Ree 4103 exam 1 Study guides, Class notes & Summaries

What is appraisal? - The act or process of developing an opinion of value of an asset What is USPAP? - Uniform Standards of Professional Appraisal Practice What is real estate? - An identified parcel or tract of land, including imporvements, if any. The physical land and appurtenances affixed to the land What is real property? - The interests, benefits, and rights inherent in the ownership of real estate (land, buildings, fixtures) What is the total range of private owneership intere...

REE 4103 EXAM 1 QUESTIONS WITH COMPLETE SOLUTIONS A house built in 1965 and appraised in 1994 should have - Answer-a chronological (actual) age of 29 years A house has floor coverings that are four years old. Decorators in this area indicate that carpets of similar quality last about 10 years but typically go out of style after only six. What is the value of carpets with a reproduction cost of $5,000 - Answer-(4/6) x $5,000 = $3,333.33 A property sold for $125,000 in a cash sale. It was 1...

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