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mckissock basic appraisal principles
grant deed - correct answer deed containing, or having implied by law, some but not all of the usual covenants of title Appraiser - correct answer One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. report - correct 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 - correct 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 - correct answer charged with establishing the qualifications that all the states must meet in licensing, certification and re-certification of appraisers. january 8th, 2008 - correct answer Major changes to the Criteria went into effect May 1, 2018 - correct answer Additional revisions were made effective four components of the Real Property Appraiser Qualification Criteria - correct answer qualifying ed, education, examinations, continuing ed The Appraisal Foundation - correct 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 - correct answer was formally adopted by the Appraisal Standards Board (ASB) in January 1989. The Appraisal Foundation has three principal boards: - correct answer Board of Trustees (BOT) Appraisal Standards Board (ASB) Appraiser Qualifications Board (AQB) The BOT - correct answer acts as an executive board for the Foundation. The ASB - correct answer responsible for creating standards for ethics and performance of appraisers. Uniform Standards of Professional Appraisal Practice (USPAP) - correct 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) - correct answer adopted USPAP as the governing document. USPAP may be - correct answer amended, interpreted, supplemented, or retired only by the ASB. Congress recognized USPAP - correct answer as the generally recognized standards of practice in the appraisal profession in Title XI of the Financial Institutions Reform the Appraisal Subcommittee (ASC) - correct answer is a federal entity with oversight authority over the state licensing and certification agencies AMCs - correct answer appraisal management companies
the professional society that specializes in appraising personal property - correct answer American Society of appraisers ECOA applies to all the following types of loans except - correct answer Vacant land The ________ maintains a national registry of licensed and certified appraisors - correct answer ASC ethics - correct answer relating to what is good or bad: having to do with moral duty and obligation moral - correct answer relating to the principle of right and wrong bias - correct answer A particular preference or point of view that is personal, rather than scientific. Appraisal - correct answer An estimate of the current value of the property. assignment - correct answer valuation service that is provided by an appraiser as a consequence of an agreement with a client real estate - correct answer indentified parcel or tract of land, including improvements land - correct answer solid surface on earth as distinguished from water, one of four agents of production in economic theory Transferable Development Rights - correct 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 - correct 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 - correct answer All property not classified as real property trade fixtures - correct answer Personal property used in a business and can be removed by the lessee when the lease terminates. real propert - correct answer interest in real estate (what we appraise) public restrictions - correct answer taxation,eminent domain,police power,escheat eminent domain - correct answer Power of a government to take private property for public use. police power - correct answer protect public interest (zoning, building codes, subdivision regs., electrical,plumbing,energy codes) escheat - correct 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 - correct answer mortgages,mechanics liens,deedrestrictions,conditions covenants and restrictions mortgage - correct answer A pledge of a described property interest as collateral or security for the repayment of a loan under certain terms and conditions."
1 mile - correct answer 8 furlongs 1 furlong - correct answer 660 Feet, or 10 Chains 1 chain - correct answer 66 feet or 4 rods 1 rod - correct answer 16.5 feet or 25 links 1 link - correct answer 7.92 inches or .67 feet 1 acre - correct answer 43, rectangular survey system - correct 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 - correct answer 36 square miles 1 section - correct answer 1 square mile 1 square mile - correct answer 640 acres 1/4 section - correct answer 160 acres quarter-quarter section - correct answer 40 acres estate - correct answer right or interest in property
fee simple estate (inheritable, transferable, perpetual) - correct answer Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. partial interests - correct answer divided or undivided rights in real estate that represents less than a whole life interests - correct answer Rights of use, occupancy, and control, limited to the lifetime of a designated party, sometimes referred to as the life tenant." leased fee interests - 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. leasehold interests - correct answer The right held by the lessee to use and occupy real estate for a stated term and under the conditions specified in the lease. easement - correct answer the right to use land for a specific and limited purpose Easement in Gross - correct answer An easement that benefits a legal person or entity easement appurtenant - correct answer An easement that is attached to, benefits, and passes with the transfer of the dominant estate; affirmative easement - correct answer the right to do something on servient land negative easement - correct answer an easement preventing a PROPERTY OWNER FROM CERTAIN OTHERWISE PEMITTED USE OF HIS OR HER LAND
tenancy by the entirety - correct answer estate held by husband and wife in which neither has a disposable interest in the property during the lifetime of the other except through joint action land trusts - correct answer egal vehicle for partial ownership interests in real estate in which independently owned properties are conveyed to a trustee partnership - correct answer A business in which two or more persons combine their assets and skills general partnership - correct answer partnership in which partners share equally in both responsibility and liability limited partnership - correct answer partnership in which only one partner is required to be a general partner corporation - correct answer an organization that acts as a single legal entity in performing certain activities, usually business for profit syndication - correct answer privateor public partnership that pools funds for the acquisition and development of real estate projects or other business ventures real estate investment trust - correct answer A corporation or trust that combines the capital of many investors to acquire or provide financing for all forms of real property condominium - correct answer An individually owned housing unit in a building with several such units condo ownership - correct answer a form of fee ownership of separate units or portions of multi-unit buildings that provides for formal filing and recording of a divided interest in real property.
