McKissock Basic Appraisal Principles I Final Exam Quiz 100% Solved

McKissock Basic Appraisal Principles I Final Exam Quiz 100% Solved The _____ has oversight authority over state appraisal boards. ASC (Appraisal Subcommittee) Which of the below is a requirement of a valid real estate contract? consideration, in writing and signed, and lawful objective "The interaction of buyers and sellers who trade long-term or intermediate-term money instruments" is the definition of the _____________ market. capital 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 study A gathering of people for the buying and selling of things" is the definition of market Which of the following types of investments has historically generated the highest return on investment? real estate Real estate includes all of the following EXCEPT except property rights The Conduct Section of the ETHICS RULE states, in part, that an appraiser must perform assignments with Impartiality, objectivity, and independence All of the following could be participants in a real property market EXCEPT except assessors Twenty years ago, most appraisal reports that were sent electronically were sent using _____ technology; today, most appraisals are sent electronically using a _______ format. EDI, PDF A property is owned as tenancy in severalty. How many owners are there? not enough information to determine 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(n) __________ contract is one that is not been fully performed or completed. executory Modern definitions of the word "appraisal" have replaced the word _______ with ________. estimate, 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 district All of the following could lead to a non-arm's-length transaction EXCEPT 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 partnership Which statement about price, cost, and value is TRUE? Price and value can be the same in some situations. The _______ maintains a national registry of state certified and licensed appraisers who are eligible to perform appraisals in federally related transactions. Appraisal Subcommittee Which two of the following would be private restrictions on property rights? deed restriction and mechanic's lien The right held by the lessee to use and occupy