McKissock Basic Appraisal Principles I Final Exam Quiz

ASC (Appraisal Subcommittee) - correct answer-The _____ has oversight authority over state appraisal boards. consideration, in writing and signed, and lawful objective - correct answer-Which of the below is a requirement of a valid real estate contract? capital - correct answer-"The interaction of buyers and sellers who trade long-term or intermediate-term money instruments" is the definition of the _____________ market. market study - correct 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 - correct answer-A gathering of people for the buying and selling of things" is the definition of real estate - correct answer-Which of the following types of investments has historically generated the highest return on investment? except property rights - correct answer-Real estate includes all of the following EXCEPT Impartiality, objectivity, and independence - correct answer-The Conduct Section of the ETHICS RULE states, in part, that an appraiser must perform assignments with except assessors - correct answer-All of the following could be participants in a real property market EXCEPT EDI, PDF - correct 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 - correct answer-A property is owned as tenancy in severalty. How many owners are there? cooperative - correct 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 - correct answer-A(n) __________ contract is one that is not been fully performed or completed. estimate, opinion - correct answer-Modern definitions of the word "appraisal" have replaced the word _______ with ________. leased fee interest - correct 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 - correct answer-Trespassing on the domain of another" is the definition of district - correct answer-A neighborhood characterized by homogeneous land use, e.g., apartment, commercial, industrial, agricultural" is the definition of except knowledgeable buyer and seller - correct answer-All of the following could lead to a non-arm's-length transaction EXCEPT government agencies - correct answer-The appraisal standards and qualification criteria promulgated by the boards of The Appraisal Foundation achieves legal authority by adoption, citation or implementation by partnership - correct answer-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. - correct answer-Which statement about price, cost, and value is TRUE? Appraisal Subcommittee - correct answer-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 - correct answer-Which two of the following would be private restrictions on property rights? leasehold estate - correct answer-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 - correct answer-A homeowner fears the construction of a factory nearby will decrease the value of her property. This illustrates the principle of late 1990's - correct answer-Electronic Data Interchange for transmitting appraisal reports became popular in the disclose - correct answer-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 - correct answer-An appraisal is defined as the act or process of developing an ________ of _______. Fannie Mae and Freddic Mac - correct answer-In the 1970s, who developed uniform rules for mortgage underwriting? transferable development rights - correct answer-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 - correct answer-A rancher owns six full sections plus three quarter sections. How many acres is that? 200 - correct answer-The current number of appraisal education hours required for Certified Residential Appraiser applicants is ______ hours. prior transfer date and purchase price - correct answer-In analyzing a real estate purchase contract you should be able to find all of the following items EXCEPT the Appraisal Standards Board - correct answer-Who retains final authority over revisions to USPAP? except FHA - correct answer-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 - correct answer-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 - correct answer-Which is NOT a characteristic of tenancy in common?