McKissock Basic Appraisal Principles I Final Exam Quiz-100% Solved

McKissock Basic Appraisal Principles I Final Exam Quiz-100% Solved ASC (Appraisal Subcommittee) -Answer-The _____ has oversight authority over state appraisal boards. consideration, in writing and signed, and lawful objective -Answer-Which of the below is a requirement of a valid real estate contract? capital -Answer-"The interaction of buyers and sellers who trade long-term or intermediate-term money instruments" is the definition of the _____________ market. market study -Answer-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 -Answer-A gathering of people for the buying and selling of things" is the definition of real estate -Answer-Which of the following types of investments has historically generated the highest return on investment? except property rights -Answer-Real estate includes all of the following EXCEPT Impartiality, objectivity, and independence -Answer-The Conduct Section of the ETHICS RULE states, in part, that an appraiser must perform assignments with except assessors -Answer-All of the following could be participants in a real property market EXCEPT EDI, PDF -Answer-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 -Answer-A property is owned as tenancy in severalty. How many owners are there? cooperative -Answer-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 -Answer-A(n) __________ contract is one that is not been fully performed or completed. estimate, opinion -Answer-Modern definitions of the word "appraisal" have replaced the word _______ with ________. leased fee interest -Answer-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 -Answer-Trespassing on the domain of another" is the definition of district -Answer-A neighborhood characterized by homogeneous land use, e.g., apartment, commercial, industrial, agricultural" is the definition of except knowledgeable buyer and seller -Answer-All of the following could lead to a non- arm's-length transaction EXCEPT government agencies -Answer-The appraisal standards and qualification criteria promulgated by the boards of The Appraisal Foundation achieves legal authority by adoption, citation or implementation by partnership -Answer-A business arrangement in which two or more persons jointly own a business and share in its profits and losses" is the definition of Price and value can be the same in some situations. -Answer-Which statement about price, cost, and value is TRUE? Appraisal Subcommittee -Answer-The _______ maintains a national registry of state certified and licensed appraisers who are eligible to perform appraisals in federally related transactions. deed restriction and mechanic's lien -Answer-Which two of the following would be private restrictions on property rights? leasehold estate -Answer-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 -Answer-A homeowner fears the construction of a factory nearby will decrease the value of her property. This illustrates the principle of late 1990's -Answer-Electronic Data Interchange for transmitting appraisal reports became popular in the disclose -Answer-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 -Answer-An appraisal is defined as the act or process of developing an ________ of _______. Fannie Mae and Freddic Mac -Answer-In the 1970s, who developed uniform rules for mortgage underwriting?