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McKissock Appraisal Procedures Actual Questions and Answers

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McKissock Appraisal Procedures Actual Questions and Answers A single unit residence sold for $126,000. It was rented for $1,100 per month but the market rent was $1,200. What is the GRM indicated by this sale? 105.0 A building was constructed in July 2000 for $754,200. The cost index at that ...

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  • October 4, 2023
  • 10
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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McKissock Appraisal Procedures Actual Questions and
Answers 2023-2024
A single unit residence sold for $126,000. It was rented for $1,100 per month but
the market rent was $1,200. What is the GRM indicated by this sale?
105.0
A building was constructed in July 2000 for $754,200. The cost index at that time
was 133.6. The current cost index is 201.8. What is the indicated cost new of the
building today?
$1,138,842
Property that fronts on a lake is usually valued on a basis of price per
front foot
The most complex method of site valuation is the _______________ method.
subdivision development
The URAR sales comparison grid requires you to enter in the _________ age of
the subject property and comparables.
actual
Which type of valuation analysis would typically NOT include a separate site
valuation?
gross rent multiplier
When describing roofing shingles, a "square" contains __________ square feet.
100
An expansion tank is part of a ___________ heating system.
hot water
What type of framing became popular in the 1800s with the advent of the steam-
powered sawmill?
balloon frame
A house is rented for $1,050 per month, but lacks air conditioning. Comparable
houses with air conditioning rent for $1,100 per month. The appropriate gross
rent multiplier is 85. By the capitalized value method, how much is the
depreciation attributable to the lack of air conditioning?
$4,250
Which was the earliest form of electrical wiring?
knob and tube
Keyways are employed in which type of foundation walls?
poured concrete
"The amount by which contract rent exceeds market rent at the time of the
appraisal...." is the definition of __________ rent.
excess
The subject is a 15 year old duplex that would cost $240,000 to build new today. It
is in good condition and you estimate the effective age to be 10 years. Your
estimate of total economic life is 50 years. Its land value is $60,000. What is its
value by the cost approach?
$252,000

, If an appraiser uses a cost manual to estimate cost new for a property, the result
is
replacement cost
A partial estate could be created by the existence of all the following EXCEPT
condominium
A factory-built house constructed in compliance with the HUD code is _________
home.
manufactured
When appraising a duplex, an appraiser should use __________ area.
gross building
The most commonly used method for valuing sites is the ____________ method.
sales comparison
Which of the following would NOT be a common adjustment made in sales
comparison when appraising land?
quality
A property sold for $250,000. The reproduction cost of the building was $380,000
and it was 60% depreciated. By extraction, what is the value of the land?
$98,000
The most common type of framing in residential construction today is
platform frame
"The right held by the lessee to use and occupy real estate for a stated term and
under the conditions specified in the lease" is the definition of _______________.
leasehold interest
Under USPAP, when is an appraiser required to develop the cost approach in a
real property appraisal?
when it is necessary for credible results
"An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the motivations of either the buyer
or a seller in a transaction" is the definition of
conditions of sale
Market condition adjustments should always be calculated from the time of the
________ to the ___________.
contract, effective date of the appraisal
The summation approach is another name for the _______________ approach.
cost
Segregated cost method is another name for the _________ method.
unit-in-place
You calculate the following gross rent multipliers for comparable properties:
121.2, 105.3, 111.2, 150.1, 108.3, 105.3, 109.8, 108.8. What is the mode of the
GRMs?
105.3
__________ occurs within a property; while _________occurs off the site.
Physical deterioration and functional obsolescence, external obsolescence
The valuation process is a systematic procedure employed to provide the answer
to a(n) _______ question about the value of _________.
client's, real property

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