McKissock Basic Appraisal Principles I Final Exam Quiz practice test 2024 Questions and Answers Complete

All of the following could be participants in a real property market EXCEPT assessors.

Twenty years ago, most appraisal reports that were sent electronically were sent using EDI technology; today, most appraisals are sent electronically using a PDF format.

A property is owned as tenancy in severalty. How many owners are there?

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?

A(n) executory contract is one that has not been fully performed or completed.

Modern definitions of the word appraisal have replaced the word estimate with opinion.

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 leased fee interest.

Trespassing on the domain of another is the definition of encroachment.

A neighborhood characterized by homogeneous land use, e.g., apartment, commercial, industrial, agricultural is the definition of a district.

All of the following could lead to a non-arms-length transaction EXCEPT knowledgeable buyer and seller.

The appraisal standards and qualification criteria promulgated by the boards of The Appraisal Foundation achieves legal authority by adoption, citation or implementation by government agencies.

A business arrangement in which two or more persons jointly own a business and share in its profits and losses is the definition of a partnership.

Price and value can be the same in some situations.

The Appraisal Subcommittee maintains a national registry of state certified and licensed appraisers who are eligible to perform appraisals in federally related transactions.

Which two of the following would be private restrictions on property rights? Deed restriction and mechanics lien.

The 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 a leasehold estate.

A homeowner fears the construction of a factory nearby will decrease the value of her property. This illustrates the principle of externalities.

Electronic Data Interchange for transmitting appraisal reports became popular in the late 1990s.

The Management Section of the ETHICS RULE states, in part, An appraiser must disclose that he or she paid a fee or commission, or gave a thing of value in connection with the procurement of an assignment.

An appraisal is defined as the act or process of developing an opinion of value.

In the 1970s, Fannie Mae and Freddie Mac developed uniform rules for mortgage underwriting.

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 transferable development rights.

A rancher owns six full sections plus three quarter sections. How many acres is that? 4320.

The current number of appraisal education hours required for Certified Residential Appraiser applicants is 200 hours.