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McKissock Basic Appraisal Principles I Final Exam Quiz Questions with correct
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McKissock Basic Appraisal Principles IFinal Exam Quiz
ASC (Appraisal Subcommittee) - answer The _____ has oversight authority over state
appraisal boards.
consideration, in writing and signed, and lawful objective - answer Which of the below is
a requirement of a valid real estate contract?
capital - answer “The interaction of buyers and sellers who trade long-term or
intermediate-term money instruments" is the definition of the _____________ market.
market study - 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 - answer A gathering of people for the buying and selling of things" is the
definition of
real estate - answer Which of the following types of investments has historically
generated the highest return on investment?
except property rights - answer Real estate includes all of the following EXCEPT
Impartiality, objectivity, and independence - answer The Conduct Section of the
ETHICS RULE states, in part, that an appraiser must perform assignments with
except assessors - answerAll of the following could be participants in a real property
market EXCEPT
EDI, PDF - answerTwenty 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 - answerA property is owned as tenancy in
severalty. How many owners are there?
cooperative - answerWhat 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 - answerA(n) __________ contract is one that is not been fully performed or
completed.
estimate, opinion - answerModern definitions of the word "appraisal" have replaced the
word _______ with ________.
leased fee interest - answerThe 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 - answerTrespassing on the domain of another" is the definition of
district - answerA neighborhood characterized by homogeneous land use, e.g.,
apartment, commercial, industrial, agricultural" is the definition of
except knowledgeable buyer and seller - answerAll of the following could lead to a non-
arm's-length transaction EXCEPT
government agencies - answerThe appraisal standards and qualification criteria
promulgated by the boards of The Appraisal Foundation achieves legal authority by
adoption, citation or implementation by
partnership - answerA 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. - answerWhich statement about
price, cost, and value is TRUE?
Appraisal Subcommittee - answerThe _______ maintains a national registry of state
certified and licensed appraisers who are eligible to perform appraisals in federally
related transactions.
deed restriction and mechanic's lien - answerWhich two of the following would be
private restrictions on property rights?
leasehold estate - answerThe 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
externalities - answerA homeowner fears the construction of a factory nearby will
decrease the value of her property. This illustrates the principle of
late 1990's - answerElectronic Data Interchange for transmitting appraisal reports
became popular in the
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