McKissock Learning - Basic Appraisal Principles Exam Questions and Answers | 100% Verified and Updated 2024

McKissock Learning - Basic Appraisal Principles Exam Questions and Answers | 100% Verified and Updated 2024 "A document or a clause in a document in which the borrower accepts responsibility for the repayment of a debt" is the definition of: A) CC&R B) bond C) mortgage note D) debt -Answer-mortgage note "The earth's surface, both land and water, and anything that is attached to it whether by the course of nature or human hands" is the definition of: A) land B) site C) water D) real property -Answer-A The public restriction on property rights that allows the government to place a lien on a property is: A) escheat B) caveat emptor C) taxation D) none of the above -Answer- taxation Physical land and appurtenances attached to the land is the definition of: A) real property B) personal property C) fixture D) real estate -Answer-real estate "A development right that cannot be used by the landowner, or that the owner chooses not to use, but can be sold to landowners in another location" are called ___________________ rights.: A) vertical B) passive C) temporary D) transferable development -Answer-transferable development "The interests, benefits, and rights, inherent in the ownership of real estate" is the definition of: A) real estate B) personal property C) real property D) intangible property - Answer-real property Police power would include all of the following EXCEPT: A) building codes B) zoning C) taxation D) fire codes -Answer-taxation Another name for trade fixture is A) emblement B) chattel mortgage C) attachment D) chattel fixture -Answer-chattel fixture Which is NOT a public restriction of private property rights? A) taxation B) easement C) police power D) escheat -Answer-easement An appraisal is a( n) ____________ of value. A) guarantee B) prediction C) opinio D) summary -Answer-opinion The right of government that gives the state titular ownership of a property when its owner dies without a will or any ascertainable heirs is called: A) eminent domain B) condemnation C) accrual D) escheat -Answer-escheat Physical land and appurtenances attached to the land is the definition of: A) real property B) personal property C) fixture D) real estate -Answer-real estate "The right to construct and maintain tunnels, subways, subcellars, pipelines, sewers, etc." is the definition of ___________ rights. A) chattel B) subsurface C) surface D)air - Answer-subsurface Public limitations on private property rights include all of the following EXCEPT A)CC&Rs B)taxation C)eminent domain D)escheat -Answer-CC&Rs Which would NOT be a characteristic of a good appraisal? A) concise B) unsupported C) accurate D) unbiased -Answer-unsupported "The party or parties who engage, by employment or contract, an appraiser in a specific assignment" is the definition of A) homeowner B) lender C) intended user D) client -Answer-client A legal description is defined as -Answer-"A description of land that identifies the real estate according to a system established or approved by law; an exact description that enables the real estate to be located and identified." The three most common systems of legal descriptions are: -Answer--Lot and block -Metes and bounds -Rectangular survey The lot and block system is defined as (useless without a map) -Answer-"A system for the legal description of land that refers to parcels' lot and block numbers, which appear on recorded maps and plats of subdivided land; may also be used for assessment maps." The lot and block system is the most recent of the systems of legal description. It came into common usage in the 1950s with the development of large subdivisions. A lot and block description might consist of something like "Lot 72, in Block 13, of Section 10 on Map #1256." Metes and bounds is defined as -Answer-"A system for the legal description of land that refers to the parcel's boundaries, which are formed by the point of beginning (POB) and all intermediate points (bounds) and the courses or angular direction of each point (metes)." This is the earliest of the systems of legal description utilized in the United States. Today, it is used primarily in the 13 original colonies. 1 Full Circle = 360° 1°= 1' = 1° = -Answer-60' (60 "Minutes") 60" (60 "Seconds") 3,600" (60 Seconds per Minute x 60 Minutes per Degree) North 33°10'12" East would read as... -Answer-This would be read as "North 33 Degrees, 10 Minutes, 12 Seconds East" Here are some basic units of linear measurement: -Answer-1 Mile = 8 Furlongs 1 Furlong = 660 Feet, or 10 Chai