1 for specific request mail
REAL 5080 Munneke Test 1 Questions and Correct
Answers | Latest Update
real estate
Ans: a tangible (physical) asset
man-made improvement permanently attached to the land
Ans: - improvement on the land
- improvement to the land
Assignment Expert
improvement on the land
Guru01 - Stuvia
Ans: - buildings, fences, walls, decks, and other structures
- other "fixtures" - items that were personal property until they became
permanently attached to some part of the real estate
2026
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
surface
, 2 for specific request mail
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)
- use, possess, dispose
Assignment Expert
appraisal
Ans: - a written statement independently and impartially prepared by a
Guru01 - Stuvia
qualified appraiser setting forth a opinion of defined value of adequately
describes property as of a specific, supported by the presentation and
analysis of relevant market information
2026
- 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
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
appraisal process - description of problem
Ans: 1. identification of property rights to be valued
2. definition of value (ch.2)
, 3 for specific request mail
3. date of value
4. limiting condition
appraisal process - market and subject property analysis
Ans: 1. location
2. expected or highest and best use
3. property specific characteristics
appraisal process - estimating value: application of relevant appraisal
Assignment Expert
approaches
Ans: 1. sales comparison
Guru01 - Stuvia
2. cost
3. income
2026
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
2. adjust prices of comparable properties to account for differences
between comparable
sales comparison approach - complications
REAL 5080 Munneke Test 1 Questions and Correct
Answers | Latest Update
real estate
Ans: a tangible (physical) asset
man-made improvement permanently attached to the land
Ans: - improvement on the land
- improvement to the land
Assignment Expert
improvement on the land
Guru01 - Stuvia
Ans: - buildings, fences, walls, decks, and other structures
- other "fixtures" - items that were personal property until they became
permanently attached to some part of the real estate
2026
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
surface
, 2 for specific request mail
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)
- use, possess, dispose
Assignment Expert
appraisal
Ans: - a written statement independently and impartially prepared by a
Guru01 - Stuvia
qualified appraiser setting forth a opinion of defined value of adequately
describes property as of a specific, supported by the presentation and
analysis of relevant market information
2026
- 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
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
appraisal process - description of problem
Ans: 1. identification of property rights to be valued
2. definition of value (ch.2)
, 3 for specific request mail
3. date of value
4. limiting condition
appraisal process - market and subject property analysis
Ans: 1. location
2. expected or highest and best use
3. property specific characteristics
appraisal process - estimating value: application of relevant appraisal
Assignment Expert
approaches
Ans: 1. sales comparison
Guru01 - Stuvia
2. cost
3. income
2026
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
2. adjust prices of comparable properties to account for differences
between comparable
sales comparison approach - complications
