MCKISSOCK BASIC APPRAISAL
PRINCIPLES I FINAL STUDY GUIDE 2026
COMPLETE QUESTIONS AND ANSWERS.
▶ Fannie Mae and Freddie Mac created the Uniform Mortgage Data
Program (UMDP) for the purpose of. Answer: Standardizing appraisal
data
Standardizing lending data provided to Fannie Mae and Freddie Mac
Protecting sensitive data
▶ UAD compliance is required for single-family appraisal reports
prepared for. Answer: all of these; VA loan, FHA loan, a conventional
loan that is going to be sold to Fannie Mae
▶ What would be the correct way to format the date March 15, 2013 in
a UAD-compliant appraisal report? Answer: 03/15/2013
▶ Land is a long lasting asset, and has a long economic life as compared
to other assets. What characteristic of land does this refer to? Answer:
durability
▶ An appraisal is best described as. Answer: an opinion of value
,▶ "An identified parcel or tract of land, including improvements, if any"
is the definition of. Answer: real estate
▶ Modern definitions of the word "appraisal" have replaced the word
_______ with ________.. Answer: estimate, opinion
▶ The public restriction on property rights that allows the government to
place a lien on a property is. Answer: taxation
▶ Physical land and appurtenances attached to the land is the definition
of. Answer: real estate
▶ An appraisal is a( n) ____________ of value.. Answer: opinion
▶ Which of the following would MOST LIKELY be considered
personal property? Answer: window air conditioner
▶ Which is NOT considered to be real estate? Answer: property rights
▶ The process of eminent domain is administered through. Answer:
condemnation
,▶ Which is NOT a public restriction of private property rights? Answer:
easement
▶ "The earth's surface, both land and water, and anything that is
attached to it whether by the course of nature or human hands" is the
definition of. Answer: real estate
▶ "The interests, benefits, and rights, inherent in the ownership of real
estate" is the definition of. Answer: real property
▶ Trade fixtures are most commonly found in ___________ property..
Answer: rented commercial property
▶ "A pledge of a described property interest as collateral or security for
the repayment of a loan under certain terms and conditions" is the
definition of. Answer: Mortgage
▶ "A document or a clause in a document in which the borrower accepts
responsibility for the repayment of a debt" is the definition of. Answer:
Mortgage Note
▶ Physical land and appurtenances attached to the land is the definition
of. Answer: Real Estate
, ▶ Police power would include all of the following EXCEPT. Answer:
Taxation
▶ A rectangular lot measures 222.5 feet by 1372.25 feet. How many
acres is this? Answer: 7.01
▶ Which system of legal descriptions came into common usage in the
1950s with the development of large subdivisions? Answer: Lot and
block
▶ Which system of legal description is the earliest of systems used in
the U.S.? Answer: Metes and bounds
▶ How many acres are in a quarter-section? Answer: Section =640
*640/4= 160
▶ Which system of legal descriptions is based on standardized
measurements and consistent rectangles and squares? Answer:
Rectangular survey
▶ A farmer purchased a half-section for $456,000. How much did he
pay for the property per acre? Answer: *640/2 = 320
456,000/320= 1425
PRINCIPLES I FINAL STUDY GUIDE 2026
COMPLETE QUESTIONS AND ANSWERS.
▶ Fannie Mae and Freddie Mac created the Uniform Mortgage Data
Program (UMDP) for the purpose of. Answer: Standardizing appraisal
data
Standardizing lending data provided to Fannie Mae and Freddie Mac
Protecting sensitive data
▶ UAD compliance is required for single-family appraisal reports
prepared for. Answer: all of these; VA loan, FHA loan, a conventional
loan that is going to be sold to Fannie Mae
▶ What would be the correct way to format the date March 15, 2013 in
a UAD-compliant appraisal report? Answer: 03/15/2013
▶ Land is a long lasting asset, and has a long economic life as compared
to other assets. What characteristic of land does this refer to? Answer:
durability
▶ An appraisal is best described as. Answer: an opinion of value
,▶ "An identified parcel or tract of land, including improvements, if any"
is the definition of. Answer: real estate
▶ Modern definitions of the word "appraisal" have replaced the word
_______ with ________.. Answer: estimate, opinion
▶ The public restriction on property rights that allows the government to
place a lien on a property is. Answer: taxation
▶ Physical land and appurtenances attached to the land is the definition
of. Answer: real estate
▶ An appraisal is a( n) ____________ of value.. Answer: opinion
▶ Which of the following would MOST LIKELY be considered
personal property? Answer: window air conditioner
▶ Which is NOT considered to be real estate? Answer: property rights
▶ The process of eminent domain is administered through. Answer:
condemnation
,▶ Which is NOT a public restriction of private property rights? Answer:
easement
▶ "The earth's surface, both land and water, and anything that is
attached to it whether by the course of nature or human hands" is the
definition of. Answer: real estate
▶ "The interests, benefits, and rights, inherent in the ownership of real
estate" is the definition of. Answer: real property
▶ Trade fixtures are most commonly found in ___________ property..
Answer: rented commercial property
▶ "A pledge of a described property interest as collateral or security for
the repayment of a loan under certain terms and conditions" is the
definition of. Answer: Mortgage
▶ "A document or a clause in a document in which the borrower accepts
responsibility for the repayment of a debt" is the definition of. Answer:
Mortgage Note
▶ Physical land and appurtenances attached to the land is the definition
of. Answer: Real Estate
, ▶ Police power would include all of the following EXCEPT. Answer:
Taxation
▶ A rectangular lot measures 222.5 feet by 1372.25 feet. How many
acres is this? Answer: 7.01
▶ Which system of legal descriptions came into common usage in the
1950s with the development of large subdivisions? Answer: Lot and
block
▶ Which system of legal description is the earliest of systems used in
the U.S.? Answer: Metes and bounds
▶ How many acres are in a quarter-section? Answer: Section =640
*640/4= 160
▶ Which system of legal descriptions is based on standardized
measurements and consistent rectangles and squares? Answer:
Rectangular survey
▶ A farmer purchased a half-section for $456,000. How much did he
pay for the property per acre? Answer: *640/2 = 320
456,000/320= 1425
