Exam Prep (Mckissock) With Questions
And Correct Answers
What cdoes cnot cinclude cphysical cmobility, cbut crather cthe ccontrol cand cpossession cof
call cthe crights cof cownership? c- cCORRECT cANS✔✔Purchasing cPower
If can cappraiser cis cvaluing creal cproperty cby csales ccomparison, cwhose cactions cis che
cor cshe cLEAST clikely cto cconsider? c- cCORRECT cANS✔✔Government cAgencies
Which cvalue ccharacteristic cimplies cthe cpresence cof ca cneed cor cdemand, cwhich
cconsiders cthe cmonetary cpower cto cfill cthat cneed? c- cCORRECT cANS✔✔Desire
The crights cand cbenefits cinherent cin cthe cownership cof ca cparcel cof cland cwould cbe
cdefined cas: c- cCORRECT cANS✔✔Real cProperty
Which cstatement cis cTRUE cregarding cappraisers cand cvalue? c- cCORRECT
cANS✔✔Market cvalue cis conly cone ctype cof cvalue; cappraisers cestimate cother ctypes
cof cvalue cas cwell.
What cis cthe cmotivation cof can cindividual, cgroup cof cpersons, cor cbusiness centity
cinvolving cthe cpurchase cof can citem? c- cCORRECT cANS✔✔Desire
What cis cthe cfocal cpoint cof ca creal cproperty cappraisal? c- cCORRECT cANS✔✔The
cvalue cof cownership crights
USPAP ccautions cappraisers cto cuse cthe cdefinition cof cmarket cvalue cthat cis cspecified
cin cthe cDEFINITIONS csection cof cUSPAP. c- cCORRECT cANS✔✔False.
Which cmethods care cmost cappropriate cto cthe csales ccomparison capproach? c-
cCORRECT cANS✔✔Economics cand cStatistics
Appraiser cAbigail cis cappraising ca cnewer, chigh-tech csteel cmill. cIn cdelineating cher
cmarket, cwhich cof cthese cshould cshe cmost clikely cconsider? c- cCORRECT
cANS✔✔Properties cwithin ca cregion cor cseveral-state carea
Which cmarket cis cinefficient? c- cCORRECT cANS✔✔Real cestate cmarket
,The cgrowth crate cis chigher cin cCommunity cA cthan cCommunity cB, cbecause
cCommunity cA chas cpublic cwater cand csewage cavailable. cAs ca cresult, cproperty
cvalues care chigher cin cCommunity cA. cThis cis can cexample cof cwhat cforce caffecting
cthe cmarket? c- cCORRECT cANS✔✔Environmental
A clarge, cold, cdilapidated ccommercial cbuilding csits cin can ceconomically cdepressed
csection cof cthe ccity. cThere care cno cmarket cparticipants cwho chave cthe cfinancial
ccapability cto crenovate cand cuse csuch ca clarge cbuilding. cThis cis can cexample cof cwhat
cforce? c- cCORRECT cANS✔✔Economic
Which cstatement cis cTRUE cregarding cthe cappraisal cdevelopment cprocess? c-
cCORRECT cANS✔✔Development cand creporting care ctwo cseparate cand cdistinct
cfunctions
Harry cis cpreparing ca creal cproperty cappraisal creport cfor chis cclient. cWhich cUSPAP
cStandard cmust che cfollow cwhen cpreparing cthis creport? c- cCORRECT
cANS✔✔STANDARD c2
An cappraiser cinspects ca csubject cproperty, cwhich cis ca cvacant capartment cbuilding.
cThe cappraiser's cmeasurements cand cfield cnotes cfrom cthe cinspection cwould cbe
cconsidered cwhat ctype cof cdata? c- cCORRECT cANS✔✔Specific cData
An cappraiser cis cvaluing ca csmall capartment cbuilding. cThe cappraiser cgathers
cinformation con cdemographics cand cemployment ctrends, cwhich cis cuseful cin
canalyzing cthe cmarket. cThis cwould cbe cconsidered cwhat ctype cof cdata? c- cCORRECT
cANS✔✔General cData
The cappraisal cdevelopment cprocess cand cappraisal creporting cprocess care
cconsidered cto cbe cone cfunction. c- cCORRECT cANS✔✔False
In cthe cappraisal cprocess, cwhat ctype cof cdata cpertains conly cto cthe csubject cproperty
cand ccomparables? c- cCORRECT cANS✔✔Specific cData
Dave cis ccompleting ca cmarket cvalue cappraisal con can coffice cbuilding. cWhich
cstatement cwill cmost clikely cbe cTRUE cregarding chis chighest cand cbest cuse canalysis?
c- cCORRECT cANS✔✔He cwill chave cto cdevelop ctwo chighest cand cbest cuse copinions.
