MCKISSOCK BASIC APPRAISAL EVALUATION EXAM
2026 QUESTIONS AND SOLUTIONS SCORED A+
✔✔leasehold estate - ✔✔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
✔✔externalities - ✔✔A homeowner fears the construction of a factory nearby will
decrease the value of her property. This illustrates the principle of
✔✔late 1990's - ✔✔Electronic Data Interchange for transmitting appraisal reports
became popular in the
✔✔disclose - ✔✔The Management Section of the ETHICS RULE states, in part, "An
appraiser must __________ that he or she paid a fee or commission, or gave a thing of
value in connection with the procurement of an assignment.
✔✔opinion, value - ✔✔An appraisal is defined as the act or process of developing an
________ of _______.
✔✔Fannie Mae and Freddic Mac - ✔✔In the 1970s, who developed uniform rules for
mortgage underwriting?
✔✔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
✔✔4320 - ✔✔A rancher owns six full sections plus three quarter sections. How many
acres is that?
✔✔200 - ✔✔The current number of appraisal education hours required for Certified
Residential Appraiser applicants is ______ hours.
✔✔prior transfer date and purchase price - ✔✔In analyzing a real estate purchase
contract you should be able to find all of the following items EXCEPT
✔✔the Appraisal Standards Board - ✔✔Who retains final authority over revisions to
USPAP?
✔✔except FHA - ✔✔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 - ✔✔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 - ✔✔Which is NOT a characteristic of tenancy in
common?
✔✔trustee - ✔✔In a trust deed state, title to a property is vested in the __________ until
the mortgage lien is satisfied.
✔✔escheat - ✔✔Which of these would be considered a public restriction on real
property ownership?
✔✔FIRST - ✔✔The ETHICS RULE of USPAP is the ________ of five Rules in USPAP.
✔✔REIT (Real Estate Investment Trust) - ✔✔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 - ✔✔The federal financial institutions regulatory agencies
directly involved in fair lending include all of the following EXCEPT
✔✔client - ✔✔The party or parties who engage, by employment or contract, an
appraiser in a specific assignment" is the definition of
✔✔2 - ✔✔Reporting requirements for real property appraisers are set forth in
STANDARD ___ of the Uniform Standards of Professional Appraisal Practice.
✔✔not for profit organization - ✔✔The Appraisal Foundation is a
✔✔labor, entrepreneurial coordination - ✔✔The four agents of production are land,
________, capital, and _____________.
✔✔government agencies with the power to regulate or administrate - ✔✔The appraisal
standards and qualification criteria that are published by The Appraisal Foundation
achieve legal authority by adoption, citation or implementation by
✔✔adjustable rate - ✔✔A mortgage in which the interest rate may move up or down,
following a specified schedule or in accordance with the movements of a standard or
index to which it is tied" is the definition of a(n) ______________ mortgage.
✔✔USPAP - ✔✔The nationally-recognized ethical and performance standards for
appraisers are known as
✔✔It is not limited by governmental powers. - ✔✔Which is NOT true of a fee simple
estate?
2026 QUESTIONS AND SOLUTIONS SCORED A+
✔✔leasehold estate - ✔✔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
✔✔externalities - ✔✔A homeowner fears the construction of a factory nearby will
decrease the value of her property. This illustrates the principle of
✔✔late 1990's - ✔✔Electronic Data Interchange for transmitting appraisal reports
became popular in the
✔✔disclose - ✔✔The Management Section of the ETHICS RULE states, in part, "An
appraiser must __________ that he or she paid a fee or commission, or gave a thing of
value in connection with the procurement of an assignment.
✔✔opinion, value - ✔✔An appraisal is defined as the act or process of developing an
________ of _______.
✔✔Fannie Mae and Freddic Mac - ✔✔In the 1970s, who developed uniform rules for
mortgage underwriting?
✔✔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
✔✔4320 - ✔✔A rancher owns six full sections plus three quarter sections. How many
acres is that?
✔✔200 - ✔✔The current number of appraisal education hours required for Certified
Residential Appraiser applicants is ______ hours.
✔✔prior transfer date and purchase price - ✔✔In analyzing a real estate purchase
contract you should be able to find all of the following items EXCEPT
✔✔the Appraisal Standards Board - ✔✔Who retains final authority over revisions to
USPAP?
✔✔except FHA - ✔✔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 - ✔✔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 - ✔✔Which is NOT a characteristic of tenancy in
common?
✔✔trustee - ✔✔In a trust deed state, title to a property is vested in the __________ until
the mortgage lien is satisfied.
✔✔escheat - ✔✔Which of these would be considered a public restriction on real
property ownership?
✔✔FIRST - ✔✔The ETHICS RULE of USPAP is the ________ of five Rules in USPAP.
✔✔REIT (Real Estate Investment Trust) - ✔✔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 - ✔✔The federal financial institutions regulatory agencies
directly involved in fair lending include all of the following EXCEPT
✔✔client - ✔✔The party or parties who engage, by employment or contract, an
appraiser in a specific assignment" is the definition of
✔✔2 - ✔✔Reporting requirements for real property appraisers are set forth in
STANDARD ___ of the Uniform Standards of Professional Appraisal Practice.
✔✔not for profit organization - ✔✔The Appraisal Foundation is a
✔✔labor, entrepreneurial coordination - ✔✔The four agents of production are land,
________, capital, and _____________.
✔✔government agencies with the power to regulate or administrate - ✔✔The appraisal
standards and qualification criteria that are published by The Appraisal Foundation
achieve legal authority by adoption, citation or implementation by
✔✔adjustable rate - ✔✔A mortgage in which the interest rate may move up or down,
following a specified schedule or in accordance with the movements of a standard or
index to which it is tied" is the definition of a(n) ______________ mortgage.
✔✔USPAP - ✔✔The nationally-recognized ethical and performance standards for
appraisers are known as
✔✔It is not limited by governmental powers. - ✔✔Which is NOT true of a fee simple
estate?
