Exam 2: Legal Considerations in Appraisal

Easements often constitute appurtenant rights.

Deed restrictions are examples of government controls.

A valid contract must have parties, a subject, consideration, agreement, and mutual obligation.

When personal property is attached to real estate it is often called a fixture. Fixtures always remain personal property.

Metes and bounds; recorded lot, block, and tract; and government survey represent the three types of legal descriptions.

In a property under lease, the land owner holds a leasehold estate.

A section of land always contains exactly 640 acres.

Real property rights cannot be divided.

Tangible property can include both real property and personal property.

Building codes are enforced under the police power of government.