What cis cthe cmost cprofitable cuse cto cwhich ca cproperty ccan cbe cput? c- cCORRECT
cANS✔✔Highest cand cbest cuse
When cconsidering clegal cpermissibility cand ccurrent cland cuse cregulations, can
cappraiser cmust calso cconsider c__________. c- cCORRECT cANS✔✔Reasonably
cprobable cmodifications cof cland cuse cregulations
Margot cis cappraising ca cvacant csite cwhich cis csuitable cfor ccommercial cdevelopment.
cIn cselecting ccomparable csales, cwhat cwould clikely cbe cher cmost cimportant
,cconsideration? c- cCORRECT cANS✔✔Sales cshould chave cthe csame chighest cand
cbest cuse
A cproperty cis cimproved cwith ca cbuilding, cand cis cvalued cat c$425,000. cIt cwould ccost
c$50,000 cto craze cand cremove cthe cbuilding, cand cthe cvalue cof cthe cvacant csite cwould
cbe c$500,000. cUnder cthis cscenario, crazing cand cremoving cthe cbuilding cwould cbe
cconsidered c____________. c- cCORRECT cANS✔✔Financially cfeasible
An cappraiser ctakes csecondary cdata con ca csale cfrom cthe clocal cMLS, cand cpersonally
cverifies celements cof cthe ctransaction cand cthe cphysical ccharacteristics cof cthe
cproperty cwith cthe cpurchaser. cThis csale cwould cnow cbe cconsidered cwhat ctype cof
cdata? c- cCORRECT cANS✔✔Primary cData
A cbuilding cowner cinstalls ca cnew c"green" croof con cthe cstructure cat ca ccost cof
c$300,000. cThe cvalue cof cthe cbuilding conly cincreases cby c$200,000 cas ca cresult cof
cthe cnew croof. cThis cdemonstrates cwhich ceconomic cprinciple? c- cCORRECT
cANS✔✔Contribution
Value cis ca cfact, cor can cestimate cof cfact. c- cCORRECT cANS✔✔False
The cConcentric cZone cModel cincludes cwhich czones? c- cCORRECT
cANS✔✔Commuter, cresidential, cworking cclass, ctransition, cfactory, cLoop cor cCentral
cBusiness cDistrict
Which cstatement cis cFALSE cregarding cthe csales ccomparison capproach? c-
cCORRECT cANS✔✔When cthe cappraiser chas can cunderstanding cof cvalue cinfluences
cin cthe cmarket, cthe capproach cis cmore creliable.
Cyndi ccontacts cthe cbuyer cand cverifies cthat ca ccomparable csale cshe cis cusing cwas
cpurchased con cthe copen cmarket, cbetween ca ctypically-motivated cseller cand cbuyer,
cwho cwere cnot crelated cto ceach cother. cWhat ctype cof csale cis cthis? c- cCORRECT
cANS✔✔Arm's clength ctransfer
What cis cthe cprimary cpurpose cof cthe csales ccomparison capproach? c- cCORRECT
cANS✔✔To carrive cat ca cvalue cindication cfor cthe csubject cproperty
The csales ccomparison capproach cis cprimarily cbased con cwhat cprinciple? c-
cCORRECT cANS✔✔Substitution
A cproperty cbeing cappraised chas ca cdebt ccoverage cratio cof c1.1. cWhat cdoes cthis
cmean? c- cCORRECT cANS✔✔The cproperty cgenerates cenough cincome cto cmake cthe
cmortgage cpayment.
