CGA CGA Legal Concepts & Property Rights 1

Question 1

Which of the following best defines 'real property' in the context of appraisal?

Accepted Answer

The interests, benefits, and rights inherent in the ownership of real estate

Answer

Real property refers to the rights, interests, and benefits associated with ownership of real estate, as distinguished from the physical asset itself.

Question 2

What is a 'fee simple' interest in real estate?

Accepted Answer

The most complete form of ownership, subject only to governmental powers and private encumbrances

Answer

Fee simple is the highest form of real property ownership, giving the owner the most complete bundle of rights subject only to government powers (police power, eminent domain, taxation, escheat) and any encumbrances.

Question 3

Which governmental power allows the state to take private property for public use with just compensation?

Accepted Answer

Eminent domain

Answer

Eminent domain is the government's right to take private property for public use, provided the owner receives just compensation under the Fifth Amendment.

Question 4

What is an easement appurtenant?

Accepted Answer

An easement that benefits an adjacent parcel of land and transfers with the property

Answer

An easement appurtenant runs with the land and benefits an adjacent dominant estate while burdening a servient estate, transferring automatically with either property.

Question 5

What is a 'lien' in the context of real property?

Accepted Answer

A charge or encumbrance against a property that serves as security for a debt or obligation

Answer

A lien is a financial encumbrance on a property, giving the lienholder legal claim to the property if the associated debt is not satisfied.

(CGA) Certified General Appraiser Practice Test

(CGA) Certified General Appraiser Practice Test

CGA CGA Legal Concepts & Property Rights 1