MCKISSOCK BASIC APPRAISAL PRINCIPLES I FINAL EXAM QUIZ EXAM QUESTIONS AND ANSWERS

MCKISSOCK BASIC APPRAISAL
PRINCIPLES I FINAL EXAM QUIZ
EXAM QUESTIONS AND ANSWERS
ASC (Appraisal Subcommittee) - ANSWERS-
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The _____ has oversight authority over state appraisal boards.
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consideration, in writing and signed, and lawful objective - ANSWERS-
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Which of the below is a requirement of a valid real estate contract?
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capital - ANSWERS-"The interaction of buyers and sellers who trade long-
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term or intermediate-
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term money instruments" is the definition of the _____________ market.
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market study - ANSWERS- vz vz vz


An analysis of the market conditions of supply, demand, and pricing for a specific p
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roperty type in a specific area" is the definition of
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market - ANSWERS- vz vz


A gathering of people for the buying and selling of things" is the definition of
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real estate - ANSWERS-
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Which of the following types of investments has historically generated the highest r
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eturn on investment?
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except property rights - ANSWERS-
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Real estate includes all of the following EXCEPT
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Impartiality, objectivity, and independence - ANSWERS-
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The Conduct Section of the ETHICS RULE states, in part, that an appraiser must p
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erform assignments with vz vz




except assessors - ANSWERS-vz vz vz


All of the following could be participants in a real property market EXCEPT
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EDI, PDF - ANSWERS-
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Twenty years ago, most appraisal reports that were sent electronically were sent us
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ing _____ technology; today, most appraisals are sent electronically using a _____
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__ format.
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not enough information to determine - ANSWERS-
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A property is owned as tenancy in severalty. How many owners are there?
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cooperative - ANSWERS- vz vz


What type of property ownership is characterized by the purchase of shares of stoc
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k in a corporation, which provides a proprietary lease to occupy an apartment unit?
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, executory - ANSWERS- vz vz


A(n) __________ contract is one that is not been fully performed or completed.
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estimate, opinion - ANSWERS- vz vz vz


Modern definitions of the word "appraisal" have replaced the word _______ with __
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______.

leased fee interest - ANSWERS- vz vz vz vz


The ownership interest held by the lessor, which includes the right to receive the co
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ntract rent specified in the lease plus the reversionary right when the lease expires"
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is the definition of
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encroachment - ANSWERS- vz vz


Trespassing on the domain of another" is the definition of vz vz vz vz vz vz vz vz vz




district - ANSWERS- vz vz


A neighborhood characterized by homogeneous land use, e.g., apartment, commer
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cial, industrial, agricultural" is the definition of
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except knowledgeable buyer and seller - ANSWERS-
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All of the following could lead to a non-arm's-length transaction EXCEPT
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government agencies - ANSWERS- vz vz vz


The appraisal standards and qualification criteria promulgated by the boards of The
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Appraisal Foundation achieves legal authority by adoption, citation or implementati
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on by vz




partnership - ANSWERS- vz vz


A business arrangement in which two or more persons jointly own a business and
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share in its profits and losses" is the definition of
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Price and value can be the same in some situations. - ANSWERS-
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Which statement about price, cost, and value is TRUE?
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Appraisal Subcommittee - ANSWERS- vz vz vz


The _______ maintains a national registry of state certified and licensed appraisers
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who are eligible to perform appraisals in federally related transactions.
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deed restriction and mechanic's lien - ANSWERS-
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Which two of the following would be private restrictions on property rights?
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leasehold estate - ANSWERS- vz vz vz


The right held by the lessee to use and occupy real estate for a stated term and un
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der the conditions specified in the lease" is the definition of
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externalities - ANSWERS- vz vz


A homeowner fears the construction of a factory nearby will decrease the value of
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her property. This illustrates the principle of
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