McKissock Basic Appraisal Principles I Final Exam NEWEST
ACTUAL EXAM QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+
ASC (Appraisal Subcommittee) - CORRECT ANSWER The _____ has oversight
authority over state appraisal boards.
consideration, in writing and signed, and lawful objective - CORRECT ANSWER
Which of the below is a requirement of a valid real estate contract?
capital - CORRECT ANSWER "The interaction of buyers and sellers who trade long-
term or intermediate-term money instruments" is the definition of the _____________
market.
market study - CORRECT ANSWER 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 - CORRECT ANSWER A gathering of people for the buying and selling of
things" is the definition of
real estate - CORRECT ANSWER Which of the following types of investments has
historically generated the highest return on investment?
except property rights - CORRECT ANSWER Real estate includes all of the following
EXCEPT
Impartiality, objectivity, and independence - CORRECT ANSWER The Conduct
Section of the ETHICS RULE states, in part, that an appraiser must perform
assignments with
except assessors - CORRECT ANSWER All of the following could be participants in a
real property market EXCEPT
EDI, PDF - CORRECT ANSWER 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 - CORRECT ANSWER A property is owned as
tenancy in severalty. How many owners are there?
cooperative - CORRECT ANSWER 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 - CORRECT ANSWER A(n) __________ contract is one that is not been
fully performed or completed.
estimate, opinion - CORRECT ANSWER Modern definitions of the word "appraisal"
have replaced the word _______ with ________.
leased fee interest - CORRECT 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" is the definition of
encroachment - CORRECT ANSWER Trespassing on the domain of another" is the
definition of
district - CORRECT ANSWER A neighborhood characterized by homogeneous land
use, e.g., apartment, commercial, industrial, agricultural" is the definition of
except knowledgeable buyer and seller - CORRECT ANSWER All of the following
could lead to a non-arm's-length transaction EXCEPT
government agencies - CORRECT ANSWER The appraisal standards and
qualification criteria promulgated by the boards of The Appraisal Foundation achieves
legal authority by adoption, citation or implementation by
partnership - CORRECT ANSWER 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. - CORRECT ANSWER Which
statement about price, cost, and value is TRUE?
Appraisal Subcommittee - CORRECT ANSWER 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 - CORRECT ANSWER Which two of the
following would be private restrictions on property rights?
leasehold estate - CORRECT 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" is
the definition of
externalities - CORRECT ANSWER A homeowner fears the construction of a factory
nearby will decrease the value of her property. This illustrates the principle of
late 1990's - CORRECT ANSWER Electronic Data Interchange for transmitting
appraisal reports became popular in the
, disclose - CORRECT ANSWER 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 - CORRECT ANSWER An appraisal is defined as the act or process of
developing an ________ of _______.
Fannie Mae and Freddic Mac - CORRECT ANSWER In the 1970s, who developed
uniform rules for mortgage underwriting?
transferable development rights - CORRECT ANSWER 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 - CORRECT ANSWER A rancher owns six full sections plus three quarter
sections. How many acres is that?
200 - CORRECT ANSWER The current number of appraisal education hours required
for Certified Residential Appraiser applicants is ______ hours.
prior transfer date and purchase price - CORRECT ANSWER In analyzing a real
estate purchase contract you should be able to find all of the following items EXCEPT
the Appraisal Standards Board - CORRECT ANSWER Who retains final authority
over revisions to USPAP?
except FHA - CORRECT ANSWER The primary operators in the secondary mortgage
market include all of the following EXCEPT
there is a three-year supply of homes currently for sale - CORRECT ANSWER In a
particular market, there is a demand for 500 houses per year, and there are currently
1,500 houses for sale. What does this most likely indicate?
there is a right of survivorship - CORRECT ANSWER Which is NOT a characteristic of
tenancy in common?
trustee - CORRECT ANSWER In a trust deed state, title to a property is vested in the
__________ until the mortgage lien is satisfied.
escheat - CORRECT ANSWER Which of these would be considered a public
restriction on real property ownership?
FIRST - CORRECT ANSWER The ETHICS RULE of USPAP is the ________ of five
Rules in USPAP.
