MCKISSOCK LEARNING - BASIC APPRAISAL PRINCIPLES QUESTIONS WITH CORRECT ANSWERS.

MCKISSOCK LEARNING - u u




u BASIC APPRAISAL PRINCIPLES QUE u u u




STIONS WITH CORRECT ANSWERS. u u u




"A document or a clause in a document in which the borrower accepts responsibility for th
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e repayment of a debt" is the definition of: A) CC&R B) bond C) mortgage note D) debt -
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ANSWER- mortgage note
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"The earth's surface, both land and water, and anything that is attached to it whether by th
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e course of nature or human hands" is the definition of: A) land B) site C) water D) real pr
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operty - ANSWER- A u u u




The public restriction on property rights that allows the government to place a lien on a pr
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operty is: A) escheat B) caveat emptor C) taxation D) none of the above - ANSWER-
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taxation
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Physical land and appurtenances attached to the land is the definition of: A) real property
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B) personal property C) fixture D) real estate - ANSWER- real estate
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"A development right that cannot be used by the landowner, or that the owner chooses no
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t to use, but can be sold to landowners in another location" are called ______________
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_____ rights.: A) vertical B) passive C) temporary D) transferable development -
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uANSWER- transferable development u u




"The interests, benefits, and rights, inherent in the ownership of real estate" is the definiti
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on of: A) real estate B) personal property C) real property D) intangible property -
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ANSWER- real property
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Police power would include all of the following EXCEPT: A) building codes B) zoning C) ta
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xation D) fire codes - ANSWER- taxation
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Another name for trade fixture is A) emblement B) chattel mortgage C) attachment D) cha
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ttel fixture - ANSWER- chattel fixture
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Which is NOT a public restriction of private property rights? A) taxation B) easement C) p
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olice power D) escheat - ANSWER- easement
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An appraisal is a( n) ____________ of value. A) guarantee B) prediction C) opinio D) su
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mmary - ANSWER- opinion u u u

, The right of government that gives the state titular ownership of a property when its owne
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r dies without a will or any ascertainable heirs is called: A) eminent domain B) condemnat
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ion C) accrual D) escheat - ANSWER- escheat
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Physical land and appurtenances attached to the land is the definition of: A) real property
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B) personal property C) fixture D) real estate - ANSWER- real estate
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"The right to construct and maintain tunnels, subways, subcellars, pipelines, sewers, etc."
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is the definition of ___________ rights. A) chattel B) subsurface C) surface D)air -
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uANSWER- subsurface u




Public limitations on private property rights include all of the following EXCEPT A)CC&R
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s B)taxation C)eminent domain D)escheat - ANSWER- CC&Rs
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Which would NOT be a characteristic of a good appraisal? A) concise B) unsupported
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C) accurate u


D) unbiased - ANSWER- unsupported
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"The party or parties who engage, by employment or contract, an appraiser in a specific as
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signment" is the definition of A) homeowner u u u u u u


B) lender u


C) intended user
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D) client - ANSWER- client
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A legal description is defined as - ANSWER-
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"A description of land that identifies the real estate according to a system established or a
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pproved by law; an exact description that enables the real estate to be located and identifi
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ed."

The three most common systems of legal descriptions are: - ANSWER- -Lot and block
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-Metes and bounds u u


-Rectangular survey u




The lot and block system is defined as (useless without a map) - ANSWER-
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"A system for the legal description of land that refers to parcels' lot and block numbers, w
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hich appear on recorded maps and plats of subdivided land; may also be used for assessm
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ent maps." u




The lot and block system is the most recent of the systems of legal description. It came int
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o common usage in the 1950s with the development of large subdivisions. A lot and block
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description might consist of something like "Lot 72, in Block 13, of Section 10 on Map #12
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56."

Metes and bounds is defined as - ANSWER-
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"A system for the legal description of land that refers to the parcel's boundaries, which ar
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e formed by the point of beginning (POB) and all intermediate points (bounds) and the co
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urses or angular direction of each point (metes)."
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