McKissock Basic Appraisal Principles
EXAM STUDY GUIDE 2026/2027
ACCURATE QUESTIONS WITH
CORRECT DETAILED SOLUTIONS ||
100% GUARANTEED PASS
<RECENT VERSION>
1. grant deed - ANSWER ✔ deed containing, or having implied by law, some
but not all of the usual covenants of title
2. Appraiser - ANSWER ✔ One who is expected to perform valuation services
competently and in a manner that is independent, impartial, and objective.
3. report - ANSWER ✔ any communication, written or oral, of an appraisal or
appraisal review that is transmitted to the client or a party authorized by the
client upon completion of an assignment.
4. narrative report - ANSWER ✔ A written communication of the results of a
valuation or review assignment presented to the client in narrative style
rather than on a form or orally.
5. The AQB - ANSWER ✔ charged with establishing the qualifications that
all the states must meet in licensing, certification and re-certification of
appraisers.
,6. january 8th, 2008 - ANSWER ✔ Major changes to the Criteria went into
effect
7. May 1, 2018 - ANSWER ✔ Additional revisions were made effective
8. four components of the Real Property Appraiser Qualification Criteria -
ANSWER ✔ qualifying ed, education, examinations, continuing ed
9. The Appraisal Foundation - ANSWER ✔ not-for-profit organization,
established exclusively for educational and scientific purposes.
10.After The Appraisal Foundation was formed, the Uniform Standards of
Professional Appraisal Practice - ANSWER ✔ was formally adopted by the
Appraisal Standards Board (ASB) in January 1989.
11.The Appraisal Foundation has three principal boards: - ANSWER ✔ Board
of Trustees (BOT)
Appraisal Standards Board (ASB)
Appraiser Qualifications Board (AQB)
12.market neighborhood - ANSWER ✔ group of complementary land uses,
congrugous grouping of inhabitants
13.district - ANSWER ✔ neighborhood characterized by homo land use
,14.market area - ANSWER ✔ geographic region from which a majority of
demand comes and in which the majority of competition is located
15.amenity - ANSWER ✔ benefit of real estate that enhances attractiveness of
the user
16.real estate money demand - ANSWER ✔ Currency plus demand and time
deposits plus the liabilities of nonbank financial intermediaries
17.monetary policy - ANSWER ✔ efforts by a central bank such as the FED in
the US to influence economic activity by regulating availability of money
and rate of interest
18.money market - ANSWER ✔ interaction of buyers and sellers who trade
short term money instruments
19.capital market - ANSWER ✔ interaction of buyers and sellers trading long-
or intermediate-term money instruments
20.secondary money market - ANSWER ✔ created by govt. and private
agencies for the purchase and sale of existing mortgages making mortgages
more liqud
21.contract on deed - ANSWER ✔ contract in which a purchaser of real estate
agrees to pay a small portion of the purchase price when the contract is
signed and additional sums
, 22.What is the purpose of a state's statute of frauds? - ANSWER ✔ requires
certain documents to be in writing
23.All of the following could lead to a non-arm's-length transaction EXCEPT
sale between relatives
recent job loss
job transfer
knowledgeable buyer and seller - ANSWER ✔ knowledgeable buyer and seller
24.Who is responsible for appointing members to the ASB and AQB?
the Board of Trustees
the ASC
the President of The Appraisal Foundation
the Secretary of HUD - ANSWER ✔ the Board of Trustees
25.The ________ is responsible for establishing criteria for individuals to
become real property appraisers.
HUD Board
Board of Trustees
Appraisal Standards Board
Appraiser Qualifications Board - ANSWER ✔ Appraiser Qualifications Board
26.Which of the following statements about offers is FALSE?
An offer may never be revoked once delivered to the offeree.
An offer may be revoked at any time prior to communication of the acceptance
of the offer.
EXAM STUDY GUIDE 2026/2027
ACCURATE QUESTIONS WITH
CORRECT DETAILED SOLUTIONS ||
100% GUARANTEED PASS
<RECENT VERSION>
1. grant deed - ANSWER ✔ deed containing, or having implied by law, some
but not all of the usual covenants of title
2. Appraiser - ANSWER ✔ One who is expected to perform valuation services
competently and in a manner that is independent, impartial, and objective.
3. report - ANSWER ✔ any communication, written or oral, of an appraisal or
appraisal review that is transmitted to the client or a party authorized by the
client upon completion of an assignment.
4. narrative report - ANSWER ✔ A written communication of the results of a
valuation or review assignment presented to the client in narrative style
rather than on a form or orally.
5. The AQB - ANSWER ✔ charged with establishing the qualifications that
all the states must meet in licensing, certification and re-certification of
appraisers.
,6. january 8th, 2008 - ANSWER ✔ Major changes to the Criteria went into
effect
7. May 1, 2018 - ANSWER ✔ Additional revisions were made effective
8. four components of the Real Property Appraiser Qualification Criteria -
ANSWER ✔ qualifying ed, education, examinations, continuing ed
9. The Appraisal Foundation - ANSWER ✔ not-for-profit organization,
established exclusively for educational and scientific purposes.
10.After The Appraisal Foundation was formed, the Uniform Standards of
Professional Appraisal Practice - ANSWER ✔ was formally adopted by the
Appraisal Standards Board (ASB) in January 1989.
11.The Appraisal Foundation has three principal boards: - ANSWER ✔ Board
of Trustees (BOT)
Appraisal Standards Board (ASB)
Appraiser Qualifications Board (AQB)
12.market neighborhood - ANSWER ✔ group of complementary land uses,
congrugous grouping of inhabitants
13.district - ANSWER ✔ neighborhood characterized by homo land use
,14.market area - ANSWER ✔ geographic region from which a majority of
demand comes and in which the majority of competition is located
15.amenity - ANSWER ✔ benefit of real estate that enhances attractiveness of
the user
16.real estate money demand - ANSWER ✔ Currency plus demand and time
deposits plus the liabilities of nonbank financial intermediaries
17.monetary policy - ANSWER ✔ efforts by a central bank such as the FED in
the US to influence economic activity by regulating availability of money
and rate of interest
18.money market - ANSWER ✔ interaction of buyers and sellers who trade
short term money instruments
19.capital market - ANSWER ✔ interaction of buyers and sellers trading long-
or intermediate-term money instruments
20.secondary money market - ANSWER ✔ created by govt. and private
agencies for the purchase and sale of existing mortgages making mortgages
more liqud
21.contract on deed - ANSWER ✔ contract in which a purchaser of real estate
agrees to pay a small portion of the purchase price when the contract is
signed and additional sums
, 22.What is the purpose of a state's statute of frauds? - ANSWER ✔ requires
certain documents to be in writing
23.All of the following could lead to a non-arm's-length transaction EXCEPT
sale between relatives
recent job loss
job transfer
knowledgeable buyer and seller - ANSWER ✔ knowledgeable buyer and seller
24.Who is responsible for appointing members to the ASB and AQB?
the Board of Trustees
the ASC
the President of The Appraisal Foundation
the Secretary of HUD - ANSWER ✔ the Board of Trustees
25.The ________ is responsible for establishing criteria for individuals to
become real property appraisers.
HUD Board
Board of Trustees
Appraisal Standards Board
Appraiser Qualifications Board - ANSWER ✔ Appraiser Qualifications Board
26.Which of the following statements about offers is FALSE?
An offer may never be revoked once delivered to the offeree.
An offer may be revoked at any time prior to communication of the acceptance
of the offer.
