Basic Appraisal Principles - Mckissock Learning
Study online at https://quizlet.com/_gv9opg
1. A client has requested that an appraiser value a It would be misleading if the ap-
property that is improved with an old dilapidated praiser did not disclose the exis-
single family home, and asks the appraiser not tence of this structure in the re-
to mention the existence of the home in the ap- port.
praisal report. Which statement is TRUE regarding
this situation?
2. "The price expected for a whole property, e.g., a Salvage
house, or a part of a property, e.g., a plumbing
fixture, that is removed from the premises usually
for use elsewhere" is the definition of ____________
value.
3. Reporting requirements for real property apprais- 2
ers are set forth in STANDARD ___ of the Uniform
Standards of Professional Appraisal Practice.
4. The appraisal standards and qualification criteria Government agencies with the
that are published by The Appraisal Foundation power to regulate or administrate
achieve legal authority by adoption, citation or
implementation by
5. The ________ is responsible for establishing criteria Appraiser Qualification Board
for individuals to become real property appraisers
6. The principle of supply and demand states that directly, proportionately
the price of a commodity, good, or service varies
__________, but not necessarily _____________, with
demand.
7. A lot contains .56 acres. It sells for $35,000. How $1.43
much did it sell for per square foot?
1/9
, Basic Appraisal Principles - Mckissock Learning
Study online at https://quizlet.com/_gv9opg
8. The _______ maintains a national registry of state Appraisal Subcommittee
certified and licensed appraisers who are eligible
to perform appraisals in federally related transac-
tions.
9. When estimating the value of a fireplace in a sin- Contribution
gle-family home, the most important principle is
the principle of
10. "The right held by the lessee to use and occupy leasehold estate
real estate for a stated term and under the condi-
tions specified in the lease" is the definition of
11. You want to buy a house for $243,500. You can get $30,376.63
a loan for 90% of value. You will also have to pay
2.75 points on the loan. How much will you have to
deliver to closing to cover both the down payment
and the loan points?
12. The federal financial institutions regulatory agen- ASB
cies directly involved in fair lending include all of
the following EXCEPT
13. A rectangular property measures 320 feet by $62,500
574.45 feet, and it sold for $263,750. How much
did it sell for per acre?
14. Which of the following types of investments has Real Estate
historically generated the highest return on in-
vestment?
15. A market analysis examines ____________ , where a a type of property, a specific
marketability analysis examines ______________. property
2/9
Study online at https://quizlet.com/_gv9opg
1. A client has requested that an appraiser value a It would be misleading if the ap-
property that is improved with an old dilapidated praiser did not disclose the exis-
single family home, and asks the appraiser not tence of this structure in the re-
to mention the existence of the home in the ap- port.
praisal report. Which statement is TRUE regarding
this situation?
2. "The price expected for a whole property, e.g., a Salvage
house, or a part of a property, e.g., a plumbing
fixture, that is removed from the premises usually
for use elsewhere" is the definition of ____________
value.
3. Reporting requirements for real property apprais- 2
ers are set forth in STANDARD ___ of the Uniform
Standards of Professional Appraisal Practice.
4. The appraisal standards and qualification criteria Government agencies with the
that are published by The Appraisal Foundation power to regulate or administrate
achieve legal authority by adoption, citation or
implementation by
5. The ________ is responsible for establishing criteria Appraiser Qualification Board
for individuals to become real property appraisers
6. The principle of supply and demand states that directly, proportionately
the price of a commodity, good, or service varies
__________, but not necessarily _____________, with
demand.
7. A lot contains .56 acres. It sells for $35,000. How $1.43
much did it sell for per square foot?
1/9
, Basic Appraisal Principles - Mckissock Learning
Study online at https://quizlet.com/_gv9opg
8. The _______ maintains a national registry of state Appraisal Subcommittee
certified and licensed appraisers who are eligible
to perform appraisals in federally related transac-
tions.
9. When estimating the value of a fireplace in a sin- Contribution
gle-family home, the most important principle is
the principle of
10. "The right held by the lessee to use and occupy leasehold estate
real estate for a stated term and under the condi-
tions specified in the lease" is the definition of
11. You want to buy a house for $243,500. You can get $30,376.63
a loan for 90% of value. You will also have to pay
2.75 points on the loan. How much will you have to
deliver to closing to cover both the down payment
and the loan points?
12. The federal financial institutions regulatory agen- ASB
cies directly involved in fair lending include all of
the following EXCEPT
13. A rectangular property measures 320 feet by $62,500
574.45 feet, and it sold for $263,750. How much
did it sell for per acre?
14. Which of the following types of investments has Real Estate
historically generated the highest return on in-
vestment?
15. A market analysis examines ____________ , where a a type of property, a specific
marketability analysis examines ______________. property
2/9
