MCKISSOCK BASIC APPRAISAL CORE EXAM 2026 TEST
QUESTIONS AND SOLUTIONS SCORED A+
✔✔The bearing relative to north or south is called - ✔✔Metes
✔✔Mary Jones has a property with no road frontage. She has an access right of way
across the property of her neighbor Bob Smith for ingress, egress, and regress. Who
has the dominant tenement in this situation? - ✔✔Mary Jones
✔✔True or False? When a property is leased, two separate estates are created. -
✔✔True
✔✔An easement that has, by definition, both dominant and servient tenements is -
✔✔an easement appurtenant
✔✔True or False? Fee simple estate is not limited by the governmental powers of
taxation, eminent domain, police power, and escheat. - ✔✔False
✔✔Martha wants to purchase a property with her three sons. She wants a 70%
ownership interest, and her sons will each have a 10% interest. What form of ownership
will best suit her needs? - ✔✔tenancy in common
✔✔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? -
✔✔Cooperative
✔✔A property is owned as tenancy in severalty. How many owners are there? - ✔✔One
✔✔Tenancy by the entirety is a form of ownership reserved for - ✔✔Spouses
✔✔The landlord's ownership interest in a leased property would be - ✔✔Leased fee
✔✔Tenancy in severalty involves ____________ owner(s). - ✔✔only one
✔✔Which type of ownership can only be held by a married couple? - ✔✔tenancy by the
entirety
✔✔The fullest and most complete type of estate is - ✔✔Fee simple
✔✔A fee simple estate is NOT - ✔✔reserved for married couples only
✔✔An easement for a railroad or pipeline would an example of a(n) - ✔✔easement in
gross
,✔✔"An estate held by two or more persons, each of whom has an undivided interest" is
the definition of - ✔✔tenancy in common
✔✔The most desirable form of timesharing is called ___________ timesharing. - ✔✔fee
✔✔Syndications are - ✔✔either private or public partnerships
✔✔A remainderman is found in which type of estate? - ✔✔life interest
✔✔The statute of limitations for suing for breach of an oral contract is __________ for
written contracts. - ✔✔shorter than
✔✔Contracts are __________ that the law will enforce. - ✔✔Promises
✔✔Does a deed have to be recorded in order to be valid? - ✔✔No
✔✔In a real estate transaction, who is the grantee? - ✔✔Buyer
✔✔Which of these is NOT listed as a way that a contract can be terminated? -
✔✔unilateral recission
✔✔If the parties to a contract agree to substitute a new contract for the old one, this is
called - ✔✔novation
✔✔The general rule of contracting with minors is that a contract with a minor is -
✔✔voidable at the minor's option
✔✔As it refers to an individual's ability to contract, the word "competent" means -
✔✔the ability to understand the transaction or document
✔✔A seller enters into an agreement to sell his property, but later changes his mind and
decides not to complete the sale. The buyer sues the seller and a judge orders the
seller to complete the sale. This is an example of - ✔✔specific performance
✔✔Standards Rule 1-5(a) of USPAP requires an appraiser to - ✔✔Analyze all current
agreements of sale, options, or listings of the subject property
✔✔If a buyer in a real estate transaction defaults on the contract, the seller may -
✔✔rescind the contract
declare the contract forfeited and keep the earnest money
sue the buyer for specific performance
ANY OF THESE
,✔✔Breach of contract is also known as - ✔✔Default
✔✔"A form of conveyance in which any interest the grantor possesses in the property
described in the deed is conveyed to the grantee without warranty of title" is the
definition of a ________________ deed. - ✔✔quitclaim
✔✔"A manifestation of willingness to enter into a bargain, which creates in the offeree
the power of acceptance" is the definition of a(n) - ✔✔Offer
✔✔The amount stated in a deed is called the - ✔✔consideration
✔✔Which of the following would be typically found in a real estate contract? -
✔✔personal property inclusions
sales price
date of sale
ALL OF THE ABOVE
✔✔A(n) __________ contract is one that results from the failure of the parties to meet
some legal requirement. - ✔✔voidable
✔✔"A legally binding agreement between two or more persons that represents their
promise to do or not to do a particular thing" is the definition of a(n) - ✔✔contract
✔✔The strongest form of deed is the _____________ deed.
grant
warranty
sheriff's
quitclaim - ✔✔Warranty
✔✔Acceptance may occur as
an express act only
either an express act or an implied act
an implied act only
an implied act with conditions - ✔✔either an express act or an implied act
✔✔"Damages awarded in a lawsuit as a punishment and example to others for
malicious, evil or particularly fraudulent acts" is the definition of _____________
damages.
liquidated
punitive
compensatory
consequential - ✔✔punitive
, ✔✔A contract in which one party makes a promise in order to induce another party to
do something is a(n) __________________ contract.
unilateral
bilateral
express
implied - ✔✔unilateral
✔✔A reconveyance may be employed if there is a
grant deed
deed of trust
sheriff's deed
quitclaim deed - ✔✔deed of trust
✔✔A law changed after the contract was arranged but before the full performance of the
contract. The law prohibits the transaction from taking place. This would be an example
of
breach of contract
malfeasance
impossibility
all of the above - ✔✔impossibility
✔✔"Failing to perform any term of a contract, written or oral, without a legitimate legal
excuse" is the definition of
rescission
reformation
breach of contract
injunction - ✔✔breach of contract
✔✔"A lease in which the landlord receives stipulated rent and is obligated to pay all of
the property's operating and fixed expenses" is a _____________ lease.
