MCKISSOCK LEARNING - BASIC APPRAISAL PRINCIPLES EXAM |
QUESTIONS AND ANSWERS | VERIFIED AND WELL DETAILED
ANSWERS | LATEST EXAM UPDATE
"A document or a clause in a document in which the borrower accepts
responsibility for the repayment of a debt" is the definition of: A) CC&R B) bond
C) mortgage note D) debt - CORRECT ANSWERS - mortgage note
"The earth's surface, both land and water, and anything that is attached to it
whether by the course of nature or human hands" is the definition of: A) land B)
site C) water D) real property - CORRECT ANSWERS - A
The public restriction on property rights that allows the government to place a lien
on a property is: A) escheat B) caveat emptor C) taxation D) none of the above -
CORRECT ANSWERS - taxation
Physical land and appurtenances attached to the land is the definition of: A) real
property B) personal property C) fixture D) real estate - CORRECT ANSWERS -
real estate
"A development right that cannot be used by the landowner, or that the owner
chooses not to use, but can be sold to landowners in another location" are called
___________________ rights.: A) vertical B) passive C) temporary D) transferable
development - CORRECT ANSWERS - transferable development
"The interests, benefits, and rights, inherent in the ownership of real estate" is the
definition of: A) real estate B) personal property C) real property D) intangible
property - CORRECT ANSWERS - real property
,Police power would include all of the following EXCEPT: A) building codes B)
zoning C) taxation D) fire codes - CORRECT ANSWERS - taxation
Another name for trade fixture is A) emblement B) chattel mortgage C) attachment
D) chattel fixture - CORRECT ANSWERS - chattel fixture
Which is NOT a public restriction of private property rights? A) taxation B)
easement C) police power D) escheat - CORRECT ANSWERS - easement
An appraisal is a( n) ____________ of value. A) guarantee B) prediction C) opinio
D) summary - CORRECT ANSWERS - opinion
The right of government that gives the state titular ownership of a property when
its owner dies without a will or any ascertainable heirs is called: A) eminent
domain B) condemnation C) accrual D) escheat - CORRECT ANSWERS -
escheat
Physical land and appurtenances attached to the land is the definition of: A) real
property B) personal property C) fixture D) real estate - CORRECT ANSWERS -
real estate
"The right to construct and maintain tunnels, subways, subcellars, pipelines,
sewers, etc." is the definition of ___________ rights. A) chattel B) subsurface C)
surface D)air - CORRECT ANSWERS - subsurface
Public limitations on private property rights include all of the following EXCEPT
A)CC&Rs B)taxation C)eminent domain D)escheat - CORRECT ANSWERS -
CC&Rs
,Which would NOT be a characteristic of a good appraisal? A) concise B)
unsupported
C) accurate
D) unbiased - CORRECT ANSWERS - unsupported
"The party or parties who engage, by employment or contract, an appraiser in a
specific assignment" is the definition of A) homeowner
B) lender
C) intended user
D) client - CORRECT ANSWERS - client
A legal description is defined as - CORRECT ANSWERS - "A description of land
that identifies the real estate according to a system established or approved by law;
an exact description that enables the real estate to be located and identified."
The three most common systems of legal descriptions are: - CORRECT
ANSWERS - -Lot and block
-Metes and bounds
-Rectangular survey
The lot and block system is defined as (useless without a map) - CORRECT
ANSWERS - "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."
, The lot and block system is the most recent of the systems of legal description. It
came into common usage in the 1950s with the development of large subdivisions.
A lot and block description might consist of something like "Lot 72, in Block 13,
of Section 10 on Map #1256."
Metes and bounds is defined as - CORRECT ANSWERS - "A system for the
legal description of land that refers to the parcel's boundaries, which are formed by
the point of beginning (POB) and all intermediate points (bounds) and the courses
or angular direction of each point (metes)."
This is the earliest of the systems of legal description utilized in the United States.
Today, it is used primarily in the 13 original colonies.
