MCKISSOCK BASIC APPRAISAL STUDY GUIDE 2026
QUESTIONS AND SOLUTIONS SCORED A+
✔✔voidable at the minor's option - ✔✔The general rule of contracting with minors is that
a contract with a minor is
✔✔warranty - ✔✔The strongest form of deed is the __________ deed.
✔✔functional utility - ✔✔The ability of a property or building to be useful and to perform
the function for which it is intended according to current market tastes and standards;
the efficiency of a building's use in terms of architectural style, design and layout, traffic
patterns, and the size and type of rooms" is the definition of
✔✔historic preservation - ✔✔A facade easement is a type of_______________
easement.
✔✔transferable development rights - ✔✔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 - ✔✔The website with the largest amount of demographics information
is
✔✔printed page - ✔✔When comparing printers, make sure to compare the cost per
✔✔ ASC (Appraisal Subcommittee) - ✔✔The _____ has oversight authority over state
appraisal boards.
✔✔consideration, in writing and signed, and lawful objective - ✔✔Which of the below is
a requirement of a valid real estate contract?
✔✔capital - ✔✔"The interaction of buyers and sellers who trade long-term or
intermediate-term money instruments" is the definition of the _____________ market.
✔✔market study - ✔✔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 - ✔✔A gathering of people for the buying and selling of things" is the
definition of
✔✔real estate - ✔✔Which of the following types of investments has historically
generated the highest return on investment?
✔✔except property rights - ✔✔Real estate includes all of the following EXCEPT
, ✔✔Impartiality, objectivity, and independence - ✔✔The Conduct Section of the ETHICS
RULE states, in part, that an appraiser must perform assignments with
✔✔except assessors - ✔✔All of the following could be participants in a real property
market EXCEPT
✔✔EDI, PDF - ✔✔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 - ✔✔A property is owned as tenancy in
severalty. How many owners are there?
✔✔cooperative - ✔✔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 - ✔✔A(n) __________ contract is one that is not been fully performed or
completed.
✔✔estimate, opinion - ✔✔Modern definitions of the word "appraisal" have replaced the
word _______ with ________.
✔✔leased fee interest - ✔✔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 - ✔✔Trespassing on the domain of another" is the definition of
✔✔district - ✔✔A neighborhood characterized by homogeneous land use, e.g.,
apartment, commercial, industrial, agricultural" is the definition of
✔✔except knowledgeable buyer and seller - ✔✔All of the following could lead to a non-
arm's-length transaction EXCEPT
✔✔government agencies - ✔✔The appraisal standards and qualification criteria
promulgated by the boards of The Appraisal Foundation achieves legal authority by
adoption, citation or implementation by
✔✔partnership - ✔✔A business arrangement in which two or more persons jointly own a
business and share in its profits and losses" is the definition of
QUESTIONS AND SOLUTIONS SCORED A+
✔✔voidable at the minor's option - ✔✔The general rule of contracting with minors is that
a contract with a minor is
✔✔warranty - ✔✔The strongest form of deed is the __________ deed.
✔✔functional utility - ✔✔The ability of a property or building to be useful and to perform
the function for which it is intended according to current market tastes and standards;
the efficiency of a building's use in terms of architectural style, design and layout, traffic
patterns, and the size and type of rooms" is the definition of
✔✔historic preservation - ✔✔A facade easement is a type of_______________
easement.
✔✔transferable development rights - ✔✔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 - ✔✔The website with the largest amount of demographics information
is
✔✔printed page - ✔✔When comparing printers, make sure to compare the cost per
✔✔ ASC (Appraisal Subcommittee) - ✔✔The _____ has oversight authority over state
appraisal boards.
✔✔consideration, in writing and signed, and lawful objective - ✔✔Which of the below is
a requirement of a valid real estate contract?
✔✔capital - ✔✔"The interaction of buyers and sellers who trade long-term or
intermediate-term money instruments" is the definition of the _____________ market.
✔✔market study - ✔✔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 - ✔✔A gathering of people for the buying and selling of things" is the
definition of
✔✔real estate - ✔✔Which of the following types of investments has historically
generated the highest return on investment?
✔✔except property rights - ✔✔Real estate includes all of the following EXCEPT
, ✔✔Impartiality, objectivity, and independence - ✔✔The Conduct Section of the ETHICS
RULE states, in part, that an appraiser must perform assignments with
✔✔except assessors - ✔✔All of the following could be participants in a real property
market EXCEPT
✔✔EDI, PDF - ✔✔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 - ✔✔A property is owned as tenancy in
severalty. How many owners are there?
✔✔cooperative - ✔✔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 - ✔✔A(n) __________ contract is one that is not been fully performed or
completed.
✔✔estimate, opinion - ✔✔Modern definitions of the word "appraisal" have replaced the
word _______ with ________.
✔✔leased fee interest - ✔✔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 - ✔✔Trespassing on the domain of another" is the definition of
✔✔district - ✔✔A neighborhood characterized by homogeneous land use, e.g.,
apartment, commercial, industrial, agricultural" is the definition of
✔✔except knowledgeable buyer and seller - ✔✔All of the following could lead to a non-
arm's-length transaction EXCEPT
✔✔government agencies - ✔✔The appraisal standards and qualification criteria
promulgated by the boards of The Appraisal Foundation achieves legal authority by
adoption, citation or implementation by
✔✔partnership - ✔✔A business arrangement in which two or more persons jointly own a
business and share in its profits and losses" is the definition of
