MCKISSOCK LEARNING - BASIC APPRAISAL PRINCIPLES QUESTIONS WITH CORRECT ANSWERS.

MCKISSOCK LEARNING - g g




gBASIC APPRAISAL PRINCIPLES QUE
g g g




STIONS WITH CORRECT ANSWERS.
g g g




"Agdocumentgorgagclausegingagdocumentgingwhichgthegborrowergacceptsgresponsibilitygforgt
hegrepaymentgofgagdebt"gisgthegdefinitiongof:gA)gCC&RgB)gbondgC)gmortgagegnotegD)gdebtg-
gANSWER-gmortgagegnote




"Thegearth'sgsurface,gbothglandgandgwater,gandganythinggthatgisgattachedgtogitgwhethergbygt
hegcoursegofgnaturegorghumanghands"gisgthegdefinitiongof:gA)glandgB)gsitegC)gwatergD)grealg
propertyg-gANSWER-gA

Thegpublicgrestrictiongongpropertygrightsgthatgallowsgtheggovernmentgtogplacegagliengongagp
ropertygis:gA)gescheatgB)gcaveatgemptorgC)gtaxationgD)gnonegofgthegaboveg-gANSWER-
gtaxation




Physicalglandgandgappurtenancesgattachedgtogtheglandgisgthegdefinitiongof:gA)grealgproperty
gB)gpersonalgpropertygC)gfixturegD)grealgestateg-gANSWER-grealgestate




"Agdevelopmentgrightgthatgcannotgbegusedgbygtheglandowner,gorgthatgthegownergchoosesgno
tgtoguse,gbutgcangbegsoldgtoglandownersginganotherglocation"garegcalledg_____________
______grights.:gA)gverticalgB)gpassivegC)gtemporarygD)gtransferablegdevelopmentg-
gANSWER-gtransferablegdevelopment




"Theginterests,gbenefits,gandgrights,ginherentgingthegownershipgofgrealgestate"gisgthegdefinit
iongof:gA)grealgestategB)gpersonalgpropertygC)grealgpropertygD)gintangiblegpropertyg-
gANSWER-grealgproperty




PolicegpowergwouldgincludegallgofgthegfollowinggEXCEPT:gA)gbuildinggcodesgB)gzoninggC)gt
axationgD)gfiregcodesg-gANSWER-gtaxation

AnothergnamegforgtradegfixturegisgA)gemblementgB)gchattelgmortgagegC)gattachmentgD)gch
attelgfixtureg-gANSWER-gchattelgfixture

WhichgisgNOTgagpublicgrestrictiongofgprivategpropertygrights?gA)gtaxationgB)geasementgC)g
policegpowergD)gescheatg-gANSWER-geasement

Angappraisalgisga(gn)g____________gofgvalue.gA)gguaranteegB)gpredictiongC)gopiniogD)gs
ummaryg-gANSWER-gopinion

, Thegrightgofggovernmentgthatggivesgthegstategtitulargownershipgofgagpropertygwhengitsgown
ergdiesgwithoutgagwillgorganygascertainablegheirsgisgcalled:gA)geminentgdomaingB)gcondemn
ationgC)gaccrualgD)gescheatg-gANSWER-gescheat

Physicalglandgandgappurtenancesgattachedgtogtheglandgisgthegdefinitiongof:gA)grealgproperty
gB)gpersonalgpropertygC)gfixturegD)grealgestateg-gANSWER-grealgestate




"Thegrightgtogconstructgandgmaintaingtunnels,gsubways,gsubcellars,gpipelines,gsewers,getc.
"gisgthegdefinitiongofg___________grights.gA)gchattelgB)gsubsurfacegC)gsurfacegD)airg-
gANSWER-gsubsurface




PublicglimitationsgongprivategpropertygrightsgincludegallgofgthegfollowinggEXCEPTgA)CC&
RsgB)taxationgC)eminentgdomaingD)escheatg-gANSWER-gCC&Rs

WhichgwouldgNOTgbegagcharacteristicgofgaggoodgappraisal?gA)gconcisegB)gunsupported
C)gaccurate
D)gunbiasedg-gANSWER-gunsupported

"Thegpartygorgpartiesgwhogengage,gbygemploymentgorgcontract,gangappraisergingagspecificga
ssignment"gisgthegdefinitiongofgA)ghomeowner
B)glender
C)gintendedguser
D)gclientg-gANSWER-gclient

Aglegalgdescriptiongisgdefinedgasg-gANSWER-
g"Agdescriptiongofglandgthatgidentifiesgthegrealgestategaccordinggtogagsystemgestablishedgorg

approvedgbyglaw;gangexactgdescriptiongthatgenablesgthegrealgestategtogbeglocatedgandgidenti
fied."

Thegthreegmostgcommongsystemsgofglegalgdescriptionsgare:g-gANSWER-g-Lotgandgblock
-Metesgandgbounds
-Rectangulargsurvey

Theglotgandgblockgsystemgisgdefinedgasg(uselessgwithoutgagmap)g-gANSWER-
g"Agsystemgforgtheglegalgdescriptiongofglandgthat grefersgtogparcels'glotgandgblockgnumbers,g

whichgappeargongrecordedgmapsgandgplatsgofgsubdividedgland;gmaygalsogbegusedgforgassess
mentgmaps."

Theglotgandgblockgsystemgisgthegmostgrecentgofgthegsystemsgofglegalgdescription.gItgcamegint
ogcommongusagegingtheg1950sgwithgthegdevelopmentgofglargegsubdivisions.gAglotgandgblock
gdescriptiongmightgconsistgofgsomethingglikeg"Lotg72,gingBlockg13,gofgSectiong10gongMapg#1

256."

Metesgandgboundsgisgdefinedgasg-gANSWER-
g"Agsystemgforgtheglegalgdescriptiongofglandgthat grefersgtogthegparcel'sgboundaries,gwhichgar

egformedgbygthegpointgofgbeginningg(POB)gandgallgintermediategpointsg(bounds)gandgthegc
oursesgorgangulargdirectiongofgeachgpointg(metes)."