Mckissock Basic Appraisal Principles Exam Questions and Answers Latest Update 2024/2025 Graded A+.

Mckissock Basic Appraisal Principles Exam Questions and Answers Latest Update 2024/2025 Graded A+. grant deed - ANSWER deed containing, or having implied by law, some but not all of the usual covenants of title Appraiser - ANSWER One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. 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. 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. The AQB - ANSWER charged with establishing the qualifications that all the states must meet in licensing, certification and re-certification of appraisers. january 8th, 2008 - ANSWER Major changes to the Criteria went into effect May 1, 2018 - ANSWER Additional revisions were made effective four components of the Real Property Appraiser Qualification Criteria - ANSWER qualifying ed, education, examinations, continuing ed The Appraisal Foundation - ANSWER not-for-profit organization, established exclusively for educational and scientific purposes. 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. The Appraisal Foundation has three principal boards: - ANSWER Board of Trustees (BOT) Appraisal Standards Board (ASB) Appraiser Qualifications Board (AQB) The BOT - ANSWER acts as an executive board for the Foundation. Mckissock Basic Appraisal Principles Exam Questions and Answers Latest Update 2024/2025 | Graded The ASB - ANSWER responsible for creating standards for ethics and performance of appraisers. Uniform Standards of Professional Appraisal Practice (USPAP) - ANSWER was developed by the Ad Hoc Committee in 1986 and 1987 and was copyrighted in 1987 by The Appraisal Foundation. At its first meeting in 1989, the Appraisal Standards Board (ASB) - ANSWER adopted USPAP as the governing document. USPAP may be - ANSWER amended, interpreted, supplemented, or retired only by the ASB. Congress recognized USPAP - ANSWER as the generally recognized standards of practice in the appraisal profession in Title XI of the Financial Institutions Reform the Appraisal Subcommittee (ASC) - ANSWER is a federal entity with oversight authority over the state licensing and certification agencies AMCs - ANSWER appraisal management companies The Board of Trustees - ANSWER omposed of 21 individuals responsible for funding The Appraisal Foundation and appointing the members to The Appraisal Foundation's other boards - the Appraisal Standards Board and the Appraiser Qualifications Board. TAFAC - ANSWER Appraisal Foundation Advisory Council iac - ANSWER Industry Advisory Council Appraisal Standards Board - ANSWER exercises all authority and power over the subject, style, content, and substance of USPAP Appraisal Practices Board (APB) - ANSWER its purpose was to create guidance to assist appraisers in issues relating to recognized valuation methods and techniques. Even though the APB no longer exists - ANSWER The Appraisal Foundation plans to continue to issue these Valuation Advisories as it deems necessary. Appraisal Subcommittee was created - ANSWER under Section 1103 of Title XI of FIRREA HUD - ANSWER Department of Housing and Urban Development, only act on complaint with fair lending The Savings and Loan Crisis happened in the - ANSWER early 60's the appraisal foundation was established in - ANSWER 1987 The _________ monitors and reviews the practices, procedures, activities and organizational structure of The Appraisal Foundation. - ANSWER ASC the professional society that specializes in appraising personal property - ANSWER American Society of appraisers ECOA applies to all the following types of loans except - ANSWER Vacant land The ________ maintains a national registry of licensed and certified appraisors - ANSWER ASC ethics - ANSWER relating to what is good or bad: having to do with moral duty and obligation moral - ANSWER relating to the principle of right and wrong bias - ANSWER A particular preference or point of view that is personal, rather than scientific. Appraisal - ANSWER An estimate of the current value of the property. assignment - ANSWER valuation service that is provided by an appraiser as a consequence of an agreement with a client real estate - ANSWER indentified parcel or tract of land, including improvements land - ANSWER solid surface on earth as distinguished from water, one of four agents of production in economic theory Transferable Development Rights - ANSWER dev. right that cannot be used by landowner, or that landowner chooses not to use but can be conveyed to landowners in another location or leased then back to the landowner fixture - ANSWER An article that