Peggy cblackmails cFrank cinto cselling chis cproperty cto cher. cThe csale cappears cin cthe
clocal cMLS cand cis creported cin cthe clocal cassessment coffice cas ca cvalid csale. cIs cthis
can carm's clength ctransfer? c- cCORRECT cANS✔✔No
, The csales ccomparison capproach cis cmost ceffective cwhen cthe csubject cand
ccomparable csales call chave cthe csame cpotential chighest cand cbest cuse. c- cCORRECT
cANS✔✔True
What chelps cappraisers cunderstand cand capply caccurate canalysis cin cthe cevaluation
cof creal cestate? c- cCORRECT cANS✔✔Statistical ctechniques
The cempirical crule cstates cthat cin ca cbell-shaped ccurve, cwhat cpercentage cof
cobservations cwill cfall cwithin ctwo cstandard cdeviations cof cthe cmean? c- cCORRECT
cANS✔✔95
Measures cof ccentral ctendency cinclude call cof cthe cfollowing cEXCEPT: c- cCORRECT
cANS✔✔Variance
What cis cthe cprinciple cwhich cholds cthat cin ca cbell-shaped ccurve, c68% cof cthe
cobservations cwill cfall cwithin cone cstandard cdeviation cof cthe cmean? c- cCORRECT
cANS✔✔Empirical crule
What cis cthe cfoundation cof cstatistical canalysis? c- cCORRECT cANS✔✔Accurate cdata
What ccan cbe cused cto cdemonstrate cany cvariable cthat cclusters caround cthe cmean? c-
cCORRECT cANS✔✔Normal cdistribution ccurve
What ckind cof cdata cis cobserved, cbut cnot cmeasured? c- cCORRECT
cANS✔✔Qualitative cdata
What cis canother cword cfor ca cvariable? c- cCORRECT cANS✔✔Variate
When canalyzing can cindustrial cbuilding, can cappraiser cnotes cthat cit chas c25,000
csquare cfeet. cThis cis can cexample cof c_______ cdata. c- cCORRECT
cANS✔✔Quantitative
A csampling ctechnique cis: c- cCORRECT cANS✔✔Random, cCluster cand cStratified
What ckind cof cdata cis cmeasured? c- cCORRECT cANS✔✔Quantitative cdata
In ca cstudy cwhich cindicates cthat cspending cmore chours con can cappraisal cassignment
cequates cto chigher ccustomer csatisfaction, cthe cnumber cof chours cspent cwould cbe
cconsidered cthe c_________ cvariable. c- cCORRECT cANS✔✔Independent
What cis ca csingle csample cin ca cgroup? c- cCORRECT cANS✔✔A cvariable
When cappraising coffice cbuildings, can cappraiser coften ccategorizes cthese cbuildings
cinto cclasses c(Class cA, cClass cB, cClass cC). cThis cis cexample cof c_______
cmeasurement. c- cCORRECT cANS✔✔Ordinal
And Correct Answers
What cdoes cnot cinclude cphysical cmobility, cbut crather cthe ccontrol cand cpossession cof
call cthe crights cof cownership? c- cCORRECT cANS✔✔Purchasing cPower
If can cappraiser cis cvaluing creal cproperty cby csales ccomparison, cwhose cactions cis che
cor cshe cLEAST clikely cto cconsider? c- cCORRECT cANS✔✔Government cAgencies
Which cvalue ccharacteristic cimplies cthe cpresence cof ca cneed cor cdemand, cwhich
cconsiders cthe cmonetary cpower cto cfill cthat cneed? c- cCORRECT cANS✔✔Desire
The crights cand cbenefits cinherent cin cthe cownership cof ca cparcel cof cland cwould cbe
cdefined cas: c- cCORRECT cANS✔✔Real cProperty
Which cstatement cis cTRUE cregarding cappraisers cand cvalue? c- cCORRECT
cANS✔✔Market cvalue cis conly cone ctype cof cvalue; cappraisers cestimate cother ctypes
cof cvalue cas cwell.
What cis cthe cmotivation cof can cindividual, cgroup cof cpersons, cor cbusiness centity
cinvolving cthe cpurchase cof can citem? c- cCORRECT cANS✔✔Desire
What cis cthe cfocal cpoint cof ca creal cproperty cappraisal? c- cCORRECT cANS✔✔The
cvalue cof cownership crights
USPAP ccautions cappraisers cto cuse cthe cdefinition cof cmarket cvalue cthat cis cspecified
cin cthe cDEFINITIONS csection cof cUSPAP. c- cCORRECT cANS✔✔False.
