McKissock Basic Appraisal Principles I Final Exam Quiz
ANSWERS: EDI, PDF
Twenty years ago, most appraisal reports that were sent electronically
were sent using _____ technology; today, most appraisals are sent
electronically using a _______ format.
ANSWERS: not enough information to determine
A property is owned as tenancy in severalty. How many owners are there?
ANSWERS: cooperative
What type of property ownership is characterized by the purchase of
shares of stock in a corporation, which provides a proprietary lease to
occupy an apartment unit?
ANSWERS: executory
A(n) ______ contract is one that is not been fully performed or completed.
ANSWERS: estimate, opinion
Modern definitions of the word "appraisal" have replaced the word _______ with
___________________________________________________________________________ _.
, ANSWERS: leased fee interest
The ownership interest held by the lessor, which includes the right to receive
the contract rent specified in the lease plus the reversionary right when
the lease
expires" is the definition of
ANSWERS: encroachment
Trespassing on the domain of another" is the definition of
ANSWERS: district
A neighborhood characterized by homogeneous land use, e.g.,
apartment, commercial, industrial, agricultural" is the definition of
ANSWERS: except knowledgeable buyer and seller
All of the following could lead to a non-arm's-length transaction EXCEPT
government agencies
ANSWERS:
The appraisal standards and qualification criteria promulgated by the boards
of The Appraisal Foundation achieves legal authority by adoption, citation
or
implementation by
ANSWERS: partnership
A business arrangement in which two or more persons jointly own a
business and share in its profits and losses" is the definition of
, ANSWERS: Price and value can be the same in some situations.
Which statement about price, cost, and value is TRUE?
ANSWERS: Appraisal Subcommittee
The ____ maintains a national registry of state certified and licensed
appraisers who
are eligible to perform appraisals in federally related transactions.
ANSWERS: deed restriction and mechanic's lien
Which two of the following would be private restrictions on property
rights?
ANSWERS: leasehold estate
The right held by the lessee to use and occupy real estate for a stated
term and under the conditions specified in the lease" is the definition
of
ANSWERS: externalities
A homeowner fears the construction of a factory nearby will decrease
the value of her property. This illustrates the principle of
ANSWERS: late 1990's
Electronic Data Interchange for transmitting appraisal reports became
popular in the
ANSWERS: EDI, PDF
Twenty years ago, most appraisal reports that were sent electronically
were sent using _____ technology; today, most appraisals are sent
electronically using a _______ format.
ANSWERS: not enough information to determine
A property is owned as tenancy in severalty. How many owners are there?
ANSWERS: cooperative
What type of property ownership is characterized by the purchase of
shares of stock in a corporation, which provides a proprietary lease to
occupy an apartment unit?
ANSWERS: executory
A(n) ______ contract is one that is not been fully performed or completed.
ANSWERS: estimate, opinion
Modern definitions of the word "appraisal" have replaced the word _______ with
___________________________________________________________________________ _.
, ANSWERS: leased fee interest
The ownership interest held by the lessor, which includes the right to receive
the contract rent specified in the lease plus the reversionary right when
the lease
expires" is the definition of
ANSWERS: encroachment
Trespassing on the domain of another" is the definition of
ANSWERS: district
A neighborhood characterized by homogeneous land use, e.g.,
apartment, commercial, industrial, agricultural" is the definition of
ANSWERS: except knowledgeable buyer and seller
All of the following could lead to a non-arm's-length transaction EXCEPT
government agencies
ANSWERS:
The appraisal standards and qualification criteria promulgated by the boards
of The Appraisal Foundation achieves legal authority by adoption, citation
or
implementation by
ANSWERS: partnership
A business arrangement in which two or more persons jointly own a
business and share in its profits and losses" is the definition of
, ANSWERS: Price and value can be the same in some situations.
Which statement about price, cost, and value is TRUE?
ANSWERS: Appraisal Subcommittee
The ____ maintains a national registry of state certified and licensed
appraisers who
are eligible to perform appraisals in federally related transactions.
ANSWERS: deed restriction and mechanic's lien
Which two of the following would be private restrictions on property
rights?
ANSWERS: leasehold estate
The right held by the lessee to use and occupy real estate for a stated
term and under the conditions specified in the lease" is the definition
of
ANSWERS: externalities
A homeowner fears the construction of a factory nearby will decrease
the value of her property. This illustrates the principle of
ANSWERS: late 1990's
Electronic Data Interchange for transmitting appraisal reports became
popular in the