net
gross
index
net net - ✔✔Gross
✔✔"The correction or change of an existing document by court order upon petition of
one of the parties to the document" is the definition of
rescission
reformation
injunction
novation - ✔✔Reformation
✔✔The principle of supply and demand states that the price of a commodity varies
________ with demand.
QUESTIONS AND SOLUTIONS SCORED A+
✔✔The bearing relative to north or south is called - ✔✔Metes
✔✔Mary Jones has a property with no road frontage. She has an access right of way
across the property of her neighbor Bob Smith for ingress, egress, and regress. Who
has the dominant tenement in this situation? - ✔✔Mary Jones
✔✔True or False? When a property is leased, two separate estates are created. -
✔✔True
✔✔An easement that has, by definition, both dominant and servient tenements is -
✔✔an easement appurtenant
✔✔True or False? Fee simple estate is not limited by the governmental powers of
taxation, eminent domain, police power, and escheat. - ✔✔False
✔✔Martha wants to purchase a property with her three sons. She wants a 70%
ownership interest, and her sons will each have a 10% interest. What form of ownership
will best suit her needs? - ✔✔tenancy in common
✔✔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? -
✔✔Cooperative
✔✔A property is owned as tenancy in severalty. How many owners are there? - ✔✔One
✔✔Tenancy by the entirety is a form of ownership reserved for - ✔✔Spouses
✔✔The landlord's ownership interest in a leased property would be - ✔✔Leased fee
✔✔Tenancy in severalty involves ____________ owner(s). - ✔✔only one
✔✔Which type of ownership can only be held by a married couple? - ✔✔tenancy by the
entirety
✔✔The fullest and most complete type of estate is - ✔✔Fee simple
✔✔A fee simple estate is NOT - ✔✔reserved for married couples only
✔✔An easement for a railroad or pipeline would an example of a(n) - ✔✔easement in
gross
,✔✔"An estate held by two or more persons, each of whom has an undivided interest" is
the definition of - ✔✔tenancy in common
✔✔The most desirable form of timesharing is called ___________ timesharing. - ✔✔fee
✔✔Syndications are - ✔✔either private or public partnerships
✔✔A remainderman is found in which type of estate? - ✔✔life interest
✔✔The statute of limitations for suing for breach of an oral contract is __________ for
written contracts. - ✔✔shorter than
✔✔Contracts are __________ that the law will enforce. - ✔✔Promises
✔✔Does a deed have to be recorded in order to be valid? - ✔✔No
✔✔In a real estate transaction, who is the grantee? - ✔✔Buyer
✔✔Which of these is NOT listed as a way that a contract can be terminated? -
✔✔unilateral recission
✔✔If the parties to a contract agree to substitute a new contract for the old one, this is
called - ✔✔novation
✔✔The general rule of contracting with minors is that a contract with a minor is -
✔✔voidable at the minor's option
✔✔As it refers to an individual's ability to contract, the word "competent" means -
✔✔the ability to understand the transaction or document
✔✔A seller enters into an agreement to sell his property, but later changes his mind and
decides not to complete the sale. The buyer sues the seller and a judge orders the
seller to complete the sale. This is an example of - ✔✔specific performance
✔✔Standards Rule 1-5(a) of USPAP requires an appraiser to - ✔✔Analyze all current
agreements of sale, options, or listings of the subject property
✔✔If a buyer in a real estate transaction defaults on the contract, the seller may -
✔✔rescind the contract
declare the contract forfeited and keep the earnest money
sue the buyer for specific performance
ANY OF THESE
,✔✔Breach of contract is also known as - ✔✔Default
✔✔"A form of conveyance in which any interest the grantor possesses in the property
described in the deed is conveyed to the grantee without warranty of title" is the
definition of a ________________ deed. - ✔✔quitclaim
✔✔"A manifestation of willingness to enter into a bargain, which creates in the offeree
the power of acceptance" is the definition of a(n) - ✔✔Offer
✔✔The amount stated in a deed is called the - ✔✔consideration
✔✔Which of the following would be typically found in a real estate contract? -
✔✔personal property inclusions
sales price
date of sale
ALL OF THE ABOVE
✔✔A(n) __________ contract is one that results from the failure of the parties to meet
some legal requirement. - ✔✔voidable
✔✔"A legally binding agreement between two or more persons that represents their
promise to do or not to do a particular thing" is the definition of a(n) - ✔✔contract
✔✔The strongest form of deed is the _____________ deed.
grant
warranty
sheriff's
quitclaim - ✔✔Warranty
✔✔Acceptance may occur as
an express act only
either an express act or an implied act
an implied act only
an implied act with conditions - ✔✔either an express act or an implied act
✔✔"Damages awarded in a lawsuit as a punishment and example to others for
malicious, evil or particularly fraudulent acts" is the definition of _____________
damages.
liquidated
punitive
compensatory
consequential - ✔✔punitive
, ✔✔A contract in which one party makes a promise in order to induce another party to
do something is a(n) __________________ contract.
unilateral
bilateral
express
implied - ✔✔unilateral
✔✔A reconveyance may be employed if there is a
grant deed
deed of trust
sheriff's deed
quitclaim deed - ✔✔deed of trust
✔✔A law changed after the contract was arranged but before the full performance of the
contract. The law prohibits the transaction from taking place. This would be an example
of
breach of contract
malfeasance
impossibility
all of the above - ✔✔impossibility
✔✔"Failing to perform any term of a contract, written or oral, without a legitimate legal
excuse" is the definition of
rescission
reformation
breach of contract
injunction - ✔✔breach of contract
✔✔"A lease in which the landlord receives stipulated rent and is obligated to pay all of
the property's operating and fixed expenses" is a _____________ lease.
net
gross
index
net net - ✔✔Gross
✔✔"The correction or change of an existing document by court order upon petition of
one of the parties to the document" is the definition of
rescission
reformation
injunction
novation - ✔✔Reformation
✔✔The principle of supply and demand states that the price of a commodity varies
________ with demand.
