McKissock Basic Appraisal Principles I Final Exam Quiz(90 QUESTIONS) WITH COMPLETE SOLUTIONS

The _____ has oversight authority over state appraisal boards. CORRECT ANSWERS: ASC (Appraisal Subcommittee) Which of the below is a requirement of a valid real estate contract? CORRECT ANSWERS: 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 ANSWERS: 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 ANSWERS: market study A gathering of people for the buying and selling of things" is the definition of CORRECT ANSWERS: market Which of the following types of investments has historically generated the highest return on investment? CORRECT ANSWERS: real estate Real estate includes all of the following EXCEPT CORRECT ANSWERS: except property rights The Conduct Section of the ETHICS RULE states, in part, that an appraiser must perform assignments with CORRECT ANSWERS: Impartiality, objectivity, and independence All of the following could be participants in a real property market EXCEPT CORRECT ANSWERS: 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 ANSWERS: EDI, PDF A property is owned as tenancy in severalty. How many owners are there? CORRECT ANSWERS: 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 ANSWERS: cooperative A(n) __________ contract is one that is not been fully performed or completed. CORRECT ANSWERS: executory Modern definitions of the word "appraisal" have replaced the word _______ with ________. CORRECT ANSWERS: estimate, opinion