Which cmethods care cmost cappropriate cto cthe csales ccomparison capproach? c-
cCORRECT cANS✔✔Economics cand cStatistics
Appraiser cAbigail cis cappraising ca cnewer, chigh-tech csteel cmill. cIn cdelineating cher
cmarket, cwhich cof cthese cshould cshe cmost clikely cconsider? c- cCORRECT
cANS✔✔Properties cwithin ca cregion cor cseveral-state carea
Which cmarket cis cinefficient? c- cCORRECT cANS✔✔Real cestate cmarket
,The cgrowth crate cis chigher cin cCommunity cA cthan cCommunity cB, cbecause
cCommunity cA chas cpublic cwater cand csewage cavailable. cAs ca cresult, cproperty
cvalues care chigher cin cCommunity cA. cThis cis can cexample cof cwhat cforce caffecting
cthe cmarket? c- cCORRECT cANS✔✔Environmental
A clarge, cold, cdilapidated ccommercial cbuilding csits cin can ceconomically cdepressed
csection cof cthe ccity. cThere care cno cmarket cparticipants cwho chave cthe cfinancial
ccapability cto crenovate cand cuse csuch ca clarge cbuilding. cThis cis can cexample cof cwhat
cforce? c- cCORRECT cANS✔✔Economic
Which cstatement cis cTRUE cregarding cthe cappraisal cdevelopment cprocess? c-
cCORRECT cANS✔✔Development cand creporting care ctwo cseparate cand cdistinct
cfunctions
Harry cis cpreparing ca creal cproperty cappraisal creport cfor chis cclient. cWhich cUSPAP
cStandard cmust che cfollow cwhen cpreparing cthis creport? c- cCORRECT
cANS✔✔STANDARD c2
An cappraiser cinspects ca csubject cproperty, cwhich cis ca cvacant capartment cbuilding.
cThe cappraiser's cmeasurements cand cfield cnotes cfrom cthe cinspection cwould cbe
cconsidered cwhat ctype cof cdata? c- cCORRECT cANS✔✔Specific cData
An cappraiser cis cvaluing ca csmall capartment cbuilding. cThe cappraiser cgathers
cinformation con cdemographics cand cemployment ctrends, cwhich cis cuseful cin
canalyzing cthe cmarket. cThis cwould cbe cconsidered cwhat ctype cof cdata? c- cCORRECT
cANS✔✔General cData
The cappraisal cdevelopment cprocess cand cappraisal creporting cprocess care
cconsidered cto cbe cone cfunction. c- cCORRECT cANS✔✔False
In cthe cappraisal cprocess, cwhat ctype cof cdata cpertains conly cto cthe csubject cproperty
cand ccomparables? c- cCORRECT cANS✔✔Specific cData
Dave cis ccompleting ca cmarket cvalue cappraisal con can coffice cbuilding. cWhich
cstatement cwill cmost clikely cbe cTRUE cregarding chis chighest cand cbest cuse canalysis?
c- cCORRECT cANS✔✔He cwill chave cto cdevelop ctwo chighest cand cbest cuse copinions.
What cis cthe cmost cprofitable cuse cto cwhich ca cproperty ccan cbe cput? c- cCORRECT
cANS✔✔Highest cand cbest cuse
When cconsidering clegal cpermissibility cand ccurrent cland cuse cregulations, can
cappraiser cmust calso cconsider c__________. c- cCORRECT cANS✔✔Reasonably
cprobable cmodifications cof cland cuse cregulations
Margot cis cappraising ca cvacant csite cwhich cis csuitable cfor ccommercial cdevelopment.
cIn cselecting ccomparable csales, cwhat cwould clikely cbe cher cmost cimportant
,cconsideration? c- cCORRECT cANS✔✔Sales cshould chave cthe csame chighest cand
cbest cuse
A cproperty cis cimproved cwith ca cbuilding, cand cis cvalued cat c$425,000. cIt cwould ccost
c$50,000 cto craze cand cremove cthe cbuilding, cand cthe cvalue cof cthe cvacant csite cwould
cbe c$500,000. cUnder cthis cscenario, crazing cand cremoving cthe cbuilding cwould cbe
cconsidered c____________. c- cCORRECT cANS✔✔Financially cfeasible
An cappraiser ctakes csecondary cdata con ca csale cfrom cthe clocal cMLS, cand cpersonally
cverifies celements cof cthe ctransaction cand cthe cphysical ccharacteristics cof cthe
cproperty cwith cthe cpurchaser. cThis csale cwould cnow cbe cconsidered cwhat ctype cof
cdata? c- cCORRECT cANS✔✔Primary cData
A cbuilding cowner cinstalls ca cnew c"green" croof con cthe cstructure cat ca ccost cof
c$300,000. cThe cvalue cof cthe cbuilding conly cincreases cby c$200,000 cas ca cresult cof
cthe cnew croof. cThis cdemonstrates cwhich ceconomic cprinciple? c- cCORRECT
cANS✔✔Contribution
Value cis ca cfact, cor can cestimate cof cfact. c- cCORRECT cANS✔✔False
The cConcentric cZone cModel cincludes cwhich czones? c- cCORRECT
cANS✔✔Commuter, cresidential, cworking cclass, ctransition, cfactory, cLoop cor cCentral
cBusiness cDistrict
Which cstatement cis cFALSE cregarding cthe csales ccomparison capproach? c-
cCORRECT cANS✔✔When cthe cappraiser chas can cunderstanding cof cvalue cinfluences
cin cthe cmarket, cthe capproach cis cmore creliable.
