MCKISSOCK BASIC APPRAISAL PRINCIPLES
I STUDY GUIDE 2026 VERIFIED QUESTIONS
AND DETAILED ANSWERS GRADED A+
⩥ consideration, in writing and signed, and lawful objective.
Answer: Which of the below is a requirement of a valid real estate
contract?
⩥ capital.
Answer: "The interaction of buyers and sellers who trade long-term or
intermediate-term money instruments" is the definition of the
_____________ market.
⩥ market study.
Answer: An analysis of the market conditions of supply, demand, and
pricing for a specific property type in a specific area" is the definition of
⩥ market.
Answer: A gathering of people for the buying and selling of things" is
the definition of
⩥ real estate.
,Answer: Which of the following types of investments has historically
generated the highest return on investment?
⩥ except property rights.
Answer: Real estate includes all of the following EXCEPT
⩥ Impartiality, objectivity, and independence.
Answer: The Conduct Section of the ETHICS RULE states, in part, that
an appraiser must perform assignments with
⩥ except assessors.
Answer: All of the following could be participants in a real property
market EXCEPT
⩥ EDI, PDF.
Answer: Twenty years ago, most appraisal reports that were sent
electronically were sent using _____ technology; today, most appraisals
are sent electronically using a _______ format.
⩥ not enough information to determine.
Answer: A property is owned as tenancy in severalty. How many owners
are there?
⩥ cooperative.
, Answer: 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?
⩥ executory.
Answer: A(n) __________ contract is one that is not been fully
performed or completed.
⩥ estimate, opinion.
Answer: Modern definitions of the word "appraisal" have replaced the
word _______ with ________.
⩥ leased fee interest.
Answer: 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
⩥ encroachment.
Answer: Trespassing on the domain of another" is the definition of
⩥ district.
Answer: A neighborhood characterized by homogeneous land use, e.g.,
apartment, commercial, industrial, agricultural" is the definition of
I STUDY GUIDE 2026 VERIFIED QUESTIONS
AND DETAILED ANSWERS GRADED A+
⩥ consideration, in writing and signed, and lawful objective.
Answer: Which of the below is a requirement of a valid real estate
contract?
⩥ capital.
Answer: "The interaction of buyers and sellers who trade long-term or
intermediate-term money instruments" is the definition of the
_____________ market.
⩥ market study.
Answer: An analysis of the market conditions of supply, demand, and
pricing for a specific property type in a specific area" is the definition of
⩥ market.
Answer: A gathering of people for the buying and selling of things" is
the definition of
⩥ real estate.
,Answer: Which of the following types of investments has historically
generated the highest return on investment?
⩥ except property rights.
Answer: Real estate includes all of the following EXCEPT
⩥ Impartiality, objectivity, and independence.
Answer: The Conduct Section of the ETHICS RULE states, in part, that
an appraiser must perform assignments with
⩥ except assessors.
Answer: All of the following could be participants in a real property
market EXCEPT
⩥ EDI, PDF.
Answer: Twenty years ago, most appraisal reports that were sent
electronically were sent using _____ technology; today, most appraisals
are sent electronically using a _______ format.
⩥ not enough information to determine.
Answer: A property is owned as tenancy in severalty. How many owners
are there?
⩥ cooperative.
, Answer: 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?
⩥ executory.
Answer: A(n) __________ contract is one that is not been fully
performed or completed.
⩥ estimate, opinion.
Answer: Modern definitions of the word "appraisal" have replaced the
word _______ with ________.
⩥ leased fee interest.
Answer: 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
⩥ encroachment.
Answer: Trespassing on the domain of another" is the definition of
⩥ district.
Answer: A neighborhood characterized by homogeneous land use, e.g.,
apartment, commercial, industrial, agricultural" is the definition of
