McKissock Basic Appraisal Principles I
Final UPDATED ACTUAL Questions and
CORRECT Answers
ASC (Appraisal Subcommittee) - CORRECT ANSWER✔✔- The _____ has oversight
authority over state appraisal boards.
consideration, in writing and signed, and lawful objective - CORRECT ANSWER✔✔-
Which of the below is a requirement of a valid real estate contract?
capital - CORRECT ANSWER✔✔- "The interaction of buyers and sellers who trade long-
term or intermediate-term money instruments" is the definition of the _____________
market.
market study - CORRECT 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 - CORRECT ANSWER✔✔- A gathering of people for the buying and selling of
things" is the definition of
real estate - CORRECT ANSWER✔✔- Which of the following types of investments has
historically generated the highest return on investment?
except property rights - CORRECT ANSWER✔✔- Real estate includes all of the following
EXCEPT
Impartiality, objectivity, and independence - CORRECT ANSWER✔✔- The Conduct
Section of the ETHICS RULE states, in part, that an appraiser must perform assignments
with
except assessors - CORRECT ANSWER✔✔- All of the following could be participants in a
real property market EXCEPT
, EDI, PDF - CORRECT 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 - CORRECT ANSWER✔✔- A property is owned as
tenancy in severalty. How many owners are there?
cooperative - CORRECT 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 - CORRECT ANSWER✔✔- A(n) __________ contract is one that is not been
fully performed or completed.
estimate, opinion - CORRECT ANSWER✔✔- Modern definitions of the word "appraisal"
have replaced the word _______ with ________.
leased fee interest - CORRECT 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 - CORRECT ANSWER✔✔- Trespassing on the domain of another" is the
definition of
district - CORRECT ANSWER✔✔- A neighborhood characterized by homogeneous land
use, e.g., apartment, commercial, industrial, agricultural" is the definition of
except knowledgeable buyer and seller - CORRECT ANSWER✔✔- All of the following
could lead to a non-arm's-length transaction EXCEPT
government agencies - CORRECT ANSWER✔✔- The appraisal standards and qualification
criteria promulgated by the boards of The Appraisal Foundation achieves legal authority by
adoption, citation or implementation by
Final UPDATED ACTUAL Questions and
CORRECT Answers
ASC (Appraisal Subcommittee) - CORRECT ANSWER✔✔- The _____ has oversight
authority over state appraisal boards.
consideration, in writing and signed, and lawful objective - CORRECT ANSWER✔✔-
Which of the below is a requirement of a valid real estate contract?
capital - CORRECT ANSWER✔✔- "The interaction of buyers and sellers who trade long-
term or intermediate-term money instruments" is the definition of the _____________
market.
market study - CORRECT 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 - CORRECT ANSWER✔✔- A gathering of people for the buying and selling of
things" is the definition of
real estate - CORRECT ANSWER✔✔- Which of the following types of investments has
historically generated the highest return on investment?
except property rights - CORRECT ANSWER✔✔- Real estate includes all of the following
EXCEPT
Impartiality, objectivity, and independence - CORRECT ANSWER✔✔- The Conduct
Section of the ETHICS RULE states, in part, that an appraiser must perform assignments
with
except assessors - CORRECT ANSWER✔✔- All of the following could be participants in a
real property market EXCEPT
, EDI, PDF - CORRECT 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 - CORRECT ANSWER✔✔- A property is owned as
tenancy in severalty. How many owners are there?
cooperative - CORRECT 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 - CORRECT ANSWER✔✔- A(n) __________ contract is one that is not been
fully performed or completed.
estimate, opinion - CORRECT ANSWER✔✔- Modern definitions of the word "appraisal"
have replaced the word _______ with ________.
leased fee interest - CORRECT 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 - CORRECT ANSWER✔✔- Trespassing on the domain of another" is the
definition of
district - CORRECT ANSWER✔✔- A neighborhood characterized by homogeneous land
use, e.g., apartment, commercial, industrial, agricultural" is the definition of
except knowledgeable buyer and seller - CORRECT ANSWER✔✔- All of the following
could lead to a non-arm's-length transaction EXCEPT
government agencies - CORRECT ANSWER✔✔- The appraisal standards and qualification
criteria promulgated by the boards of The Appraisal Foundation achieves legal authority by
adoption, citation or implementation by
