Sales Comparison Approach McKissock
Class 2026 Exam Questions and
Answers | A+ Score Assured
What is created in the mind of an individual or market participant? - 🧠
ANSWER ✔✔Value
What is the motivation of an individual, group of persons, or business entity
involving the purchase of an item? - 🧠 ANSWER ✔✔Desire
As the term applies to appraisal, transferability refers to the number of
goods and services that can be purchased with a unit of currency. (T/F) - 🧠
ANSWER ✔✔True
,What does not include physical mobility, but rather the control and
possession of all the rights of ownership? - 🧠 ANSWER ✔✔Purchasing
Power
As it refers to real property appraisal, what word is best used to describe
"value"? - 🧠 ANSWER ✔✔Opinion
Value is a fact, or an estimate of fact. (T/F) - 🧠 ANSWER ✔✔False
USPAP cautions appraisers to use the definition of market value that is
specified in the DEFINITIONS section of USPAP. (T/F) - 🧠 ANSWER
✔✔False
Which statement is TRUE regarding appraisers and value? - 🧠 ANSWER
✔✔Market value is only one type of value; appraisers estimate other types
of value as well.
It is important for appraisers to consider the specific definition of value that
is appropriate for the appraisal assignment being undertaken. (T/F) - 🧠
ANSWER ✔✔True
The rights and benefits inherent in the ownership of a parcel of land would
be defined as: - 🧠 ANSWER ✔✔Real Property - It is commonly understood
,that real estate is the land and everything permanently attached thereto,
while real property consists of the rights and benefits inherent in ownership.
(Chapter 1 - The Importance of Value)
USPAP cautions appraisers to use the definition of market value that is
specified in the DEFINITIONS section of USPAP. (T/F) - 🧠 ANSWER
✔✔False - In its DEFINITIONS section, USPAP does not set forth a
specific definition of market value; instead it provides a somewhat generic
overview of the concept. Instead of providing a specific market value
definition, USPAP cautions appraisers to identify the exact definition of
value and its authority, in every market value appraisal. (Chapter 1 -
USPAP and Value Definition)
If an appraiser is valuing real property by sales comparison, whose actions
is he or she LEAST likely to consider? - 🧠 ANSWER ✔✔Government
Agencies
Which phrase is an example of economic equilibrium? - 🧠 ANSWER
✔✔The quantity demanded is equal to the quantity supplied.
What is the loss of income that results from not choosing an alternative? - 🧠
ANSWER ✔✔Opportunity Cost
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
3
, Which principle equally applies to residential and commercial properties? -
🧠 ANSWER ✔✔Substitution
The principle of substitution does not apply to non-owner-occupied
commercial properties. (T/F) - 🧠 ANSWER ✔✔False
What adds the most value to land and the improvements? - 🧠 ANSWER
✔✔When the property is used for its highest and best use
Which methods are most appropriate to the sales comparison approach? -
🧠 ANSWER ✔✔Economics and Statistics
Why is the real estate market considered inefficient? - 🧠 ANSWER ✔✔The
real estate market is complex. -
Because of the lack of readily available information during many of the
various levels of a transaction. -
It takes a relatively long time to improve a parcel of real estate.
The growth rate is higher in Community A than Community B, because
Community A has public water and sewage available. As a result, property
values are higher in Community A. This is an example of what force
affecting the market? - 🧠 ANSWER ✔✔Environmental - Environmental or
Class 2026 Exam Questions and
Answers | A+ Score Assured
What is created in the mind of an individual or market participant? - 🧠
ANSWER ✔✔Value
What is the motivation of an individual, group of persons, or business entity
involving the purchase of an item? - 🧠 ANSWER ✔✔Desire
As the term applies to appraisal, transferability refers to the number of
goods and services that can be purchased with a unit of currency. (T/F) - 🧠
ANSWER ✔✔True
,What does not include physical mobility, but rather the control and
possession of all the rights of ownership? - 🧠 ANSWER ✔✔Purchasing
Power
As it refers to real property appraisal, what word is best used to describe
"value"? - 🧠 ANSWER ✔✔Opinion
Value is a fact, or an estimate of fact. (T/F) - 🧠 ANSWER ✔✔False
USPAP cautions appraisers to use the definition of market value that is
specified in the DEFINITIONS section of USPAP. (T/F) - 🧠 ANSWER
✔✔False
Which statement is TRUE regarding appraisers and value? - 🧠 ANSWER
✔✔Market value is only one type of value; appraisers estimate other types
of value as well.
It is important for appraisers to consider the specific definition of value that
is appropriate for the appraisal assignment being undertaken. (T/F) - 🧠
ANSWER ✔✔True
The rights and benefits inherent in the ownership of a parcel of land would
be defined as: - 🧠 ANSWER ✔✔Real Property - It is commonly understood
,that real estate is the land and everything permanently attached thereto,
while real property consists of the rights and benefits inherent in ownership.
(Chapter 1 - The Importance of Value)
USPAP cautions appraisers to use the definition of market value that is
specified in the DEFINITIONS section of USPAP. (T/F) - 🧠 ANSWER
✔✔False - In its DEFINITIONS section, USPAP does not set forth a
specific definition of market value; instead it provides a somewhat generic
overview of the concept. Instead of providing a specific market value
definition, USPAP cautions appraisers to identify the exact definition of
value and its authority, in every market value appraisal. (Chapter 1 -
USPAP and Value Definition)
If an appraiser is valuing real property by sales comparison, whose actions
is he or she LEAST likely to consider? - 🧠 ANSWER ✔✔Government
Agencies
Which phrase is an example of economic equilibrium? - 🧠 ANSWER
✔✔The quantity demanded is equal to the quantity supplied.
What is the loss of income that results from not choosing an alternative? - 🧠
ANSWER ✔✔Opportunity Cost
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
3
, Which principle equally applies to residential and commercial properties? -
🧠 ANSWER ✔✔Substitution
The principle of substitution does not apply to non-owner-occupied
commercial properties. (T/F) - 🧠 ANSWER ✔✔False
What adds the most value to land and the improvements? - 🧠 ANSWER
✔✔When the property is used for its highest and best use
Which methods are most appropriate to the sales comparison approach? -
🧠 ANSWER ✔✔Economics and Statistics
Why is the real estate market considered inefficient? - 🧠 ANSWER ✔✔The
real estate market is complex. -
Because of the lack of readily available information during many of the
various levels of a transaction. -
It takes a relatively long time to improve a parcel of real estate.
The growth rate is higher in Community A than Community B, because
Community A has public water and sewage available. As a result, property
values are higher in Community A. This is an example of what force
affecting the market? - 🧠 ANSWER ✔✔Environmental - Environmental or
