mckissock basic appraisal principles questions and answers graded A+

grant deed - Answer-deed containing, or having implied by law, some but not all of the usual covenants of title Appraiser - Answer-One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. report - Answer-any communication, written or oral, of an appraisal or appraisal review that is transmitted to the client or a party authorized by the client upon completion of an assignment. narrative report - Answer-A written communication of the results of a valuation or review assignment presented to the client in narrative style rather than on a form or orally. The AQB - Answer-charged with establishing the qualifications that all the states must meet in licensing, certification and re-certification of appraisers. january 8th, 2008 - Answer-Major changes to the Criteria went into effect May 1, 2018 - Answer-Additional revisions were made effective four components of the Real Property Appraiser Qualification Criteria - Answer-qualifying ed, education, examinations, continuing ed The Appraisal Foundation - Answer-not-for-profit organization, established exclusively for educational and scientific purposes. After The Appraisal Foundation was formed, the Uniform Standards of Professional Appraisal Practice - Answer-was formally adopted by the Appraisal Standards Board (ASB) in January 1989. The Appraisal Foundation has three principal boards: - Answer-Board of Trustees (BOT)Appraisal Standards Board (ASB) Appraiser Qualifications Board (AQB) The BOT - Answer-acts as an executive board for the Foundation. The ASB - Answer-responsible for creating standards for ethics and performance of appraisers. Uniform Standards of Professional Appraisal Practice (USPAP) - Answer-was developed by the Ad Hoc Committee in 1986 and 1987 and was copyrighted in 1987 by The Appraisal Foundation. At its first meeting in 1989, the Appraisal Standards Board (ASB) - Answer-adopted USPAP as the governing document. USPAP may be - Answer-amended, interpreted, supplemented, or retired only by the ASB. Congress recognized USPAP - Answer-as the generally recognized standards of practice in the appraisal profession in Title XI of the Financial Institutions Reform the Appraisal Subcommittee (ASC) - Answer-is a federal entity with oversight authority over the state licensing and certification agencies AMCs - Answer-appraisal management companies The Board of Trustees - Answer-omposed of 21 individuals responsible for funding The Appraisal Foundation and appointing the members to The Appraisal Foundation's other boards - the Appraisal Standards Board and the Appraiser Qualifications Board. TAFAC - Answer-Appraisal Foundation Advisory Council iac - Answer-Industry Advisory CouncilAppraisal Standards Board - Answer-exercises all authority and power over the subject, style, content, and substance of USPAP Appraisal Practices Board (APB) - Answer-its purpose was to create guidance to assist appraisers in issues relating to recognized valuation methods and techniques. Even though the APB no longer exists - Answer-The Appraisal Foundation plans to continue to issue these Valuation Advisories as it deems necessary. Appraisal Subcommittee was created - Answer-under Section 1103 of Title XI of FIRREA HUD - Answer-Department of Housing and Urban Development, only act on complaint with fair lending The Savings and Loan Crisis happened in the - Answer-early 60's the appraisal foundation was established in - Answer-1987 The _________ monitors and reviews the practices, procedures, activities and organizational structure of The Appraisal Foundation. - Answer-ASC the professional society that specializes in appraising personal property - Answer-American Society of appraisers ECOA applies to all the following types of loans except - Answer-Vacant land The ________ maintains a national registry of licensed and certified appraisors - Answer-ASC ethics - Answer-relating to what is good or bad: having to do with moral duty and obligation moral - Answer-relating to the principle of right and wrongbias - Answer-A particular preference or point of view that is personal, rather than scientific. Appraisal - Answer-An estimate of the current value of the property. assignment - Answer-valuation service that is provided by an appraiser as a consequence of an agreement with a client real estate - Answer-indentified parcel or tract of land, including improvements land - Answer-solid surface on earth as distinguished from water, one of four agents of production in economic theory Transferable Development Rights - Answer-dev. right that cannot be used by landowner, or that landowner chooses not to use but can be conveyed to landowners in another location or leased then back to the landowner fixture - Answer-An article that was once personal property but has since been installed or attached to the land or building in a rather permanent manner so that it is regarded in law as part of the real estate." personal property - Answer-All property not classified as real property trade fixtures - Answer-Personal property used in a business and can be removed by the lessee when the lease terminates. real propert - Answer-interest in real estate (what we appraise) public restrictions - Answer-taxation,eminent domain,police power,escheat eminent domain - Answer-Power of a government to take private property for public e power - Answer-protect public interest (zoning, building codes, subdivision regs., electrical,plumbing,energy codes) escheat - Answer-the right of government that gives the state titular ownership of a property when its owner dies without a will or any ascertainable heirs private restrictions - Answer-mortgages,mechanics liens,deedrestrictions,conditions covenants and restrictions mortgage - Answer-A pledge of a described property interest as collateral or security for the repayment of a loan under certain terms and conditions." mortgage note - Answer-A document or a clause in a document in which the borrower accepts responsibility for the repayment of a debt." mechanics lien - Answer-A legal claim placed on real estate by someone who is owed money for labor, services or supplies contributed to the property for the purpose of improving it Deed Restrictions - Answer-Clauses in a deed limiting the future uses of the property. conditions, covenants and restrictions (CC&Rs) - Answer-The standards that define how a property may be used and the protections the developer makes for the benefit of all owners in a subdivision. legal description - Answer-description of land that identifies the real estate according to a system established or approved by law lot and block system - Answer-A system for the legal description of land that refers to parcels' lot and block numbers, which appear on recorded maps and plats of subdivided land; may also be used for assessment maps. metes and bounds - Answer-a system for the legal description of land that refers to the parcels which are formed by the point of beginning and allintermediate point (bounds) and courses or angular direction of each point(metes)1 full circle- 1 degree- 1 foot- 1 degree- - Answer-360 degrees 60 minutes 60 seconds 3600 seconds 1 mile - Answer-8 furlongs 1 furlong - Answer-660 Feet, or 10 Chains 1 chain - Answer-66 feet or 4 rods 1 rod - Answer-16.5 feet or 25 links 1 link - Answer-7.92 inches or .67 feet 1 acre - Answer-43,560 rectangular survey system - Answer-divides land into townships and ranges approximately six miles square, each normally containing 36 one-square-mile sections of 640 acres, except when adjusted for the curvature of the earth." 1 township - Answer-36 square miles 1 section - Answer-1 square mile1 square mile - Answer-640 acres 1/4 section - Answer-160 acres quarter-quarter section - Answer-40 acres