Exam (elaborations)
Exam Prep (McKissock) Questions with Correct Answers
- Course
- Institution
Exam Prep (McKissock) Questions with Correct Answers
[Show more]
Content preview
Exam Prep (McKissock) Questions with CorrectAnswers
What does not include physical mobility, but rather the control and
possession of all the rights of ownership? Correct Answer-Purchasing
Power
If an appraiser is valuing real property by sales comparison, whose
actions is he or she LEAST likely to consider? Correct Answer-
Government Agencies
Which value characteristic implies the presence of a need or demand,
which considers the monetary power to fill that need? Correct Answer-
Desire
The rights and benefits inherent in the ownership of a parcel of land
would be defined as: Correct Answer-Real Property
Which statement is TRUE regarding appraisers and value? Correct
Answer-Market value is only one type of value; appraisers estimate
other types of value as well.
What is the motivation of an individual, group of persons, or business
entity involving the purchase of an item? Correct Answer-Desire
What is the focal point of a real property appraisal? Correct Answer-The
value of ownership rights
,USPAP cautions appraisers to use the definition of market value that is
specified in the DEFINITIONS section of USPAP. Correct Answer-
False.
Which methods are most appropriate to the sales comparison approach?
Correct Answer-Economics and Statistics
Appraiser Abigail is appraising a newer, high-tech steel mill. In
delineating her market, which of these should she most likely consider?
Correct Answer-Properties within a region or several-state area
Which market is inefficient? Correct Answer-Real estate market
The growth rate is higher in Community A than Community B, because
Community A has public water and sewage available. As a result,
property values are higher in Community A. This is an example of what
force affecting the market? Correct Answer-Environmental
A large, old, dilapidated commercial building sits in an economically
depressed section of the city. There are no market participants who have
the financial capability to renovate and use such a large building. This is
an example of what force? Correct Answer-Economic
Which statement is TRUE regarding the appraisal development process?
Correct Answer-Development and reporting are two separate and
distinct functions
,Harry is preparing a real property appraisal report for his client. Which
USPAP Standard must he follow when preparing this report? Correct
Answer-STANDARD 2
An appraiser inspects a subject property, which is a vacant apartment
building. The appraiser's measurements and field notes from the
inspection would be considered what type of data? Correct Answer-
Specific Data
An appraiser is valuing a small apartment building. The appraiser
gathers information on demographics and employment trends, which is
useful in analyzing the market. This would be considered what type of
data? Correct Answer-General Data
The appraisal development process and appraisal reporting process are
considered to be one function. Correct Answer-False
In the appraisal process, what type of data pertains only to the subject
property and comparables? Correct Answer-Specific Data
Dave is completing a market value appraisal on an office building.
Which statement will most likely be TRUE regarding his highest and
best use analysis? Correct Answer-He will have to develop two highest
and best use opinions.
, What is the most profitable use to which a property can be put? Correct
Answer-Highest and best use
When considering legal permissibility and current land use regulations,
an appraiser must also consider __________. Correct Answer-
Reasonably probable modifications of land use regulations
Margot is appraising a vacant site which is suitable for commercial
development. In selecting comparable sales, what would likely be her
most important consideration? Correct Answer-Sales should have the
same highest and best use
A property is improved with a building, and is valued at $425,000. It
would cost $50,000 to raze and remove the building, and the value of the
vacant site would be $500,000. Under this scenario, razing and removing
the building would be considered ____________. Correct Answer-
Financially feasible
An appraiser takes secondary data on a sale from the local MLS, and
personally verifies elements of the transaction and the physical
characteristics of the property with the purchaser. This sale would now
be considered what type of data? Correct Answer-Primary Data
A building owner installs a new "green" roof on the structure at a cost of
$300,000. The value of the building only increases by $200,000 as a
result of the new roof. This demonstrates which economic principle?
Correct Answer-Contribution
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller cracker. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
85169 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now