McKissock Basic Appraisal Principles I Final
Exam Questions With Correct Answers
The _____ has oversight authority over state appraisal boards. -
| | | | | | | | | |
CORRECT ANSWER✔✔-ASC (Appraisal Subcommittee)
| | |
Which of the below is a requirement of a valid real estate contract? -
| | | | | | | | | | | | | |
CORRECT ANSWER✔✔-consideration, in writing and signed, and lawful
| | | | | | | |
objective
"The interaction of buyers and sellers who trade long-term or
| | | | | | | | | |
intermediate-term money instruments" is the definition of the | | | | | | | |
_____________ market. - CORRECT ANSWER✔✔-capital | | | |
An analysis of the market conditions of supply, demand, and pricing for
| | | | | | | | | | | |
a specific property type in a specific area" is the definition of - CORRECT
| | | | | | | | | | | | | |
ANSWER✔✔-market study |
A gathering of people for the buying and selling of things" is the
| | | | | | | | | | | | |
definition of - CORRECT ANSWER✔✔-market
| | | |
, Which of the following types of investments has historically generated
| | | | | | | | | |
the highest return on investment? - CORRECT ANSWER✔✔-real estate
| | | | | | | |
Real estate includes all of the following EXCEPT - CORRECT
| | | | | | | | | |
ANSWER✔✔-except property rights | |
The Conduct Section of the ETHICS RULE states, in part, that an
| | | | | | | | | | | |
appraiser must perform assignments with - CORRECT ANSWER✔✔-
| | | | | | |
Impartiality, objectivity, and independence | | |
All of the following could be participants in a real property market
| | | | | | | | | | | |
EXCEPT - CORRECT ANSWER✔✔-except assessors
| | | |
Twenty years ago, most appraisal reports that were sent electronically
| | | | | | | | | |
were sent using _____ technology; today, most appraisals are sent
| | | | | | | | | |
electronically using a _______ format. - CORRECT ANSWER✔✔-EDI, PDF | | | | | | | |
A property is owned as tenancy in severalty. How many owners are
| | | | | | | | | | | |
there? - CORRECT ANSWER✔✔-not enough information to determine
| | | | | | |
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? - CORRECT ANSWER✔✔-cooperative
| | | | | |
Exam Questions With Correct Answers
The _____ has oversight authority over state appraisal boards. -
| | | | | | | | | |
CORRECT ANSWER✔✔-ASC (Appraisal Subcommittee)
| | |
Which of the below is a requirement of a valid real estate contract? -
| | | | | | | | | | | | | |
CORRECT ANSWER✔✔-consideration, in writing and signed, and lawful
| | | | | | | |
objective
"The interaction of buyers and sellers who trade long-term or
| | | | | | | | | |
intermediate-term money instruments" is the definition of the | | | | | | | |
_____________ market. - CORRECT ANSWER✔✔-capital | | | |
An analysis of the market conditions of supply, demand, and pricing for
| | | | | | | | | | | |
a specific property type in a specific area" is the definition of - CORRECT
| | | | | | | | | | | | | |
ANSWER✔✔-market study |
A gathering of people for the buying and selling of things" is the
| | | | | | | | | | | | |
definition of - CORRECT ANSWER✔✔-market
| | | |
, Which of the following types of investments has historically generated
| | | | | | | | | |
the highest return on investment? - CORRECT ANSWER✔✔-real estate
| | | | | | | |
Real estate includes all of the following EXCEPT - CORRECT
| | | | | | | | | |
ANSWER✔✔-except property rights | |
The Conduct Section of the ETHICS RULE states, in part, that an
| | | | | | | | | | | |
appraiser must perform assignments with - CORRECT ANSWER✔✔-
| | | | | | |
Impartiality, objectivity, and independence | | |
All of the following could be participants in a real property market
| | | | | | | | | | | |
EXCEPT - CORRECT ANSWER✔✔-except assessors
| | | |
Twenty years ago, most appraisal reports that were sent electronically
| | | | | | | | | |
were sent using _____ technology; today, most appraisals are sent
| | | | | | | | | |
electronically using a _______ format. - CORRECT ANSWER✔✔-EDI, PDF | | | | | | | |
A property is owned as tenancy in severalty. How many owners are
| | | | | | | | | | | |
there? - CORRECT ANSWER✔✔-not enough information to determine
| | | | | | |
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? - CORRECT ANSWER✔✔-cooperative
| | | | | |