1 Full Circle = 360°
1°=
1' =
1° = - CORRECT ANSWERS - 60' (60 "Minutes")
60" (60 "Seconds")
3,600" (60 Seconds per Minute x 60 Minutes per Degree)
North 33°10'12" East would read as... - CORRECT ANSWERS - This would be
read as "North 33 Degrees, 10 Minutes, 12 Seconds East"
QUESTIONS AND ANSWERS | VERIFIED AND WELL DETAILED
ANSWERS | LATEST EXAM UPDATE
"A document or a clause in a document in which the borrower accepts
responsibility for the repayment of a debt" is the definition of: A) CC&R B) bond
C) mortgage note D) debt - CORRECT ANSWERS - mortgage note
"The earth's surface, both land and water, and anything that is attached to it
whether by the course of nature or human hands" is the definition of: A) land B)
site C) water D) real property - CORRECT ANSWERS - A
The public restriction on property rights that allows the government to place a lien
on a property is: A) escheat B) caveat emptor C) taxation D) none of the above -
CORRECT ANSWERS - taxation
Physical land and appurtenances attached to the land is the definition of: A) real
property B) personal property C) fixture D) real estate - CORRECT ANSWERS -
real estate
"A development right that cannot be used by the landowner, or that the owner
chooses not to use, but can be sold to landowners in another location" are called
___________________ rights.: A) vertical B) passive C) temporary D) transferable
development - CORRECT ANSWERS - transferable development
"The interests, benefits, and rights, inherent in the ownership of real estate" is the
definition of: A) real estate B) personal property C) real property D) intangible
property - CORRECT ANSWERS - real property
,Police power would include all of the following EXCEPT: A) building codes B)
zoning C) taxation D) fire codes - CORRECT ANSWERS - taxation
Another name for trade fixture is A) emblement B) chattel mortgage C) attachment
D) chattel fixture - CORRECT ANSWERS - chattel fixture
Which is NOT a public restriction of private property rights? A) taxation B)
easement C) police power D) escheat - CORRECT ANSWERS - easement
An appraisal is a( n) ____________ of value. A) guarantee B) prediction C) opinio
D) summary - CORRECT ANSWERS - opinion
The right of government that gives the state titular ownership of a property when
its owner dies without a will or any ascertainable heirs is called: A) eminent
domain B) condemnation C) accrual D) escheat - CORRECT ANSWERS -
escheat
Physical land and appurtenances attached to the land is the definition of: A) real
property B) personal property C) fixture D) real estate - CORRECT ANSWERS -
real estate
"The right to construct and maintain tunnels, subways, subcellars, pipelines,
sewers, etc." is the definition of ___________ rights. A) chattel B) subsurface C)
surface D)air - CORRECT ANSWERS - subsurface
Public limitations on private property rights include all of the following EXCEPT
A)CC&Rs B)taxation C)eminent domain D)escheat - CORRECT ANSWERS -
CC&Rs
,Which would NOT be a characteristic of a good appraisal? A) concise B)
unsupported
C) accurate
D) unbiased - CORRECT ANSWERS - unsupported
"The party or parties who engage, by employment or contract, an appraiser in a
specific assignment" is the definition of A) homeowner
B) lender
C) intended user
D) client - CORRECT ANSWERS - client
A legal description is defined as - CORRECT ANSWERS - "A description of land
that identifies the real estate according to a system established or approved by law;
an exact description that enables the real estate to be located and identified."
The three most common systems of legal descriptions are: - CORRECT
ANSWERS - -Lot and block
-Metes and bounds
-Rectangular survey
The lot and block system is defined as (useless without a map) - CORRECT
ANSWERS - "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."
, The lot and block system is the most recent of the systems of legal description. It
came into common usage in the 1950s with the development of large subdivisions.
A lot and block description might consist of something like "Lot 72, in Block 13,
of Section 10 on Map #1256."
Metes and bounds is defined as - CORRECT ANSWERS - "A system for the
legal description of land that refers to the parcel's boundaries, which are formed by
the point of beginning (POB) and all intermediate points (bounds) and the courses
or angular direction of each point (metes)."
This is the earliest of the systems of legal description utilized in the United States.
Today, it is used primarily in the 13 original colonies.
1 Full Circle = 360°
1°=
1' =
1° = - CORRECT ANSWERS - 60' (60 "Minutes")
60" (60 "Seconds")
3,600" (60 Seconds per Minute x 60 Minutes per Degree)
North 33°10'12" East would read as... - CORRECT ANSWERS - This would be
read as "North 33 Degrees, 10 Minutes, 12 Seconds East"
