Download McKissock Basic Appraisal Principles I Final Exam Quiz with solutions and more Exams Real Estate Management in PDF only on Docsity!
McKissock Basic Appraisal Principles I
Final Exam Quiz with solutions
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
opinion, value - correct answer An appraisal is defined as the act or process of developing an ________ of _______. Fannie Mae and Freddic Mac - correct answer In the 1970s, who developed uniform rules for mortgage underwriting? transferable development rights - correct answer Property Owner A has the right to develop his property into 10 lots. He sells this right to nearby Property Owner B who wishes to develop his property into additional lots. This is an example of 4320 - correct answer A rancher owns six full sections plus three quarter sections. How many acres is that? 200 - correct answer The current number of appraisal education hours required for Certified Residential Appraiser applicants is ______ hours. prior transfer date and purchase price - correct answer In analyzing a real estate purchase contract you should be able to find all of the following items EXCEPT the Appraisal Standards Board - correct answer Who retains final authority over revisions to USPAP? except FHA - correct answer The primary operators in the secondary mortgage market include all of the following EXCEPT there is a three-year supply of homes currently for sale - correct answer In 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? there is a right of survivorship - correct answer Which is NOT a characteristic of tenancy in common?
trustee - correct answer In a trust deed state, title to a property is vested in the __________ until the mortgage lien is satisfied. escheat - correct answer Which of these would be considered a public restriction on real property ownership? FIRST - correct answer The ETHICS RULE of USPAP is the ________ of five Rules in USPAP. REIT (Real Estate Investment Trust) - correct answer What is a corporation or trust that functions like a mutual fund for real estate, by combining the capital of many investors to acquire real estate? except Fannie Mae - correct answer The federal financial institutions regulatory agencies directly involved in fair lending include all of the following EXCEPT client - correct answer The party or parties who engage, by employment or contract, an appraiser in a specific assignment" is the definition of 2 - correct answer Reporting requirements for real property appraisers are set forth in STANDARD ___ of the Uniform Standards of Professional Appraisal Practice. not for profit organization - correct answer The Appraisal Foundation is a labor, entrepreneurial coordination - correct answer The four agents of production are land, ________, capital, and _____________. government agencies with the power to regulate or administrate - correct answer The appraisal standards and qualification criteria that are published by The Appraisal Foundation achieve legal authority by adoption, citation or implementation by
public trust - correct answer The primary purpose of USPAP is to protect regression - correct answer In appraisal, the concept that a higher-priced property will be worth less in a lower-priced neighborhood than it would in a neighborhood of comparable properties" is the definition of the principle of through a National Registry fee charged to each appraiser - correct answer How is the Appraisal Subcommittee funded? inverse - correct answer Supply and demand move in a(n) ____________ relationship. price - correct answer USPAP defines _________ as the amount asked, offered, or paid for a property. ASB - correct answer The ______ publishes "other communications" in the form of Advisory Opinions and USPAP FAQs. contribution - correct answer When estimating the value of a fireplace in a single-family home, the most important principle is the principle of estate - correct answer A right or interest in property" is a(n) qualifying education, examination, experience, continuing education - correct answer The four components of the Appraiser Qualification Criteria are: requires certain documents to be in writing - correct answer What is the purpose of a state's statute of frauds? metes and bounds - correct answer The oldest system of legal descriptions for real estate is:
subsurface - correct answer The right to construct and maintain tunnels, subways, subcellars, pipelines, sewers, etc." is the definition of _________ rights. 150 - correct answer The current number of appraisal education hours required for Licensed Residential Appraiser applicants is ______ hours. 300 - correct answer The current number of appraisal education hours required for Certified General Appraiser applicants is ______ hours. borrowing, saving - correct answer Low interest rates encourage __________, while high interest rates encourage _________. escheat - correct answer Which of these would be considered a public restriction on real property ownership? the appraiser's value opinion - correct answer Which of these factors would result in a violation of USPAP if the appraiser based his or her appraisal fee on it? 75 - correct answer Under the current education criteria, an applicant for Appraiser Trainee must have completed ___ creditable class hours as specified in the required Core Curriculum Appendix. utility, effective purchasing power - correct answer The four elements of value are desire, _________, scarcity, and ________. sales comparison - correct answer Which valuation approach relies most heavily on the principle of substitution?
transferable development rights - correct answer Property Owner A has the right to develop his property into 10 lots. He sells this right to nearby Property Owner B who wishes to develop his property into additional lots. This is an example of Census.gov - correct answer The website with the largest amount of demographics information is printed page - correct answer When comparing printers, make sure to compare the cost per
