Mckissock

Reconciliation Key Terms - the process of considering the quantity and quality of data available. It is required in all appraisal assignments, and it is not a simple matter of averaging or checking the work for errors. - correct answer reconciliation An appraiser has completed the three approaches to value. The results are: sales comparison approach: $200,000. Cost approach: $190,000. Income approach: $210,000. If the sales comparison approach receives 10x the weight; the cost approach 5x the...

Residential Market Analysis and Highest & Best UseA property owner constructs a six-car garage at a cost of $80,000. It only adds $40,000 in value to the property. What economic principle does this best demonstrate? - correct answer Contribution What are the four agents of production? - correct answer land, labor, capital, coordination The principle of contribution is most closely associated with: - correct answer the Sales Comparison Approach (The contributory value of a given amenity is ...

Sales Comparison Approach McKissock ClassWhat is created in the mind of an individual or market participant? - correct answer Value What is the motivation of an individual, group of persons, or business entity involving the purchase of an item? - correct answer Desire As the term applies to appraisal, transferability refers to the number of goods and services that can be purchased with a unit of currency. (T/F) - correct answer True What does not include physical mobility, but rather th...

Supervisor-Trainee Course for Ohio Currently, what is the annual national registry fee per appraiser? - correct answer $40 The Dodd-Frank Act of 2010 requires the ASC to create and maintain a national registry of: - correct answer Appraisal management companies Which statement BEST describes The Appraisal Foundation? - correct answer It is a non-profit organization established for educational and scientific purposes. Which law mandated that all states must establish a program for apprai...

The Fundamentals of Appraising Luxury Homes Which of the following is FALSE regarding most luxury home buyers? - correct answer They are attuned to current construction costs and will relinquish technology and amenities to save costs. Luxury homebuyers purchasing a luxury home as their primary residence are most likely to focus on: - correct answer Access to local employment opportunities, shopping, and recreational facilities. A large technology company just selected a city for its headq...

USPAP Currently, the boards within The Appraisal Foundation include: - correct answer Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees Which Foundation board is responsible for USPAP? - correct answer Appraisal Standards Board (ASB) Which entity appoints members of the AQB and ASB? - correct answer Board of Trustees (BOT) Qualification criteria for appraiser certification and recertification are disseminated to state appraisal board by the? - correct answer A...

McKissock Liberty University -15-hour National USPAP Course - McKissock rated A+ USPAP contains what 4 sections? - correct answer 1) The Preamble 2) Definitions 3) Rules 4) Standards USPAP Provides... - correct answer 1. A common basis for comparison 2. A reference source for all users of the document 3. A basis for uniform enforcement for state regulatory agencies 4. A reason for clients, other intended users, and the public to place their trust in the services performed by professio...

McKissock Liberty University -Appraisal Procedures - Mckissock Quiz Questions well answeredTrue or False: An appraiser's client must always directly engage the appraiser. - correct answer False A step-by-step procedure that can be applied to any type of appraisal assignment is - correct answer The valuation process True or False: The effective date of the valuation must be the date on which the appraiser inspected the subject property. - correct answer False "An assignment-specific as...

McKissock Liberty University -Basic Appraisal Principles Final Exam with answersIn a particular market, there is a demand for 500 houses per year, and there are currently 1,500 houses for sale. What does this most likely indicate? - correct answer there is a three-year supply of homes currently for sale "A business arrangement in which two or more persons jointly own a business and share in its profits and losses" is the definition of - correct answer partner transferable development right...