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Mckissock Basic Appraisal Principles Exam Questions and Answers Latest Update 2024/2025
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Mckissock Basic Appraisal Principles Exam Questions and Answers Latest Update 2024/2025 Graded A+.
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Mckissock Basic Appraisal Principles Exam Questions and Answers Latest Update2024/2025 Graded A+.
escheat - ANSWER...the right of government that gives the state titular ownership of a property
when its owner dies without a will or any ascertainable heirs
private restrictions - ANSWER...mortgages,mechanics liens,deedrestrictions,conditions
covenants and restrictions
mortgage - ANSWER...A pledge of a described property interest as collateral or security for the
repayment of a loan under certain terms and conditions."
mortgage note - ANSWER...A document or a clause in a document in which the borrower
accepts responsibility for the repayment of a debt."
mechanics lien - ANSWER...A legal claim placed on real estate by someone who is owed
money for labor, services or supplies contributed to the property for the purpose of improving it
Deed Restrictions - ANSWER...Clauses in a deed limiting the future uses of the property.
conditions, covenants and restrictions (CC&Rs) - ANSWER...The standards that define how a
property may be used and the protections the developer makes for the benefit of all owners in a
subdivision.
legal description - ANSWER...description of land that identifies the real estate according to a
system established or approved by law
lot and block system - ANSWER...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.
metes and bounds - ANSWER...a system for the legal description of land that refers to the
parcels which are formed by the point of beginning and allintermediate point (bounds) and
courses or angular direction of each point(metes)
1 full circle-
1 degree-
1 foot-
1 degree- - ANSWER...360 degrees
60 minutes
, 60 seconds
3600 seconds
1 mile - ANSWER...8 furlongs
1 furlong - ANSWER...660 Feet, or 10 Chains
1 chain - ANSWER...66 feet or 4 rods
1 rod - ANSWER...16.5 feet or 25 links
1 link - ANSWER...7.92 inches or .67 feet
1 acre - ANSWER...43,560
rectangular survey system - ANSWER...divides land into townships and ranges approximately
six miles square, each normally containing 36 one-square-mile sections of 640 acres, except
when adjusted for the curvature of the earth."
1 township - ANSWER...36 square miles
1 section - ANSWER...1 square mile
1 square mile - ANSWER...640 acres
1/4 section - ANSWER...160 acres
quarter-quarter section - ANSWER...40 acres
estate - ANSWER...right or interest in property
fee simple estate (inheritable, transferable, perpetual) - ANSWER...Absolute ownership
unencumbered by any other interest or estate, subject only to the limitations imposed by the
governmental powers of taxation, eminent domain, police power, and escheat.
partial interests - ANSWER...divided or undivided rights in real estate that represents less than a
whole
life interests - ANSWER...Rights of use, occupancy, and control, limited to the lifetime of a
designated party, sometimes referred to as the life tenant."
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