Cyndi ccontacts cthe cbuyer cand cverifies cthat ca ccomparable csale cshe cis cusing cwas
cpurchased con cthe copen cmarket, cbetween ca ctypically-motivated cseller cand cbuyer,
cwho cwere cnot crelated cto ceach cother. cWhat ctype cof csale cis cthis? c- cCORRECT
cANS✔✔Arm's clength ctransfer
What cis cthe cprimary cpurpose cof cthe csales ccomparison capproach? c- cCORRECT
cANS✔✔To carrive cat ca cvalue cindication cfor cthe csubject cproperty
The csales ccomparison capproach cis cprimarily cbased con cwhat cprinciple? c-
cCORRECT cANS✔✔Substitution
A cproperty cbeing cappraised chas ca cdebt ccoverage cratio cof c1.1. cWhat cdoes cthis
cmean? c- cCORRECT cANS✔✔The cproperty cgenerates cenough cincome cto cmake cthe
cmortgage cpayment.
Peggy cblackmails cFrank cinto cselling chis cproperty cto cher. cThe csale cappears cin cthe
clocal cMLS cand cis creported cin cthe clocal cassessment coffice cas ca cvalid csale. cIs cthis
can carm's clength ctransfer? c- cCORRECT cANS✔✔No
, The csales ccomparison capproach cis cmost ceffective cwhen cthe csubject cand
ccomparable csales call chave cthe csame cpotential chighest cand cbest cuse. c- cCORRECT
cANS✔✔True
What chelps cappraisers cunderstand cand capply caccurate canalysis cin cthe cevaluation
cof creal cestate? c- cCORRECT cANS✔✔Statistical ctechniques
The cempirical crule cstates cthat cin ca cbell-shaped ccurve, cwhat cpercentage cof
cobservations cwill cfall cwithin ctwo cstandard cdeviations cof cthe cmean? c- cCORRECT
cANS✔✔95
Measures cof ccentral ctendency cinclude call cof cthe cfollowing cEXCEPT: c- cCORRECT
cANS✔✔Variance
What cis cthe cprinciple cwhich cholds cthat cin ca cbell-shaped ccurve, c68% cof cthe
cobservations cwill cfall cwithin cone cstandard cdeviation cof cthe cmean? c- cCORRECT
cANS✔✔Empirical crule
What cis cthe cfoundation cof cstatistical canalysis? c- cCORRECT cANS✔✔Accurate cdata
What ccan cbe cused cto cdemonstrate cany cvariable cthat cclusters caround cthe cmean? c-
cCORRECT cANS✔✔Normal cdistribution ccurve
What ckind cof cdata cis cobserved, cbut cnot cmeasured? c- cCORRECT
cANS✔✔Qualitative cdata
What cis canother cword cfor ca cvariable? c- cCORRECT cANS✔✔Variate
When canalyzing can cindustrial cbuilding, can cappraiser cnotes cthat cit chas c25,000
csquare cfeet. cThis cis can cexample cof c_______ cdata. c- cCORRECT
cANS✔✔Quantitative
A csampling ctechnique cis: c- cCORRECT cANS✔✔Random, cCluster cand cStratified
What ckind cof cdata cis cmeasured? c- cCORRECT cANS✔✔Quantitative cdata
In ca cstudy cwhich cindicates cthat cspending cmore chours con can cappraisal cassignment
cequates cto chigher ccustomer csatisfaction, cthe cnumber cof chours cspent cwould cbe
cconsidered cthe c_________ cvariable. c- cCORRECT cANS✔✔Independent
What cis ca csingle csample cin ca cgroup? c- cCORRECT cANS✔✔A cvariable
When cappraising coffice cbuildings, can cappraiser coften ccategorizes cthese cbuildings
cinto cclasses c(Class cA, cClass cB, cClass cC). cThis cis cexample cof c_______
cmeasurement. c- cCORRECT cANS✔✔Ordinal
