We have measured and calculated the density and spin-density dynamic structure factors S c (Q, ) and S I (Q, ) of normal liquid 3 He as a function of wave vector Q and temperature T. The static spin susceptibility (T) and specific heat C V (T) are also calculated. These properties all depend upon the effective mass m*(k, ) of the Fermi quasiparticles making up the liquid. We use a model in which m* peaks near the Fermi surface to m*ϭ2.8, the Landau theory effective mass, and decreases toward the bare mass m*ϭ1 for quasiparticles away from the Fermi energy ⑀ F . The theory for all the properties may be viewed as Landau theory with an effective mass m*(⑀ k )ϭm*(k) that decreases as the quasiparticle energy ⑀ k moves away from ⑀ F . The peaking of m* at ⑀ F is widely predicted in Fermi systems and the aim is to test how important this physical feature is in the dynamics of liquid 3 He. We find that S c (Q, ) and S I (Q, ) versus Q and T as well as (T) are well reproduced by the model for the same m*(k). The C V (T) can be reproduced, but a much lower value of m*(k) at energies ⑀ k away from ⑀ F is required, m*Ӎ0.5, as found in previous calculations of C V (T). We conclude that the peaking of m* at ⑀ F is an important physical feature to include in calculations of S (Q, ) and that the quasiparticle model itself is inadequate for C V at higher temperatures.