1. Who may perform an appraisal of real property for a lender?
Answer & explanation
Answer: D. Only licensed or certified appraisers perform appraisals. Licensees may prepare a CMA, which is not an appraisal.
property
real property
Real property is the land, everything permanently attached to it, and the bundle of legal rights that come with ownership, such as the rights to possess, use, exclude, enjoy, and dispose. Real estate refers to the physical land and improvements, while real property adds the ownership rights. Anything that is not real property is personal property, which is movable and transferred by a bill of sale rather than a deed.
- Exam tip
- Exams often contrast real estate (physical land plus improvements) with real property (real estate plus the bundle of rights). If the question mentions rights, the answer is usually real property.
- Example
- A buyer who purchases a house receives the land, the home, the built-in furnace, and the right to lease or sell it later, all of which together make up the real property.
Related terms & state variants
Sources
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Last verified: 2026-10-23