was once personal property but has since been installed or attached to the land or building in a rather permanent manner so that it is regarded in law as part of the real estate." personal property - ANSWER All property not classified as real property trade fixtures - ANSWER Personal property used in a business and can be removed by the lessee when the lease terminates. real propert - ANSWER interest in real estate (what we appraise) public restrictions - ANSWER taxation,eminent domain,police power,escheat eminent domain - ANSWER Power of a government to take private property for public use. police power - ANSWER protect public interest (zoning, building codes, subdivision regs., electrical,plumbing,energy codes) escheat - ANSWER the right of government that gives the state titular ownership of a property when its owner dies without a will or any ascertainable heirs private restrictions - ANSWER mortgages,mechanics liens,deedrestrictions,conditions covenants and restrictions mortgage - ANSWER A pledge of a described property interest as collateral or security for the repayment of a loan under certain terms and conditions." mortgage note - ANSWER A document or a clause in a document in which the borrower accepts responsibility for the repayment of a debt." mechanics lien - ANSWER A legal claim placed on real estate by someone who is owed money for labor, services or supplies contributed to the property for the purpose of improving it Deed Restrictions - ANSWER Clauses in a deed limiting the future uses of the property. conditions, covenants and restrictions (CC&Rs) - ANSWER The standards that define how a property may be used and the protections the developer makes for the benefit of all owners in a subdivision. legal description - ANSWER description of land that identifies the real estate according to a system established or approved by law lot and block system - ANSWER A system for the legal description of land that refers to parcels' lot and block numbers, which appear on recorded maps and plats of subdivided land; may also be used for assessment maps. metes and bounds - ANSWER a system for the legal description of land that refers to the parcels which are formed by the point of beginning and allintermediate point (bounds) and courses or angular direction of each point(metes) 1 full circle1 degree1 foot1 degree- - ANSWER 360 degrees 60 minutes 60 seconds 3600 seconds 1 mile - ANSWER 8 furlongs 1 furlong - ANSWER 660 Feet, or 10 Chains 1 chain - ANSWER 66 feet or 4 rods 1 rod - ANSWER 16.5 feet or 25 links 1 link - ANSWER 7.92 inches or .67 feet 1 acre - ANSWER 43,560 rectangular survey system - ANSWER divides land into townships and ranges approximately six miles square, each normally containing 36 one-square-mile sections of 640 acres, except when adjusted for the curvature of the earth." 1 township - ANSWER 36 square miles 1 section - ANSWER 1 square mile 1 square mile - ANSWER 640 acres 1/4 section - ANSWER 160 acres quarter-quarter section - ANSWER 40 acres estate - ANSWER right or interest in property fee simple estate (inheritable, transferable, perpetual) - ANSWER Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. partial interests - ANSWER divided or undivided rights in real estate that represents less than a whole life interests - ANSWER Rights of use, occupancy, and control, limited to the lifetime of a designated party, sometimes referred to as the life tenant." leased fee interests - ANSWER 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. leasehold interests - ANSWER The right held by the lessee to use and occupy real estate for a stated term and under the conditions specified in the lease. easement - ANSWER the right to use land for a specific and limited purpose Easement in Gross - ANSWER An easement that benefits a legal person or entity easement appurtenant - ANSWER An easement that is attached to, benefits, and passes with the transfer of the dominant estate; affirmative easement - ANSWER the right to do something on servient land negative easement - ANSWER an easement preventing a PROPERTY OWNER FROM CERTAIN OTHERWISE PEMITTED USE OF HIS OR HER LAND conservation easement - ANSWER A negative easement that limits potential development or other property uses in order to preserve open space, natural resources, wildlife, and similar land uses. drainage easement - ANSWER The right to drain surface water from one owner's land over the land of one or more adjacent owners." historic preservation easement - ANSWER - Includes various kinds of controls on historically designated properties; which are imposed by cities, towns or villages