BASIC APPRAISAL PRINCIPLES - MCKISSOCK LEARNING EXAM 2024 QUESTIONS AND ANSWERS
What are a few requirements of a valid real estate contract? - Answer-Consideration, in writing and signed, lawful objective.
The ______ maintains a National Registry of appraisers. - Answer-ASC
The four compone...
What are a few requirements of a valid real estate contract? - Answer-Consideration, in
writing and signed, lawful objective.
The ______ maintains a National Registry of appraisers. - Answer-ASC
The four components of the Appraiser Qualification Criteria are: - Answer-qualifying
education, examination, experience, continuing education
Under the current qualification criteria, an applicant for Appraiser Trainee must have
completed ___ creditable hours of experience. - Answer-0
"The sum of values for a variable in a sample or population divided by the number of
items in the sample or population" is the definition of - Answer-Mean
"A business arrangement in which two or more persons jointly own a business and
share in its profits and losses" is the definition of - Answer-Partnership
"A mortgage in which the interest rate may move up or down, following a specified
schedule or in accordance with the movements of a standard or index to which it is tied"
is the definition of a(n) ______________ mortgage. - Answer-Adjustable Rate
The _____ has oversight authority over state appraisal boards. - Answer-ASC
"The ability of a property or building to be useful and to perform the function for which it
is intended according to current market tastes and standards; the efficiency of a
building's use in terms of architectural style, design and layout, traffic patterns, and the
size and type of rooms" is the definition of - Answer-Functional Utility
You purchased a house for $120,000, three years ago. Property values increased 3%
the first year, 5%, the second year, and 7% the third year. How much is your house
worth now? - Answer-$138,865
The median price of homes sold in your county 6 months ago was $224,650. Prices
have been increasing at the rate of 7% per year. What is the median price of homes
today? - Answer-$232,513
, Forty percent of the houses in a neighborhood are Colonials and 18% are Cape Cods.
There are a total of 200 houses. How many are Cape Cods? - Answer-36
Which of these factors would result in a violation of USPAP if the appraiser based his or
her appraisal fee on it? - Answer-the appraiser's value opinion
You have found comparable sales of rural land parcels that indicate the following sale
prices per acre: ($930, $775, $1202, $995, $1612, $906). What is the mode of these
indications? - Answer-There is no mode
A purchaser bought a property for $176,000, put 10% down and borrowed the rest at
6.5% interest for 25 years. The lender charged 1.75 points at the closing. How much
was paid for the points? - Answer-$2,772
The ETHICS RULE of USPAP is the ________ of five Rules in USPAP. - Answer-First
Which is NOT an economic force affecting property values? - Answer-Transportation.
Wage rates, expense levels and consumer price index affect economic forces.
The primary operators in the secondary mortgage market include all of the following
EXCEPT - Answer-FHA
Which entity is responsible for making periodic changes to USPAP? - Answer-Appraisal
Standards Board
What is the mean of these numbers: 124.5, 146.8, 152, 187.9, 153, 217.98, 12, 542.66,
45.7, 71.44, 158.04? - Answer-164.73
The general rule of contracting with minors is that a contract with a minor is - Answer-
Voidable at the minor's option
"A market in which a drop in demand is accompanied by a relative oversupply and a
decline in prices" is the definition of a(n) __________ market. - Answer-Depressed
"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. - Answer-Transferable Development
Which would NOT be considered factors in supply analysis? - Answer-Employment
Rates
Which two of the following would be private restrictions on property rights? - Answer-
Deed Restriction and mechanic's lien
a circle contains _________ degrees - Answer-360
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