REE4103 EXAM 1 QUESTIONS AND
ANSWERS GRADED A+ 2026
Which of the following is the best example of using an appraisal in litigation?
Develop feasibility of construction or renovation project.
Developing an opinion of fair value for financial reporting.
To establish a basis for real property exchange.
Estimating damages created by violations of Environmental laws - ANS Estimating damages
created by violations of Environmental laws
According to professional standards, appraisal practice includes which of the following types of
services?
Only appraisal and appraisal consulting.
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
1
,Only appraisal services.
Only appraisal and appraisal reviews.
Appraisal, Appraisal Review, and Appraisal consulting - ANS Appraisal, Appraisal Review, and
Appraisal consulting
. Which of the following is a market transaction where appraisals are used.
Property tax assessments
Eminent domain litigation
Purchase/Sale Financing
Divorce Litigation - ANS Purchase/Sale Financing
. In appraisal, appraisers appraise...?
Real estate and personal property
Real estate and fixtures
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
2
,Real estate
Real property interests - ANS Real property interests
Private ownership of real property rights is subject to certain restrictions, known as the four
powers of government. Which of the following is not one of the four powers of government that
restrict real property rights?
Taxation
Eminent domain
Escheat
Deed restrictions - ANS Deed restrictions
The legal definition of real estate includes all of the following except:
Buildings
Lease benefits.
Land
Trees - ANS Lease Benefits
Which of the following would not be considered part of the real property?
Land
Furniture
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
3
, Outhouse
Plumbing fixtures - ANS Furniture
Appraisals are used for all of the following except:
Appraisals provide a document that is capable of being reviewed by lenders.
Appraisals guarantee the market value of property to a lender.
Appraisals provide unbiased and disinterested opinions of value.
Appraisals advise the public on everyday questions of value - ANS Appraisals guarantee the
market value of property to a lender.
The tenant of a small, freestanding retail building is a baker who has installed ovens for baking
bread. The ovens are large and heavy and the back wall of the building had to be removed for
the ovens to be installed. The appraiser is performing a refinancing appraisal of the real estate
only. Should the ovens be included in the appraisal?
The appraiser would generally include the ovens in the appraisal as part of he real estate, since
it would be difficult to remove them.
The appraiser generally would not include the ovens because they are trade fixtures.
The appraiser would generally not include the ovens because they add no value in most
markets.
The appraiser would generally include the ovens in the appraisal because they are worth a lot
of money and will add a lot to the property value. - ANS The appraiser generally would not
include the ovens because they are trade fixtures.
Items that have been installed or attached to the land or building in a permanent manner are
considered which of the following?
Real property
Personal property
Finite assets
Intangible assets - ANS Real Property
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
4
ANSWERS GRADED A+ 2026
Which of the following is the best example of using an appraisal in litigation?
Develop feasibility of construction or renovation project.
Developing an opinion of fair value for financial reporting.
To establish a basis for real property exchange.
Estimating damages created by violations of Environmental laws - ANS Estimating damages
created by violations of Environmental laws
According to professional standards, appraisal practice includes which of the following types of
services?
Only appraisal and appraisal consulting.
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
1
,Only appraisal services.
Only appraisal and appraisal reviews.
Appraisal, Appraisal Review, and Appraisal consulting - ANS Appraisal, Appraisal Review, and
Appraisal consulting
. Which of the following is a market transaction where appraisals are used.
Property tax assessments
Eminent domain litigation
Purchase/Sale Financing
Divorce Litigation - ANS Purchase/Sale Financing
. In appraisal, appraisers appraise...?
Real estate and personal property
Real estate and fixtures
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
2
,Real estate
Real property interests - ANS Real property interests
Private ownership of real property rights is subject to certain restrictions, known as the four
powers of government. Which of the following is not one of the four powers of government that
restrict real property rights?
Taxation
Eminent domain
Escheat
Deed restrictions - ANS Deed restrictions
The legal definition of real estate includes all of the following except:
Buildings
Lease benefits.
Land
Trees - ANS Lease Benefits
Which of the following would not be considered part of the real property?
Land
Furniture
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
3
, Outhouse
Plumbing fixtures - ANS Furniture
Appraisals are used for all of the following except:
Appraisals provide a document that is capable of being reviewed by lenders.
Appraisals guarantee the market value of property to a lender.
Appraisals provide unbiased and disinterested opinions of value.
Appraisals advise the public on everyday questions of value - ANS Appraisals guarantee the
market value of property to a lender.
The tenant of a small, freestanding retail building is a baker who has installed ovens for baking
bread. The ovens are large and heavy and the back wall of the building had to be removed for
the ovens to be installed. The appraiser is performing a refinancing appraisal of the real estate
only. Should the ovens be included in the appraisal?
The appraiser would generally include the ovens in the appraisal as part of he real estate, since
it would be difficult to remove them.
The appraiser generally would not include the ovens because they are trade fixtures.
The appraiser would generally not include the ovens because they add no value in most
markets.
The appraiser would generally include the ovens in the appraisal because they are worth a lot
of money and will add a lot to the property value. - ANS The appraiser generally would not
include the ovens because they are trade fixtures.
Items that have been installed or attached to the land or building in a permanent manner are
considered which of the following?
Real property
Personal property
Finite assets
Intangible assets - ANS Real Property
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
4
