MCKISSOCK BASIC APPRAISAL PRINCIPLES 1 FINAL
EXAM 2024 ACTUAL EXAM 250 QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |
ALREADY GRADED A+
The intent of USPAP is to ____________ a high level of __________ in professional
appraisal practice. - ANSWER: promote and maintain, public trust
Which of the following would NOT be considered a governmental influence on
value? - ANSWER: wage levels
Which would NOT be considered factors in supply analysis? - ANSWER: employment
rates
Which of these would be considered a public restriction on real property ownership?
- ANSWER: escheat
The number of required experience hours for Certified General Appraiser applicants
is ____ hours. - ANSWER: 3000
Real estate includes all of the following EXCEPT - ANSWER: Property Rights
The real property market is generally classified as a(n) __________ market. -
ANSWER: Imperfect
The price expected for a whole property, e.g., a house, or a part of a property, e.g., a
plumbing fixture, that is removed from the premises usually for use elsewhere" is
the definition of ____________ value. - ANSWER: Salvage
The geographic region from which a majority of demand comes and which the
majority of the competition is located" is the definition of - ANSWER: market area
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
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
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
EXAM 2024 ACTUAL EXAM 250 QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |
ALREADY GRADED A+
The intent of USPAP is to ____________ a high level of __________ in professional
appraisal practice. - ANSWER: promote and maintain, public trust
Which of the following would NOT be considered a governmental influence on
value? - ANSWER: wage levels
Which would NOT be considered factors in supply analysis? - ANSWER: employment
rates
Which of these would be considered a public restriction on real property ownership?
- ANSWER: escheat
The number of required experience hours for Certified General Appraiser applicants
is ____ hours. - ANSWER: 3000
Real estate includes all of the following EXCEPT - ANSWER: Property Rights
The real property market is generally classified as a(n) __________ market. -
ANSWER: Imperfect
The price expected for a whole property, e.g., a house, or a part of a property, e.g., a
plumbing fixture, that is removed from the premises usually for use elsewhere" is
the definition of ____________ value. - ANSWER: Salvage
The geographic region from which a majority of demand comes and which the
majority of the competition is located" is the definition of - ANSWER: market area
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
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
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
