McKissock Basic Appraisal Principles
I Final Exam Quiz Questions and
Answers 100% Pass
ASC (Appraisal Subcommittee) - ✔✔The _____ has oversight authority over state
appraisal boards.
consideration, in writing and signed, and lawful objective - ✔✔Which of the below is a
requirement of a valid real estate contract?
capital - ✔✔"The interaction of buyers and sellers who trade long-term or intermediate-
term money instruments" is the definition of the _____________ market.
market study - ✔✔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 - ✔✔A gathering of people for the buying and selling of things" is the definition
of
real estate - ✔✔Which of the following types of investments has historically generated
the highest return on investment?
except property rights - ✔✔Real estate includes all of the following EXCEPT
Impartiality, objectivity, and independence - ✔✔The Conduct Section of the ETHICS
RULE states, in part, that an appraiser must perform assignments with
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, except assessors - ✔✔All of the following could be participants in a real property
market EXCEPT
EDI, PDF - ✔✔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 - ✔✔A property is owned as tenancy in severalty.
How many owners are there?
cooperative - ✔✔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 - ✔✔A(n) __________ contract is one that is not been fully performed or
completed.
estimate, opinion - ✔✔Modern definitions of the word "appraisal" have replaced the
word _______ with ________.
leased fee interest - ✔✔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 - ✔✔Trespassing on the domain of another" is the definition of
district - ✔✔A neighborhood characterized by homogeneous land use, e.g., apartment,
commercial, industrial, agricultural" is the definition of
except knowledgeable buyer and seller - ✔✔All of the following could lead to a non-
arm's-length transaction EXCEPT
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I Final Exam Quiz Questions and
Answers 100% Pass
ASC (Appraisal Subcommittee) - ✔✔The _____ has oversight authority over state
appraisal boards.
consideration, in writing and signed, and lawful objective - ✔✔Which of the below is a
requirement of a valid real estate contract?
capital - ✔✔"The interaction of buyers and sellers who trade long-term or intermediate-
term money instruments" is the definition of the _____________ market.
market study - ✔✔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 - ✔✔A gathering of people for the buying and selling of things" is the definition
of
real estate - ✔✔Which of the following types of investments has historically generated
the highest return on investment?
except property rights - ✔✔Real estate includes all of the following EXCEPT
Impartiality, objectivity, and independence - ✔✔The Conduct Section of the ETHICS
RULE states, in part, that an appraiser must perform assignments with
100% Pass Guarantee Emily Charlene All Rights Reserved © 2025 1
, except assessors - ✔✔All of the following could be participants in a real property
market EXCEPT
EDI, PDF - ✔✔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 - ✔✔A property is owned as tenancy in severalty.
How many owners are there?
cooperative - ✔✔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 - ✔✔A(n) __________ contract is one that is not been fully performed or
completed.
estimate, opinion - ✔✔Modern definitions of the word "appraisal" have replaced the
word _______ with ________.
leased fee interest - ✔✔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 - ✔✔Trespassing on the domain of another" is the definition of
district - ✔✔A neighborhood characterized by homogeneous land use, e.g., apartment,
commercial, industrial, agricultural" is the definition of
except knowledgeable buyer and seller - ✔✔All of the following could lead to a non-
arm's-length transaction EXCEPT
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