McKissock Basic Appraisal Principles I Final Exam Quiz
practice test 2023 Questions and Answers Complete
ASC (Appraisal Subcommittee)
The _____ has oversight authority over state appraisal boards.
consideration, in writing and signed, and lawful objective
Which of the below is a requirement of a valid real estate contract?
capital
"The interaction of buyers and sellers who trade long-term or intermediate-term money
instruments" is the definition of the _____________ market.
market study
An analysis of the market conditions of supply, demand, and pricing for a specific
property type in a specific area" is the definition of
market
A gathering of people for the buying and selling of things" is the definition of
real estate
Which of the following types of investments has historically generated the highest return
on investment?
except property rights
Real estate includes all of the following EXCEPT
Impartiality, objectivity, and independence
The Conduct Section of the ETHICS RULE states, in part, that an appraiser must
perform assignments with
except assessors
All of the following could be participants in a real property market EXCEPT
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.
not enough information to determine
A property is owned as tenancy in severalty. How many owners are there?
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?
executory
A(n) __________ contract is one that is not been fully performed or completed.
estimate, opinion
Modern definitions of the word "appraisal" have replaced the word _______ with
________.
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
encroachment
Trespassing on the domain of another" is the definition of
, district
A neighborhood characterized by homogeneous land use, e.g., apartment, commercial,
industrial, agricultural" is the definition of
except knowledgeable buyer and seller
All of the following could lead to a non-arm's-length transaction EXCEPT
government agencies
The appraisal standards and qualification criteria promulgated by the boards of The
Appraisal Foundation achieves legal authority by adoption, citation or implementation by
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
Price and value can be the same in some situations.
Which statement about price, cost, and value is TRUE?
Appraisal Subcommittee
The _______ maintains a national registry of state certified and licensed appraisers who
are eligible to perform appraisals in federally related transactions.
deed restriction and mechanic's lien
Which two of the following would be private restrictions on property rights?
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
externalities
A homeowner fears the construction of a factory nearby will decrease the value of her
property. This illustrates the principle of
late 1990's
Electronic Data Interchange for transmitting appraisal reports became popular in the
disclose
The Management Section of the ETHICS RULE states, in part, "An appraiser must
__________ that he or she paid a fee or commission, or gave a thing of value in
connection with the procurement of an assignment.
opinion, value
An appraisal is defined as the act or process of developing an ________ of _______.
Fannie Mae and Freddic Mac
In the 1970s, who developed uniform rules for mortgage underwriting?
transferable development rights
Property Owner A has the right to develop his property into 10 lots. He sells this right to
nearby Property Owner B who wishes to develop his property into additional lots. This is
an example of
4320
A rancher owns six full sections plus three quarter sections. How many acres is that?
200
The current number of appraisal education hours required for Certified Residential
Appraiser applicants is ______ hours.
prior transfer date and purchase price
In analyzing a real estate purchase contract you should be able to find all of the
following items EXCEPT
practice test 2023 Questions and Answers Complete
ASC (Appraisal Subcommittee)
The _____ has oversight authority over state appraisal boards.
consideration, in writing and signed, and lawful objective
Which of the below is a requirement of a valid real estate contract?
capital
"The interaction of buyers and sellers who trade long-term or intermediate-term money
instruments" is the definition of the _____________ market.
market study
An analysis of the market conditions of supply, demand, and pricing for a specific
property type in a specific area" is the definition of
market
A gathering of people for the buying and selling of things" is the definition of
real estate
Which of the following types of investments has historically generated the highest return
on investment?
except property rights
Real estate includes all of the following EXCEPT
Impartiality, objectivity, and independence
The Conduct Section of the ETHICS RULE states, in part, that an appraiser must
perform assignments with
except assessors
All of the following could be participants in a real property market EXCEPT
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.
not enough information to determine
A property is owned as tenancy in severalty. How many owners are there?
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?
executory
A(n) __________ contract is one that is not been fully performed or completed.
estimate, opinion
Modern definitions of the word "appraisal" have replaced the word _______ with
________.
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
encroachment
Trespassing on the domain of another" is the definition of
, district
A neighborhood characterized by homogeneous land use, e.g., apartment, commercial,
industrial, agricultural" is the definition of
except knowledgeable buyer and seller
All of the following could lead to a non-arm's-length transaction EXCEPT
government agencies
The appraisal standards and qualification criteria promulgated by the boards of The
Appraisal Foundation achieves legal authority by adoption, citation or implementation by
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
Price and value can be the same in some situations.
Which statement about price, cost, and value is TRUE?
Appraisal Subcommittee
The _______ maintains a national registry of state certified and licensed appraisers who
are eligible to perform appraisals in federally related transactions.
deed restriction and mechanic's lien
Which two of the following would be private restrictions on property rights?
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
externalities
A homeowner fears the construction of a factory nearby will decrease the value of her
property. This illustrates the principle of
late 1990's
Electronic Data Interchange for transmitting appraisal reports became popular in the
disclose
The Management Section of the ETHICS RULE states, in part, "An appraiser must
__________ that he or she paid a fee or commission, or gave a thing of value in
connection with the procurement of an assignment.
opinion, value
An appraisal is defined as the act or process of developing an ________ of _______.
Fannie Mae and Freddic Mac
In the 1970s, who developed uniform rules for mortgage underwriting?
transferable development rights
Property Owner A has the right to develop his property into 10 lots. He sells this right to
nearby Property Owner B who wishes to develop his property into additional lots. This is
an example of
4320
A rancher owns six full sections plus three quarter sections. How many acres is that?
200
The current number of appraisal education hours required for Certified Residential
Appraiser applicants is ______ hours.
prior transfer date and purchase price
In analyzing a real estate purchase contract you should be able to find all of the
following items EXCEPT
