Mckissock chapter 3 exam - Study guides, Class notes & Summaries

MCKISSOCK CHAPTER 3 EXAM REPORTED QUESTIONS WITH CORRECT DETAILED ANSWERS Fee simple conditional (defeasible) - Answer-A conditional ownership that will terminate when certain conditions are not made. An Example: A farmer renting property to grow crops but instead they use the property to operate a resort for animals. Fee Simple Estate - Answer-The property owner has the FULL BUNDLE OF RIGHTS, subject only to limitations imposed by governmental powers. Leased fee interest - Answer-lessor...

Mckissock Chapter 3 Exam Questions and Answers .An estate can be classified into what other estates? - ANSWER-Either a freehold estate or a leasehold estate. .estate - ANSWER-A possessory interest in real property; either a freehold estate or a leasehold estate. .estate for years - ANSWER-Lease "WITH" a definite period of time such as renting property for a fixed time period. .Fee simple absolute - ANSWER-The maximum possible estate one can possess in real property; also referred...

MCKISSOCK USPAP CHAPTER 1 REAL ESTATE EXAM QUESTIONS AND ANSWERS Responsibilities of the Appraisal Subcommittee (ASC) - Answer--Has authority to monitor the Appraisal Foundation - Oversee the activities of state licensure and certification agencies Who establishes the minimum qualifications criteria for appraisers and standards for practice? - Answer-The AQB and the ASB 10 USPAP Standards (4 and 5 are gone) - Answer-1. Real Property Appraisal, Development 2. Real Property Appraisal, Re...

MCKISSOCK USPAP CHAPTER 8 EXAM QUESTIONS WITH CORRECT ANSWERS When can a restricted report be used? - Answer-A Restricted Appraisal Report is for client use only, and may only be used when the client is the only intended user of the assignment results. In an Appraisal Report, the appraiser must, at a minimum: - Answer-state the intended use of the appraisal. The content of an Appraisal Report must, at a minimum: - Answer--summarize information sufficient to identify the real estate inv...

Mckissock USPAP Chapter 1 Exam Questions With 100% Correct Answers 2024 USPAP Provides... - answer1. 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 professional appraisers USPAP Stands for - answerUniform Standards of Professional Appraisal Practice Year Appraisal Foundation form...

Mckissock USPAP Chapter 1 Exam Questions With 100% Correct Answers 2024 USPAP Provides... - answer1. 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 professional appraisers USPAP Stands for - answerUniform Standards of Professional Appraisal Practice Year Appraisal Foundation form...

Mckissock USPAP Chapter 1 Exam Questions With 100% Correct Answers 2024 USPAP Provides... - answer1. 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 professional appraisers USPAP Stands for - answerUniform Standards of Professional Appraisal Practice Year Appraisal Foundation form...

Mckissock USPAP Chapter 7 Exam Questions With 100% Correct Answers What requirements are included in Standard 1? - answerRequirements that are specific to the development of real property appraisal assignments are found in Standard 1 General statement in beginning of standard 1 - answerIn developing a real property appraisal, an appraiser must identify the problem to be solved, determine the scope of work necessary to solve the problem, and correctly complete research and analyses necessar...

Mckissock USPAP Chapter 7 Exam Questions With 100% Correct Answers What requirements are included in Standard 1? - answerRequirements that are specific to the development of real property appraisal assignments are found in Standard 1 General statement in beginning of standard 1 - answerIn developing a real property appraisal, an appraiser must identify the problem to be solved, determine the scope of work necessary to solve the problem, and correctly complete research and analyses necessar...

Mckissock USPAP Chapter 7 Exam Questions With 100% Correct Answers What requirements are included in Standard 1? - answerRequirements that are specific to the development of real property appraisal assignments are found in Standard 1 General statement in beginning of standard 1 - answerIn developing a real property appraisal, an appraiser must identify the problem to be solved, determine the scope of work necessary to solve the problem, and correctly complete research and analyses necessar...