BASIC APPRAISAL PRINCIPLES LATES CTUAL

BASIC APPRAISAL PRINCIPLES LATES CTUAL

EXAM QUESTIONS AND ANSWERS ALREADY GRADED A+.

⫸ Which form does not have the right to survivorship?-tenancy in common -joint tenancy

-tenancy by the entirety. Answer:tenancy in common

⫸ What form of concurrent ownership allows a person to sell off their interest without the approval or knowledge of the other owners?-tenants by entirety -tenants in common -joint tenants

-all of these. Answer:tenants in common

⫸ What is a corporation of trust that functions like a mutual fund for real estate, by combining the capital of many investors to acquire real estate?-general partenership -land trust -syndication

-REIT. Answer:REIT

**Real Estate Investment Trust**

⫸ A property is owner as tenancy in severalty. How many owners are there?

• 1
• 2
• 3

- not enough information. Answer:1

⫸ The landlords ownership intrest in a leased property would be 1 / 4

-life estate -fee simple absolute -leased fee

-freehold. Answer:leased fee

⫸ "The right to perform a specific action on a property owned by another" is the definition of -negative easement -easement in gross -affirmative easement

-conservation easement. Answer:affirmative easement

⫸ An easement for a railroad or pipeline would be an example of -easement apurtenent -positive easement -conservation easement

-easement in gross. Answer:easement in gross

⫸ A limited partnership has -limited partners only -general partners only -both general and limited partners

-only one general partner. Answer:bother general and limited partners

⫸ "The holding of property by any form of title" is the definition of -fee simple -tenancy -license

-lien. Answer:tenancy

⫸ A facade easement is a type of _____ easement -drainage -historic perservation 2 / 4

-conservation

-affirmative. Answer:historic preservation

⫸ A drainage easement is an example of a(n) -negative easement -easement in gross -affirmative easement

-conservation easement. Answer:negative easement

⫸ The statute of limitions for suing for breach of an oral contract is ___ for written contracts -longer than -shorter than -exactly the same as

-unlimited, unlike. Answer:shorter than

⫸ Which is the best type of deed for the buyer?-warranty deed -grant deed -bargain and sale deed

-tax deed. Answer:warranty deed

⫸ What is the purpose of a states statute of frauds?-gives the FBI jurisdiction -prohibits fraud in real estate transactions -requires certain documents to be in writing. Answer:requires certain documents to be in writing

⫸ In a trust deed state, title to a property is vested in the ______ until the mortgage lien is satisfied -mortgagor -grantee -grantor 3 / 4

-trustee. Answer:trustee

⫸ Which of these is not necessary in creating a valid contract that would be binding and enforcable on all parties?-competent parties -reasonable price -lawful objection

-consideration. Answer:reasonable price

⫸ Under the 2015 criteria, college level course, are required for -none -certified residential and general

-trainees only. Answer:certified residential and general

⫸ Which of the following stiatuions would not normally require an appraisal?-condemnation -employee relocation -life insurance

-foreclosure. Answer:Life insurance

⫸ The document transmitted to the client upon completion of an appraisal assignment is the -evaluation -limited analysis -appraisal report

-invoice. Answer:Appraisal report

⫸ All appraisals are performed for mortgage lending purpose.

T/F. Answer:False

⫸ When completing an appraisal assignment, an appraiser may be an advocate for one partys interest.

• / 4