McKissock Basic Appraisal Principles I Final Exam Quiz with complete verified solutions already graded A+

ASC (Appraisal Subcommittee) The _____ has oversight authority over state appraisal boards. consideration, in writing and signed, and lawful objective Which of the below is a requirement of a valid real estate contract? 5 Sanity-Saving Tips for Arguing on the Internet Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:16 / 1:27 Full screen capital "The interaction of buyers and sellers who trade long-term or intermediate-term money instruments" is the definition of the _____________ market. market study 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 A gathering of people for the buying and selling of things" is the definition of real estate Which of the following types of investments has historically generated the highest return on investment? except property rights Real estate includes all of the following EXCEPT Impartiality, objectivity, and independence The Conduct Section of the ETHICS RULE states, in part, that an appraiser must perform assignments with except assessors All of the following could be participants in a real property market EXCEPT EDI, PDF 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 A property is owned as tenancy in severalty. How many owners are there? cooperative 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 A(n) __________ contract is one that is not been fully performed or completed. estimate, opinion Modern definitions of the word "appraisal" have replaced the word _______ with ________. leased fee interest 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 Trespassing on the domain of another" is the definition of district A neighborhood characterized by homogeneous land use, e.g., apartment, commercial, industrial, agricultural" is the definition of except knowledgeable buyer and seller All of the following could lead to a non-arm's-length transaction EXCEPT government agencies The appraisal standards and qualification criteria promulgated by the boards of The Appraisal Foundation achieves legal authority by adoption, citation or implementation by partnership A business arrangement in which two or more persons jointly own a business and share in its profits and losses" is the definition of Price and value can be the same in some situations. Which statement about price, cost, and value is TRUE? Appraisal Subcommittee The _______ maintains a national registry of state certified and licensed appraisers who are eligible to perform appraisals in federally related transactions. deed restriction and mechanic's lien Which two of the following would be private restrictions on property rights? leasehold estate The right held by the lessee to use and occupy real estate for a stated term and under the conditions specified in the lease" is the definition of externalities A homeowner fears the construction of a factory nearby will decrease the value of her property. This illustrates the principle of late 1990's Electronic Data Interchange for transmitting appraisal reports became popular in the disclose The Management Section of the ETHICS RULE states, in part, "An appraiser must __________ that he or she paid a fee or commission, or gave a thing of value in connection with the procurement of an assignment. opinion, value An appraisal is defined as the act or process of developing an ________ of _______. Fannie Mae and Freddic Mac In the 1970s, who developed uniform rules for mortgage underwriting? transferable development rights Property Owner A has the right to develop his property into 10 lots. He sells this right to nearby Property Owner B who wishes to develop his property into additional lots. This is an example of 4320 A rancher owns six full sections plus three quarter sections. How many acres is that? 200 The current number of appraisal education hours required for Certified Residential Appraiser applicants is ______ hours. prior transfer date and purchase price In analyzing a real estate purchase contract you should be able to find all of the following items EXCEPT the Appraisal Standards Board Who retains final authority over revisions to USPAP? except FHA The primary operators in the secondary mortgage market include all of the following EXCEPT there is a three-year supply of homes currently for sale In a particular market, there is a demand for 500 houses per year, and there are currently 1,500 houses for sale. What does this most likely indicate? there is a right of survivorship Which is NOT a characteristic of tenancy in common? trustee In a trust deed state, title to a property is vested in the __________ until the mortgage lien is satisfied. escheat Which of these would be considered a public restriction on real property ownership? FIRST The ETHICS RULE of USPAP is the ________ of five Rules in USPAP. REIT (Real Estate Investment Trust) What is a corporation or trust that functions like a mutual fund for real estate, by combining the capital of many investors to acquire real estate? except Fannie Mae The federal financial institutions regulatory agencies directly involved in fair lending include all of the following EXCEPT client The party or parties who engage, by employment or contract, an appraiser in a specific assignment" is the definition of 2 Reporting requirements for real property appraisers are set forth in STANDARD ___ of the Uniform Standards of Professional Appraisal Practice. not for profit organization The Appraisal Foundation is a labor, entrepreneurial coordination The four agents of production are land, ________, capital, and _____________. government agencies with the power to regulate or administrate The appraisal standards and qualification criteria that are published by The Appraisal Foundation achieve legal authority by adoption, citation or implementation by adjustable rate A mortgage in which the interest rate may move up or down, following a specified schedule or in accordance with the movements of a standard or index to which it is tied" is the definition of a(n) ______________ mortgage. USPAP The nationally-recognized ethical and performance standards for appraisers are known as It is not limited by governmental powers. Which is NOT true of a fee simple estate? real property, personal property, and business/intangible property USPAP includes performance standards for the appraisal of Appraisal Qualifications Board The ________ is responsible for establishing criteria for individuals to become real property appraisers. access right of way Which of the following would NOT be considered a negative easement? imperfect The real property market is generally classified as a(n) __________ market. ASC The ______ maintains a National Registry of appraisers. building codes, zoning, environmental regulations Police power would include which of the following sound waves Sonic measuring devices employ _____________ to take measurements. public trust The primary purpose of USPAP is to protect regression In appraisal, the concept that a higher-priced property will be worth less in a lower-priced neighborhood than it would in a neighborhood of comparable properties" is the definition of the principle of