in which partners share equally in both
responsibility and liability
✔✔limited partnership - ✔✔partnership in which only one partner is required to be a
general partner
✔✔corporation - ✔✔an organization that acts as a single legal entity in performing
certain activities, usually business for profit
✔✔syndication - ✔✔privateor public partnership that pools funds for the acquisition and
development of real estate projects or other business ventures
✔✔real estate investment trust - ✔✔A corporation or trust that combines the capital of
many investors to acquire or provide financing for all forms of real property
