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McKissock Basic Appraisal Principles I Final Exam Quiz _ practice test
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McKissock Basic Appraisal Principles IFinal Exam Quiz / practice test
ASC (Appraisal Subcommittee) - CORRECT ANSWER-The _____ has oversight
authority over state appraisal boards.
consideration, in writing and signed, and lawful objective - CORRECT
ANSWER-Which of the below is a requirement of a valid real estate contract?
capital - CORRECT ANSWER-"The interaction of buyers and sellers who trade
long-term or intermediate-term money instruments" is the definition of the
_____________ market.
market study - CORRECT ANSWER-An analysis of the market conditions of
supply, demand, and pricing for a specific property type in a specific area" is the
definition of
market - CORRECT ANSWER-A gathering of people for the buying and selling of
things" is the definition of
real estate - CORRECT ANSWER-Which of the following types of investments
has historically generated the highest return on investment?
except property rights - CORRECT ANSWER-Real estate includes all of the
following EXCEPT
Impartiality, objectivity, and independence - CORRECT ANSWER-The Conduct
Section of the ETHICS RULE states, in part, that an appraiser must perform
assignments with
except assessors - CORRECT ANSWER-All of the following could be
participants in a real property market EXCEPT
EDI, PDF - CORRECT ANSWER-Twenty years ago, most appraisal reports that
were sent electronically were sent using _____ technology; today, most
appraisals are sent electronically using a _______ format.
, not enough information to determine - CORRECT ANSWER-A property is owned
as tenancy in severalty. How many owners are there?
cooperative - CORRECT ANSWER-What type of property ownership is
characterized by the purchase of shares of stock in a corporation, which provides
a proprietary lease to occupy an apartment unit?
executory - CORRECT ANSWER-A(n) __________ contract is one that is not
been fully performed or completed.
estimate, opinion - CORRECT ANSWER-Modern definitions of the word
"appraisal" have replaced the word _______ with ________.
leased fee interest - CORRECT ANSWER-The ownership interest held by the
lessor, which includes the right to receive the contract rent specified in the lease
plus the reversionary right when the lease expires" is the definition of
encroachment - CORRECT ANSWER-Trespassing on the domain of another" is
the definition of
district - CORRECT ANSWER-A neighborhood characterized by homogeneous
land use, e.g., apartment, commercial, industrial, agricultural" is the definition of
except knowledgeable buyer and seller - CORRECT ANSWER-All of the
following could lead to a non-arm's-length transaction EXCEPT
government agencies - CORRECT ANSWER-The appraisal standards and
qualification criteria promulgated by the boards of The Appraisal Foundation
achieves legal authority by adoption, citation or implementation by
partnership - CORRECT ANSWER-A business arrangement in which two or
more persons jointly own a business and share in its profits and losses" is the
definition of
Price and value can be the same in some situations. - CORRECT
ANSWER-Which statement about price, cost, and value is TRUE?
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