Module 2

In theory, the supply of land is considered to be finite. infinite. increasing over time. originally established by the surveyors.

finite

An appraiser has observed a portable hot tub that is permanently enclosed in a deck and has underground plumbing connected to the tub. What category should the appraiser use for the hot tub that best identifies the property type? fixture real property real estate personal property

fixture

Broadly speaking, what best identifies real property? -Real property is the right to use or occupy real estate. -Real property is all residential and commercial real estate. -Real property is all the realty owned interest, benefits, and rights connected to a property. -Real property is the land and all improvements thereon.

Real property is all the realty owned interest, benefits, and rights connected to a property

Corn in a cornfield is an example of a(n) fixture. trade fixture. appurtenance. emblement.

emblement

The Jones family purchased a home with a freestanding refrigerator, a range/oven, and a washer and dryer. These items should be classified as trade fixtures. personal property. real property. real estate.

personal property

The right to occupy your home is an example of _______, which is a right in the bundle of rights. transfer improvement possession mortgage

possession

The rights of the owner are also called: property rights. exclusionary rights. legal use rights. use rights.

property rights

Shrubbery installed on the site of a lodging facility is best described as what type of property? real estate fixture real property personal property

real estate

The right to occupy a dwelling located on a residential site is connected to what category of property? real property trade fixture real estate personal property

real property

A property owner discovered during a loan refinance that a previously unknown public easement may prevent the owner from building an addition to the residence. The owner believes this will have an impact on any future sale of the property. What real right property is affected in this situation? right to possession right to improve right to transfer right to mortgage

right to improve

Retrieving minerals located in the ground are connected to what type of land rights? suprasurface rights riparian rights subsurface rights air rights

subsurface rights

A property owner's solar panel system is affected by the large shadow created from a newly constructed billboard on an adjacent property. What property right is potentially involved in this situation? suprasurface rights subsurface rights water rights surface rights

suprasurface rights

The general characteristics of land are best identified as -legal, geographic and environmental, economic, and social. -land, labor, capital, and entrepreneurialism. -immobile, durable, finite, and useful. -leasehold, leased fee, and fee simple.

immobile, durable, finite, and useful.

Which description best identifies the term real estate? -land and everything permanently attached to the land -everything resting on the surface of the land -the five bundled rights attached to land -fixtures and building improvements

land and everything permanently attached to the land

Appraising chattel and personalty involve what property type? fixtures emblements real property personal property

personal property

Why can't riparian rights be retained by a seller after a property is sold? Riparian rights are subsurface in nature and treated the same as mineral and gas rights. Water rights are always leased. Water rights are attached to the land rather than to an individual. All water rights are retained by the federal government.

Water rights are attached to the land rather than to an individual

Which of the following is NOT a characteristic used to identify a fixture? adaptation agreement attachment association

association

Appurtenant means adjacent. allowed. associated. attached.

attached

Why do we distinguish real property, fixtures, and trade fixtures in a real property appraisal? -the secondary market requires that they be excluded -because some trade fixtures could be worth more than the real property -because the appraisal standards suggest that they be identified -because their inclusion or exclusion could affect the value conclusion

because their inclusion or exclusion could affect the value conclusion

What is the concept within land theory that suggests that ownership in land includes complete possession from the center of the earth to the ends of the universe? the space time continuum land economics the inverted pyramid the land appurtenant theory

the inverted pyramid

Appraisers distinguish real estate from real property because the term "real" is most connected to: -the physical land and appurtenances affixed to the land. -what is transferred on the day of closing in a property transaction. -the bundle of rights. -the ownership rights in realty.

the physical land and appurtenances affixed to the land

In an appraisal assignment, how should photographic printing equipment owned and used by a photo business renting space in a mall be identified for valuation purposes? fixture real property trade fixture personal property

trade fixture

An appraiser can appraiser part of a property. True False

true

Littoral and riparian rights refer to ________ rights. tenants surface water livestock

water