1 for specific request mail
REAL 5080 Munneke Test 1 Questions and Correct
Answers | Latest Update
Characteristics of real estate
Ans: 1) a tangible (physical) asset
2) A bundle of rights
2 types of man-made improvements permanently attached to the land
Ans: - improvement on the land
Assignment Expert
- improvement to the land
Guru01 - Stuvia
improvements on the land
Ans: - buildings, fences, walls, decks, and other structures
- other "fixtures" - items that were personal property until they became
2026
permanently attached to some part of the real estate
improvements to the land (infrastructure)
©
Ans: - streets, driveways, sidewalks, etc.
- systems - water, sewer, telephone, etc
land and associated natural features
Ans: - sub surface
- surface
- supra surface
sub-surface
Ans: oil, coal, and other minerals
, 2 for specific request mail
surface
Ans: soil and vegetation (except mature crops)
supra-surface
Ans: air space (and light)
bundle of rights
Ans: the interests, benefits, and rights inherent in the ownership of land
(real estate)
Assignment Expert
- use, possess, dispose
appraisal
Guru01 - Stuvia
Ans: - a written statement independently and impartially prepared by a
qualified appraiser setting forth a opinion of defined value of adequately
describes property as of a specific, supported by the presentation and
2026
analysis of relevant market information
- a summary of the appraisal methods and techniques which the
©
appraiser has applied to factual material, within the framework of the
appraisal process, to arrive at a value estimate
who uses estimates of value?
Ans: Buyers; Sellers; Bankers; Financiers; Brokers; Government (Ad
Volerum Property Tax)
appraisal process
Ans: - description of problem
- market and subject property analysis
- estimating value: application of relevant appraisal approaches
- reconciliation of value estimates and value reporting value
, 3 for specific request mail
appraisal process - description of problem
Ans: 1. identification of property rights to be valued
2. definition of value (ch.2)
3. date of value
4. limiting condition
appraisal process - market and subject property analysis
Ans: 1. location
Assignment Expert
2. expected or highest and best use
Guru01 - Stuvia
3. property specific characteristics
appraisal process - estimating value: 3 relevant appraisal approaches
Ans: 1. sales comparison
2026
2. cost
©
3. income
appraisal process - reconciliation of value estimates and value reporting
value
Ans: 1. final value estimate
2. appraisal report
sales comparison approach
Ans: - equivalent goods should sell at equivalent prices
sales comparison approach - two basic steps
Ans: 1. collection of info (key characteristics) of subject and comparable
properties
REAL 5080 Munneke Test 1 Questions and Correct
Answers | Latest Update
Characteristics of real estate
Ans: 1) a tangible (physical) asset
2) A bundle of rights
2 types of man-made improvements permanently attached to the land
Ans: - improvement on the land
Assignment Expert
- improvement to the land
Guru01 - Stuvia
improvements on the land
Ans: - buildings, fences, walls, decks, and other structures
- other "fixtures" - items that were personal property until they became
2026
permanently attached to some part of the real estate
improvements to the land (infrastructure)
©
Ans: - streets, driveways, sidewalks, etc.
- systems - water, sewer, telephone, etc
land and associated natural features
Ans: - sub surface
- surface
- supra surface
sub-surface
Ans: oil, coal, and other minerals
, 2 for specific request mail
surface
Ans: soil and vegetation (except mature crops)
supra-surface
Ans: air space (and light)
bundle of rights
Ans: the interests, benefits, and rights inherent in the ownership of land
(real estate)
Assignment Expert
- use, possess, dispose
appraisal
Guru01 - Stuvia
Ans: - a written statement independently and impartially prepared by a
qualified appraiser setting forth a opinion of defined value of adequately
describes property as of a specific, supported by the presentation and
2026
analysis of relevant market information
- a summary of the appraisal methods and techniques which the
©
appraiser has applied to factual material, within the framework of the
appraisal process, to arrive at a value estimate
who uses estimates of value?
Ans: Buyers; Sellers; Bankers; Financiers; Brokers; Government (Ad
Volerum Property Tax)
appraisal process
Ans: - description of problem
- market and subject property analysis
- estimating value: application of relevant appraisal approaches
- reconciliation of value estimates and value reporting value
, 3 for specific request mail
appraisal process - description of problem
Ans: 1. identification of property rights to be valued
2. definition of value (ch.2)
3. date of value
4. limiting condition
appraisal process - market and subject property analysis
Ans: 1. location
Assignment Expert
2. expected or highest and best use
Guru01 - Stuvia
3. property specific characteristics
appraisal process - estimating value: 3 relevant appraisal approaches
Ans: 1. sales comparison
2026
2. cost
©
3. income
appraisal process - reconciliation of value estimates and value reporting
value
Ans: 1. final value estimate
2. appraisal report
sales comparison approach
Ans: - equivalent goods should sell at equivalent prices
sales comparison approach - two basic steps
Ans: 1. collection of info (key characteristics) of subject and comparable
properties
