McKissock Basic Appraisal Principles I
Final Exam Quiz With Correct Answers
The _____ has oversight authority over state appraisal boards. - CORRECT
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ANSWER✔✔-ASC (Appraisal Subcommittee) | |
Which of the below is a requirement of a valid real estate contract? - CORRECT
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ANSWER✔✔-consideration, in writing and signed, and lawful objective | | | | | | |
"The interaction of buyers and sellers who trade long-term or intermediate-term
| | | | | | | | | | |
money instruments" is the definition of the _____________ market. - CORRECT
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ANSWER✔✔-capital
An analysis of the market conditions of supply, demand, and pricing for a specific
| | | | | | | | | | | | | |
property type in a specific area" is the definition of - CORRECT ANSWER✔✔-
| | | | | | | | | | | |
market study |
A gathering of people for the buying and selling of things" is the definition of -
| | | | | | | | | | | | | | | |
CORRECT ANSWER✔✔-market |
Which of the following types of investments has historically generated the
| | | | | | | | | | |
highest return on investment? - CORRECT ANSWER✔✔-real estate
| | | | | | |
Real estate includes all of the following EXCEPT - CORRECT ANSWER✔✔-except
| | | | | | | | | | |
property rights |
The Conduct Section of the ETHICS RULE states, in part, that an appraiser must
| | | | | | | | | | | | | |
perform assignments with - CORRECT ANSWER✔✔-Impartiality, objectivity, and
| | | | | | | |
independence
, All of the following could be participants in a real property market EXCEPT -
| | | | | | | | | | | | | |
CORRECT ANSWER✔✔-except assessors | |
Twenty years ago, most appraisal reports that were sent electronically were sent
| | | | | | | | | | | |
using _____ technology; today, most appraisals are sent electronically using a
| | | | | | | | | | |
_______ format. - CORRECT ANSWER✔✔-EDI, PDF
| | | | |
A property is owned as tenancy in severalty. How many owners are there? -
| | | | | | | | | | | | | |
CORRECT ANSWER✔✔-not enough information to determine
| | | | |
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? - CORRECT ANSWER✔✔-cooperative
| | | |
A(n) __________ contract is one that is not been fully performed or completed. -
| | | | | | | | | | | | | |
CORRECT ANSWER✔✔-executory |
Modern definitions of the word "appraisal" have replaced the word _______ with
| | | | | | | | | | |
________. - CORRECT ANSWER✔✔-estimate, opinion
| | | | |
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 - CORRECT ANSWER✔✔-leased fee interest
| | | | | | | | |
Trespassing on the domain of another" is the definition of - CORRECT
| | | | | | | | | | | |
ANSWER✔✔-encroachment
A neighborhood characterized by homogeneous land use, e.g., apartment,
| | | | | | | | |
commercial, industrial, agricultural" is the definition of - CORRECT ANSWER✔✔-
| | | | | | | | |
district
Final Exam Quiz With Correct Answers
The _____ has oversight authority over state appraisal boards. - CORRECT
| | | | | | | | | | |
ANSWER✔✔-ASC (Appraisal Subcommittee) | |
Which of the below is a requirement of a valid real estate contract? - CORRECT
| | | | | | | | | | | | | | |
ANSWER✔✔-consideration, in writing and signed, and lawful objective | | | | | | |
"The interaction of buyers and sellers who trade long-term or intermediate-term
| | | | | | | | | | |
money instruments" is the definition of the _____________ market. - CORRECT
| | | | | | | | | | |
ANSWER✔✔-capital
An analysis of the market conditions of supply, demand, and pricing for a specific
| | | | | | | | | | | | | |
property type in a specific area" is the definition of - CORRECT ANSWER✔✔-
| | | | | | | | | | | |
market study |
A gathering of people for the buying and selling of things" is the definition of -
| | | | | | | | | | | | | | | |
CORRECT ANSWER✔✔-market |
Which of the following types of investments has historically generated the
| | | | | | | | | | |
highest return on investment? - CORRECT ANSWER✔✔-real estate
| | | | | | |
Real estate includes all of the following EXCEPT - CORRECT ANSWER✔✔-except
| | | | | | | | | | |
property rights |
The Conduct Section of the ETHICS RULE states, in part, that an appraiser must
| | | | | | | | | | | | | |
perform assignments with - CORRECT ANSWER✔✔-Impartiality, objectivity, and
| | | | | | | |
independence
, All of the following could be participants in a real property market EXCEPT -
| | | | | | | | | | | | | |
CORRECT ANSWER✔✔-except assessors | |
Twenty years ago, most appraisal reports that were sent electronically were sent
| | | | | | | | | | | |
using _____ technology; today, most appraisals are sent electronically using a
| | | | | | | | | | |
_______ format. - CORRECT ANSWER✔✔-EDI, PDF
| | | | |
A property is owned as tenancy in severalty. How many owners are there? -
| | | | | | | | | | | | | |
CORRECT ANSWER✔✔-not enough information to determine
| | | | |
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? - CORRECT ANSWER✔✔-cooperative
| | | |
A(n) __________ contract is one that is not been fully performed or completed. -
| | | | | | | | | | | | | |
CORRECT ANSWER✔✔-executory |
Modern definitions of the word "appraisal" have replaced the word _______ with
| | | | | | | | | | |
________. - CORRECT ANSWER✔✔-estimate, opinion
| | | | |
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 - CORRECT ANSWER✔✔-leased fee interest
| | | | | | | | |
Trespassing on the domain of another" is the definition of - CORRECT
| | | | | | | | | | | |
ANSWER✔✔-encroachment
A neighborhood characterized by homogeneous land use, e.g., apartment,
| | | | | | | | |
commercial, industrial, agricultural" is the definition of - CORRECT ANSWER✔✔-
| | | | | | | | |
district
