MCKISSOCK BASIC APPRAISAL PRINCIPLES - LEARNING I FINAL EXAM QUESTIONS AND ANSWERS 100% VERIFIED | LATEST UPDATE 2025|

MCKISSOCK BASIC APPRAISAL PRINCIPLES -
LEARNING I FINAL EXAM QUESTIONS AND
ANSWERS 100% VERIFIED | LATEST UPDATE 2025|

Avclientvhasvrequestedvthatvanvappraiservvaluevavpropertyvthatvisvimprovedvwithvanvoldvdilapidatedvsinglevfa
milyvhome,vandvasksvthevappraiservnotvtovmentionvthevexistencevofvthevhomevinvthevappraisalvreport.vWhichvs
tatementvisvTRUEvregardingvthisvsituation?v-vcorrectvanswer-
Itvwouldvbevmisleadingvifvthevappraiservdidvnotvdisclosevthevexistencevofvthisvstructurevinvthevreport.


"Thevpricevexpectedvforvavwholevproperty,ve.g.,vavhouse,vorvavpartvofvavproperty,ve.g.,vavplumbingvfixture,vthat
visvremovedvfromvthevpremisesvusuallyvforvusevelsewhere"visvthevdefinitionvofv____________vvalue.v-

vcorrectvanswer-Salvage




ReportingvrequirementsvforvrealvpropertyvappraisersvarevsetvforthvinvSTANDARDv___vofvthevUniformvStand
ardsvofvProfessionalvAppraisalvPractice.v-vcorrectvanswer-2


ThevappraisalvstandardsvandvqualificationvcriteriavthatvarevpublishedvbyvThevAppraisalvFoundationvachievevl
egalvauthorityvbyvadoption,vcitationvorvimplementationvbyv-vcorrectvanswer-
Governmentvagenciesvwithvthevpowervtovregulatevorvadministrate


Thev________visvresponsiblevforvestablishingvcriteriavforvindividualsvtovbecomevrealvpropertyvappraisersv-
vcorrectvanswer-AppraiservQualificationvBoard




Thevprinciplevofvsupplyvandvdemandvstatesvthatvthevpricevofvavcommodity,vgood,vorvservicevvariesv________
__,vbutvnotvnecessarilyv_____________,vwithvdemand.v-vcorrectvanswer-directly,vproportionately


Avlotvcontainsv.56vacres.vItvsellsvforv$35,000.vHowvmuchvdidvitvsellvforvpervsquarevfoot?v-vcorrectvanswer-
$1.43


Thev_______vmaintainsvavnationalvregistryvofvstatevcertifiedvandvlicensedvappraisersvwhovareveligiblevtovperf
ormvappraisalsvinvfederallyvrelatedvtransactions.v-vcorrectvanswer-AppraisalvSubcommittee


Whenvestimatingvthevvaluevofvavfireplacevinvavsingle-
familyvhome,vthevmostvimportantvprinciplevisvthevprinciplevofv-vcorrectvanswer-Contribution

, "Thevrightvheldvbyvthevlesseevtovusevandvoccupyvrealvestatevforvavstatedvtermvandvundervthevconditionsvspecifi
edvinvthevlease"visvthevdefinitionvofv-vcorrectvanswer-leaseholdvestate


Youvwantvtovbuyvavhousevforv$243,500.vYouvcanvgetvavloanvforv90%vofvvalue.vYouvwillvalsovhavevtovpayv2.75v
pointsvonvthevloan.vHowvmuchvwillvyouvhavevtovdelivervtovclosingvtovcovervbothvthevdownvpaymentvandvthevl
oanvpoints?v-vcorrectvanswer-$30,376.63


Thevfederalvfinancialvinstitutionsvregulatoryvagenciesvdirectlyvinvolvedvinvfairvlendingvincludevallvofvthevfoll
owingvEXCEPTv-vcorrectvanswer-ASB


Avrectangularvpropertyvmeasuresv320vfeetvbyv574.45vfeet,vandvitvsoldvforv$263,750.vHowvmuchvdidvitvsellvfor
vpervacre?v-vcorrectvanswer-$62,500




Whichvofvthevfollowingvtypesvofvinvestmentsvhasvhistoricallyvgeneratedvthevhighestvreturnvonvinvestment?v-
vcorrectvanswer-RealvEstate




Avmarketvanalysisvexaminesv____________v,vwherevavmarketabilityvanalysisvexaminesv______________.v-
vcorrectvanswer-avtypevofvproperty,vavspecificvproperty




Thevfirstvappraiservorganizationsvwerevformedvinvthev-vcorrectvanswer-1930s


Today,vmostvappraisalvdatavisvsentvtovthevclientvbyv-vcorrectvanswer-
TransmittingvthevappraisalvreportvthroughvanvEDI


Thevmedianvpricevofvhomesvsoldvinvyourvcountyvninevmonthsvagovwasv$217,400.vPricesvhavevbeenvincreasin
gvatvthevratevofv8%vpervyear.vWhatvisvthevmedianvpricevofvhomesvtoday?v-vcorrectvanswer-$230,444


"Thevstudyvofvtheveconomicsvofvindividualvspheresvofvactivityvorvpatternsvandvbehaviors,ve.g.,vavfirm,vanvind
ustry,vavretailvmarket,vavconsumervsegment,vpricing,vlocalvemployment"visvthevdefinitionvofv-
vcorrectvanswer-Microeconomics




Whichvarevcharacteristicvofvtenancyvinvcommon?v-vcorrectvanswer-
novlimitsvtovthevnumbervofvtenantsvinvcommon,vthevownershipvdoesvnotvhavevtovbevinvequalvamounts,vinterest
vcanvbevsoldvorvpassedvtovheirs.