MCKISSOCK BASIC APPRAISAL PRINCIPLES 1
FINAL EXAM 2024 ACTUAL EXAM 250
QUESTIONS AND CORRECT DETAILED
ANSWERS |ALREADY GRADED A+
What are a few requirements of a valid real estate contract? - ANSWER--
Consideration, in writing and signed, lawful objective.
The ______ maintains a National Registry of appraisers. - ANSWER--ASC
The four components of the Appraiser Qualification Criteria are: - ANSWER--
qualifying education, examination, experience, continuing education
Under the current qualification criteria, an applicant for Appraiser Trainee must
have completed ___ creditable hours of experience. - ANSWER--0
"The sum of values for a variable in a sample or population divided by the number
of items in the sample or population" is the definition of - ANSWER--Mean
"A business arrangement in which two or more persons jointly own a business and
share in its profits and losses" is the definition of - ANSWER--Partnership
"A mortgage in which the interest rate may move up or down, following a
specified schedule or in accordance with the movements of a standard or index to
which it is tied" is the definition of a(n) ______________ mortgage. - ANSWER--
Adjustable Rate
The _____ has oversight authority over state appraisal boards. - ANSWER--ASC
, MCKISSOCK BASIC APPRAISAL PRINCIPLES 1
FINAL EXAM 2024 ACTUAL EXAM 250
QUESTIONS AND CORRECT DETAILED
ANSWERS |ALREADY GRADED A+
"The ability of a property or building to be useful and to perform the function for
which it is intended according to current market tastes and standards; the efficiency
of a building's use in terms of architectural style, design and layout, traffic patterns,
and the size and type of rooms" is the definition of - ANSWER--Functional Utility
You purchased a house for $120,000, three years ago. Property values increased
3% the first year, 5%, the second year, and 7% the third year. How much is your
house worth now? - ANSWER--$138,865
The median price of homes sold in your county 6 months ago was $224,650. Prices
have been increasing at the rate of 7% per year. What is the median price of homes
today? - ANSWER--$232,513
Forty percent of the houses in a neighborhood are Colonials and 18% are Cape
Cods. There are a total of 200 houses. How many are Cape Cods? - ANSWER--36
Which of these factors would result in a violation of USPAP if the appraiser based
his or her appraisal fee on it? - ANSWER--the appraiser's value opinion
You have found comparable sales of rural land parcels that indicate the following
sale prices per acre: ($930, $775, $1202, $995, $1612, $906). What is the mode of
these indications? - ANSWER--There is no mode
A purchaser bought a property for $176,000, put 10% down and borrowed the rest
at 6.5% interest for 25 years. The lender charged 1.75 points at the closing. How
much was paid for the points? - ANSWER--$2,772
, MCKISSOCK BASIC APPRAISAL PRINCIPLES 1
FINAL EXAM 2024 ACTUAL EXAM 250
QUESTIONS AND CORRECT DETAILED
ANSWERS |ALREADY GRADED A+
The ETHICS RULE of USPAP is the ________ of five Rules in USPAP. -
ANSWER--First
Which is NOT an economic force affecting property values? - ANSWER--
Transportation. Wage rates, expense levels and consumer price index affect
economic forces.
The primary operators in the secondary mortgage market include all of the
following EXCEPT - ANSWER--FHA
Which entity is responsible for making periodic changes to USPAP? - ANSWER--
Appraisal Standards Board
What is the mean of these numbers: 124.5, 146.8, 152, 187.9, 153, 217.98, 12,
542.66, 45.7, 71.44, 158.04? - ANSWER--164.73
The general rule of contracting with minors is that a contract with a minor is -
ANSWER--Voidable at the minor's option
"A market in which a drop in demand is accompanied by a relative oversupply and
a decline in prices" is the definition of a(n) __________ market. - ANSWER--
Depressed
"A development right that cannot be used by the landowner, or that the owner
chooses not to use, but can be sold to landowners in another location" are called
_____________ rights. - ANSWER--Transferable Development
, MCKISSOCK BASIC APPRAISAL PRINCIPLES 1
FINAL EXAM 2024 ACTUAL EXAM 250
QUESTIONS AND CORRECT DETAILED
ANSWERS |ALREADY GRADED A+
Which would NOT be considered factors in supply analysis? - ANSWER--
Employment Rates
Which two of the following would be private restrictions on property rights? -
ANSWER--Deed Restriction and mechanic's lien
a circle contains _________ degrees - ANSWER--360
Real estate includes all of the following - ANSWER--Property Rights
What is the mean of the following set of gross rent multipliers? (95, 93, 120, 94,
93, 129) - ANSWER--104
"A value that cannot be imputed to any part of the physical property, e.g., the
excess value attributable to a favorable lease or mortgage, the value attributable to
goodwill" is the definition of ____________ value. - ANSWER--Intangible
Which agency is charged with monitoring coastal habitats? - ANSWER--National
Oceanic & Atmospheric Administration (NOAA): This agency is charged with
monitoring costal habitats, such as estuaries and reefs.
