McKissock Learning - Basic Appraisal Principles Questions and Answers with Complete Solutions 2025/2026

McKissock Learning - Basic Appraisal Principles Questions and Answers with Complete Solutions 2025/2026 "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 - answer-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 - answer-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 - answer-taxation Physical land and appurtenances attached to the land is the definition of: A) real property B) personal property C) fixture D) real estate - answer-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 - answer-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 - answer-real property Police power would include all of the following EXCEPT: A) building codes B) zoning C) taxation D) fire codes - answer-taxation Another name for trade fixture is A) emblement B) chattel mortgage C) attachment D) chattel fixture - answer-chattel fixtureWhich is NOT a public restriction of private property rights? A) taxation B) easement C) police power D) escheat - answer-easement An appraisal is a( n) ____________ of value. A) guarantee B) prediction C) opinio D) summary - answeropinion 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 - answer-escheat Physical land and appurtenances attached to the land is the definition of: A) real property B) personal property C) fixture D) real estate - answer-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 - answer-subsurface Public limitations on private property rights include all of the following EXCEPT A)CC&Rs B)taxation C)eminent domain D)escheat - answer-CC&Rs Which would NOT be a characteristic of a good appraisal? A) concise B) unsupported C) accurate D) unbiased - answer-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 - answer-client