cooperative ownership - correct answer form of property ownership in which each unit owner holds stock in a cooperative apartment building or housing corporation. planned unit development - correct answer A type of building development designed as a grouping of complementary land uses timesharing - correct answer Limited ownership interests in, or the rights of use and occupancy of, residential apartments or hotel rooms. deed - correct answer written legal instrument that conveys an estate or interest in real estate property when it is executed and delivered quitclaim deed - correct answer any interest the grantor possesses in the property described in the deed is conveyed to the grantee without warranty of title bargain and sale deed - correct answer A deed that conveys real estate from a seller to a buyer but does not guarantee clear title tax deed - correct answer conveys title to property purchased at a tax sale warranty deed - correct answer A deed that conveys to the grantee title to the property free and clear of all encumbrances, except those specifically set forth in the document deed of trust - correct answer A legal instrument similar to a mortgage document, except that three parties are involved in securing the debt: the borrower, a lender, and a trustee reconveyance - correct answer passing of the real property back to the original owner
sellers market - correct answer few properties available driving prices up for numerous buyers depressed market - correct answer drop in demand is accompanied by a relative oversupply and decline in prices `imperfect market - correct answer market in which product differentiation exists, there is a lack of important product or market information market neighborhood - correct answer group of complementary land uses, congrugous grouping of inhabitants district - correct answer neighborhood characterized by homo land use market area - correct answer geographic region from which a majority of demand comes and in which the majority of competition is located amenity - correct answer benefit of real estate that enhances attractiveness of the user real estate money demand - correct answer Currency plus demand and time deposits plus the liabilities of nonbank financial intermediaries monetary policy - correct answer efforts by a central bank such as the FED in the US to influence economic activity by regulating availability of money and rate of interest money market - correct answer interaction of buyers and sellers who trade short term money instruments capital market - correct answer interaction of buyers and sellers trading long- or intermediate- term money instruments
secondary money market - correct answer created by govt. and private agencies for the purchase and sale of existing mortgages making mortgages more liqud contract on deed - correct answer contract in which a purchaser of real estate agrees to pay a small portion of the purchase price when the contract is signed and additional sums conventional loan - correct answer mortgage that is neither insured or guaranteed by an agency of the federal govt although it may be privately insured guaranteed mortgage - correct answer a party other than the borrower assures payment in the event of default insured mortgage - correct answer a party other than the borrower assures payment on default by the mortgagor in return for the payment of a premium first mortgage - correct answer has priority over all other mortgage liens on a property junior lien - correct answer lien placed on property after a previous lien has been made and recorded amoritization - correct answer process of retiring a debt or recovering a capital investment typically through scheduled systematic repayment of the principal fixed rate mortgage - correct answer A mortgage in which the interest rate does not change during the entire term of the loan. balloon mortgage - correct answer one that is not fully amortized at maturity and thus requires a lump sum or balloon payment of the outstanding balance
US Army Corps of Engineers - correct answer mission is planning, designing, building and operating water resources and other civil works projects including: Navigation, Flood control, Environmental protection, Disaster response, Ecosystem restoration, Wetlands and waterways , regulation & permitting environmental protection agency - correct answer Developing and enforcing regulations Offering financial assistance Performing environmental research Sponsoring voluntary programs and partnerships Furthering environmental education Publishing information economic forces - correct answer national economy. consumer price index, IR, etc arms length transaction - correct answer transaction between unrelated parties who are each acting in their own best interest exposure time - correct answer the time a property is on the market value in exchange - correct answer value that reflects the amount that can be obtained for an asset if exchanged between parties value in use - correct answer value of property assuming a specific use which may or may not be the highest and best use at the appraisal time
investment value - correct answer value of a property interest to a particular investor or class of investors based on the investor's specific requirements insurable value - correct answer value for insurance purposes assessed value - correct answer The value of an asset determined by tax authorities for the purpose of calculating taxes intangible value - correct answer value cannot be imputed to any part of the physical property market value of the going concern - correct answer value of an established and operating business including the real property etc public interest value - correct answer Monetary worth attributed to features that have no measurable worth in the market but may benefit the public or a specific segment of the public book value - correct answer capital amount at which property is shown on the account books by a corporation or individual liquidation value - correct answer most probable price that a specified interest in real property should bring salvage value - correct answer price expected for a whole property anticipation - correct answer perception that value is created by the expectation of benefits to be derived in the future progression - correct answer lower priced property will be worth more in a higher priced neighborhood than it would in a neighborhood of comp properties
disaggregation - correct answer differentiation of a subject property from other properties on the basis of subclassifications with differing product characteristics market study - correct answer analysis of the general market conditions of supply demand and pricing for a specific property type in an area absorption trends - correct answer rate at which vacant space is expected to be sold or leased absorption period - correct answer actual or expected period required from the time a property, group of properties, or commodity is initially offered for lease, purchase, or use Marketability Analysis - correct answer a process that investigates how a particular piece of property will be absorbed, sold, or leased under current or anticipated market conditions feasibility analysis - correct answer study of a cost benefit relationship of an economic endeavor total= - correct answer part/percent