ACTUAL EXAM QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+
ASC (Appraisal Subcommittee) - CORRECT ANSWER The _____ has oversight
authority over state appraisal boards.
consideration, in writing and signed, and lawful objective - CORRECT ANSWER
Which of the below is a requirement of a valid real estate contract?
capital - CORRECT ANSWER "The interaction of buyers and sellers who trade long-
term or intermediate-term money instruments" is the definition of the _____________
market.
market study - CORRECT ANSWER 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 - CORRECT ANSWER A gathering of people for the buying and selling of
things" is the definition of
real estate - CORRECT ANSWER Which of the following types of investments has
historically generated the highest return on investment?
except property rights - CORRECT ANSWER Real estate includes all of the following
EXCEPT
Impartiality, objectivity, and independence - CORRECT ANSWER The Conduct
Section of the ETHICS RULE states, in part, that an appraiser must perform
assignments with
except assessors - CORRECT ANSWER All of the following could be participants in a
real property market EXCEPT
EDI, PDF - CORRECT ANSWER 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 - CORRECT ANSWER A property is owned as
tenancy in severalty. How many owners are there?
cooperative - CORRECT ANSWER 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 - CORRECT ANSWER A(n) __________ contract is one that is not been
fully performed or completed.
estimate, opinion - CORRECT ANSWER Modern definitions of the word "appraisal"
have replaced the word _______ with ________.
leased fee interest - CORRECT 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" is the definition of
encroachment - CORRECT ANSWER Trespassing on the domain of another" is the
definition of
district - CORRECT ANSWER A neighborhood characterized by homogeneous land
use, e.g., apartment, commercial, industrial, agricultural" is the definition of
except knowledgeable buyer and seller - CORRECT ANSWER All of the following
could lead to a non-arm's-length transaction EXCEPT
government agencies - CORRECT ANSWER The appraisal standards and
qualification criteria promulgated by the boards of The Appraisal Foundation achieves
legal authority by adoption, citation or implementation by
partnership - CORRECT ANSWER 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. - CORRECT ANSWER Which
statement about price, cost, and value is TRUE?
Appraisal Subcommittee - CORRECT ANSWER 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 - CORRECT ANSWER Which two of the
following would be private restrictions on property rights?
leasehold estate - CORRECT 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" is
the definition of
externalities - CORRECT ANSWER A homeowner fears the construction of a factory
nearby will decrease the value of her property. This illustrates the principle of
late 1990's - CORRECT ANSWER Electronic Data Interchange for transmitting
appraisal reports became popular in the
, disclose - CORRECT ANSWER 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 - CORRECT ANSWER An appraisal is defined as the act or process of
developing an ________ of _______.
Fannie Mae and Freddic Mac - CORRECT ANSWER In the 1970s, who developed
uniform rules for mortgage underwriting?
transferable development rights - CORRECT ANSWER 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 - CORRECT ANSWER A rancher owns six full sections plus three quarter
sections. How many acres is that?
200 - CORRECT ANSWER The current number of appraisal education hours required
for Certified Residential Appraiser applicants is ______ hours.
prior transfer date and purchase price - CORRECT ANSWER In analyzing a real
estate purchase contract you should be able to find all of the following items EXCEPT
the Appraisal Standards Board - CORRECT ANSWER Who retains final authority
over revisions to USPAP?
except FHA - CORRECT ANSWER The primary operators in the secondary mortgage
market include all of the following EXCEPT
there is a three-year supply of homes currently for sale - CORRECT ANSWER In a
particular market, there is a demand for 500 houses per year, and there are currently
1,500 houses for sale. What does this most likely indicate?
there is a right of survivorship - CORRECT ANSWER Which is NOT a characteristic of
tenancy in common?
trustee - CORRECT ANSWER In a trust deed state, title to a property is vested in the
__________ until the mortgage lien is satisfied.
escheat - CORRECT ANSWER Which of these would be considered a public
restriction on real property ownership?
FIRST - CORRECT ANSWER The ETHICS RULE of USPAP is the ________ of five
Rules in USPAP.