Which of the following are examples of demand in a real property market? -
ANSWER--Increasing immigration into the area, increasing building permits,
decreasing vacancy rates, unemployment
FINAL EXAM 2024 ACTUAL EXAM 250
QUESTIONS AND CORRECT DETAILED
ANSWERS |ALREADY GRADED A+
What are a few requirements of a valid real estate contract? - ANSWER--
Consideration, in writing and signed, lawful objective.
The ______ maintains a National Registry of appraisers. - ANSWER--ASC
The four components of the Appraiser Qualification Criteria are: - ANSWER--
qualifying education, examination, experience, continuing education
Under the current qualification criteria, an applicant for Appraiser Trainee must
have completed ___ creditable hours of experience. - ANSWER--0
"The sum of values for a variable in a sample or population divided by the number
of items in the sample or population" is the definition of - ANSWER--Mean
"A business arrangement in which two or more persons jointly own a business and
share in its profits and losses" is the definition of - ANSWER--Partnership
"A mortgage in which the interest rate may move up or down, following a
specified schedule or in accordance with the movements of a standard or index to
which it is tied" is the definition of a(n) ______________ mortgage. - ANSWER--
Adjustable Rate
The _____ has oversight authority over state appraisal boards. - ANSWER--ASC
, MCKISSOCK BASIC APPRAISAL PRINCIPLES 1
FINAL EXAM 2024 ACTUAL EXAM 250
QUESTIONS AND CORRECT DETAILED
ANSWERS |ALREADY GRADED A+
"The ability of a property or building to be useful and to perform the function for
which it is intended according to current market tastes and standards; the efficiency
of a building's use in terms of architectural style, design and layout, traffic patterns,
and the size and type of rooms" is the definition of - ANSWER--Functional Utility
You purchased a house for $120,000, three years ago. Property values increased
3% the first year, 5%, the second year, and 7% the third year. How much is your
house worth now? - ANSWER--$138,865
The median price of homes sold in your county 6 months ago was $224,650. Prices
have been increasing at the rate of 7% per year. What is the median price of homes
today? - ANSWER--$232,513
Forty percent of the houses in a neighborhood are Colonials and 18% are Cape
Cods. There are a total of 200 houses. How many are Cape Cods? - ANSWER--36
Which of these factors would result in a violation of USPAP if the appraiser based
his or her appraisal fee on it? - ANSWER--the appraiser's value opinion
You have found comparable sales of rural land parcels that indicate the following
sale prices per acre: ($930, $775, $1202, $995, $1612, $906). What is the mode of
these indications? - ANSWER--There is no mode
A purchaser bought a property for $176,000, put 10% down and borrowed the rest
at 6.5% interest for 25 years. The lender charged 1.75 points at the closing. How
much was paid for the points? - ANSWER--$2,772
, MCKISSOCK BASIC APPRAISAL PRINCIPLES 1
FINAL EXAM 2024 ACTUAL EXAM 250
QUESTIONS AND CORRECT DETAILED
ANSWERS |ALREADY GRADED A+
The ETHICS RULE of USPAP is the ________ of five Rules in USPAP. -
ANSWER--First
Which is NOT an economic force affecting property values? - ANSWER--
Transportation. Wage rates, expense levels and consumer price index affect
economic forces.
The primary operators in the secondary mortgage market include all of the
following EXCEPT - ANSWER--FHA
Which entity is responsible for making periodic changes to USPAP? - ANSWER--
Appraisal Standards Board
What is the mean of these numbers: 124.5, 146.8, 152, 187.9, 153, 217.98, 12,
542.66, 45.7, 71.44, 158.04? - ANSWER--164.73
The general rule of contracting with minors is that a contract with a minor is -
ANSWER--Voidable at the minor's option
"A market in which a drop in demand is accompanied by a relative oversupply and
a decline in prices" is the definition of a(n) __________ market. - ANSWER--
Depressed
"A development right that cannot be used by the landowner, or that the owner
chooses not to use, but can be sold to landowners in another location" are called
_____________ rights. - ANSWER--Transferable Development
, MCKISSOCK BASIC APPRAISAL PRINCIPLES 1
FINAL EXAM 2024 ACTUAL EXAM 250
QUESTIONS AND CORRECT DETAILED
ANSWERS |ALREADY GRADED A+
Which would NOT be considered factors in supply analysis? - ANSWER--
Employment Rates
Which two of the following would be private restrictions on property rights? -
ANSWER--Deed Restriction and mechanic's lien
a circle contains _________ degrees - ANSWER--360
Real estate includes all of the following - ANSWER--Property Rights
What is the mean of the following set of gross rent multipliers? (95, 93, 120, 94,
93, 129) - ANSWER--104
"A value that cannot be imputed to any part of the physical property, e.g., the
excess value attributable to a favorable lease or mortgage, the value attributable to
goodwill" is the definition of ____________ value. - ANSWER--Intangible
Which agency is charged with monitoring coastal habitats? - ANSWER--National
Oceanic & Atmospheric Administration (NOAA): This agency is charged with
monitoring costal habitats, such as estuaries and reefs.
Which of the following are examples of demand in a real property market? -
ANSWER--Increasing immigration into the area, increasing building permits,
decreasing vacancy rates, unemployment
