McKissock Basic Appraisal Principles I Final Exam Quiz
practice test 2024 Questions and Answers Complete
The _____ has oversight authority over state appraisal boards. - ANSWER-ASC
(Appraisal Subcommittee)
Which of the below is a requirement of a valid real estate contract? - 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. - 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 - ANSWER-market study
A gathering of people for the buying and selling of things" is the definition of - ANSWER-
market
Which of the following types of investments has historically generated the highest return
on investment? - ANSWER-real estate
Real estate includes all of the following EXCEPT - ANSWER-except property rights
The Conduct Section of the ETHICS RULE states, in part, that an appraiser must
perform assignments with - ANSWER-Impartiality, objectivity, and independence
All of the following could be participants in a real property market EXCEPT - 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. - ANSWER-EDI, PDF
A property is owned as tenancy in severalty. How many owners are there? - 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? -
ANSWER-cooperative
A(n) __________ contract is one that is not been fully performed or completed. -
ANSWER-executory
, Modern definitions of the word "appraisal" have replaced the word _______ with
________. - ANSWER-estimate, opinion
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 - ANSWER-leased fee interest
Trespassing on the domain of another" is the definition of - ANSWER-encroachment
A neighborhood characterized by homogeneous land use, e.g., apartment, commercial,
industrial, agricultural" is the definition of - ANSWER-district
All of the following could lead to a non-arm's-length transaction EXCEPT - ANSWER-
except knowledgeable buyer and seller
The appraisal standards and qualification criteria promulgated by the boards of The
Appraisal Foundation achieves legal authority by adoption, citation or implementation by
- ANSWER-government agencies
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
Which statement about price, cost, and value is TRUE? - ANSWER-Price and value can
be the same in some situations.
The _______ maintains a national registry of state certified and licensed appraisers who
are eligible to perform appraisals in federally related transactions. - ANSWER-Appraisal
Subcommittee
Which two of the following would be private restrictions on property rights? - ANSWER-
deed restriction and mechanic's lien
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 - ANSWER-leasehold estate
A homeowner fears the construction of a factory nearby will decrease the value of her
property. This illustrates the principle of - ANSWER-externalities
Electronic Data Interchange for transmitting appraisal reports became popular in the -
ANSWER-late 1990's
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. - ANSWER-disclose
An appraisal is defined as the act or process of developing an ________ of _______. -
ANSWER-opinion, value
practice test 2024 Questions and Answers Complete
The _____ has oversight authority over state appraisal boards. - ANSWER-ASC
(Appraisal Subcommittee)
Which of the below is a requirement of a valid real estate contract? - 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. - 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 - ANSWER-market study
A gathering of people for the buying and selling of things" is the definition of - ANSWER-
market
Which of the following types of investments has historically generated the highest return
on investment? - ANSWER-real estate
Real estate includes all of the following EXCEPT - ANSWER-except property rights
The Conduct Section of the ETHICS RULE states, in part, that an appraiser must
perform assignments with - ANSWER-Impartiality, objectivity, and independence
All of the following could be participants in a real property market EXCEPT - 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. - ANSWER-EDI, PDF
A property is owned as tenancy in severalty. How many owners are there? - 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? -
ANSWER-cooperative
A(n) __________ contract is one that is not been fully performed or completed. -
ANSWER-executory
, Modern definitions of the word "appraisal" have replaced the word _______ with
________. - ANSWER-estimate, opinion
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 - ANSWER-leased fee interest
Trespassing on the domain of another" is the definition of - ANSWER-encroachment
A neighborhood characterized by homogeneous land use, e.g., apartment, commercial,
industrial, agricultural" is the definition of - ANSWER-district
All of the following could lead to a non-arm's-length transaction EXCEPT - ANSWER-
except knowledgeable buyer and seller
The appraisal standards and qualification criteria promulgated by the boards of The
Appraisal Foundation achieves legal authority by adoption, citation or implementation by
- ANSWER-government agencies
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
Which statement about price, cost, and value is TRUE? - ANSWER-Price and value can
be the same in some situations.
The _______ maintains a national registry of state certified and licensed appraisers who
are eligible to perform appraisals in federally related transactions. - ANSWER-Appraisal
Subcommittee
Which two of the following would be private restrictions on property rights? - ANSWER-
deed restriction and mechanic's lien
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 - ANSWER-leasehold estate
A homeowner fears the construction of a factory nearby will decrease the value of her
property. This illustrates the principle of - ANSWER-externalities
Electronic Data Interchange for transmitting appraisal reports became popular in the -
ANSWER-late 1990's
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. - ANSWER-disclose
An appraisal is defined as the act or process of developing an ________ of _______. -
ANSWER-opinion, value
