REAL 5080 TEST 1 QUESTIONS & VERIFIED
ANSWERS
Real Estate Definition - Answers - land + improvements permanently affixed on the land
man made improvements permanently attached to the land: 2 types - Answers - 1.
improvements ON the land
- buildings, fences, walls, decks
- fixtures: items that were personal property until they became permanently attached to
some part of the RE
2. improvement TO the land
- streets, driveways, sidewalks
- systems : water, sewage, telephone
land and associated natural features - Answers - 1. subsurface
2. surface
3. supra surface
Real Property Definition - Answers - a bundle of rights : the interests, benefits, and
rights inherent in the ownership of land
Rights: - Answers - 1. use
2. possess
3. dispose
- the study of RE includes the study of the issues that influence the bundle of rights
Appraisal Definition(s) - Answers - 1. written statement impartially and independently
prepared by a qualified appraiser setting forth an opinion of defined value of an
adequately described property as of a specific date, supported by the presentation and
analysis of relevant market information
2. A summary of the appraisal methods and techniques which the appraiser has applied
factual material, within the framework of the appraisal process, to arrive at a value
estimate
Who estimates value ? - Answers - 1. Buyers and Sellers
2. Lenders
3. Insurance Co.s
4. Brokers
5. Tax Assessors ( property taxes )
The appraisal process - Answers - 1. Description/ Define the Problem
2. Market and Subject Property Analysis/ Collect Data
3. Estimating Value: Application of the Three Approaches
4. Reconciliation of Value Estimates and Reporting Value
ANSWERS
Real Estate Definition - Answers - land + improvements permanently affixed on the land
man made improvements permanently attached to the land: 2 types - Answers - 1.
improvements ON the land
- buildings, fences, walls, decks
- fixtures: items that were personal property until they became permanently attached to
some part of the RE
2. improvement TO the land
- streets, driveways, sidewalks
- systems : water, sewage, telephone
land and associated natural features - Answers - 1. subsurface
2. surface
3. supra surface
Real Property Definition - Answers - a bundle of rights : the interests, benefits, and
rights inherent in the ownership of land
Rights: - Answers - 1. use
2. possess
3. dispose
- the study of RE includes the study of the issues that influence the bundle of rights
Appraisal Definition(s) - Answers - 1. written statement impartially and independently
prepared by a qualified appraiser setting forth an opinion of defined value of an
adequately described property as of a specific date, supported by the presentation and
analysis of relevant market information
2. A summary of the appraisal methods and techniques which the appraiser has applied
factual material, within the framework of the appraisal process, to arrive at a value
estimate
Who estimates value ? - Answers - 1. Buyers and Sellers
2. Lenders
3. Insurance Co.s
4. Brokers
5. Tax Assessors ( property taxes )
The appraisal process - Answers - 1. Description/ Define the Problem
2. Market and Subject Property Analysis/ Collect Data
3. Estimating Value: Application of the Three Approaches
4. Reconciliation of Value Estimates and Reporting Value
