Basic Appraisal Principles - Mckissock
Learning Exam Questions and Answers
100% Pass
A client has requested that an appraiser value a property that is improved with an old
dilapidated single family home, and asks the appraiser not to mention the existence of
the home in the appraisal report. Which statement is TRUE regarding this situation? -
✔✔It would be misleading if the appraiser did not disclose the existence of this
structure in the report.
"The price expected for a whole property, e.g., a house, or a part of a property, e.g., a
plumbing fixture, that is removed from the premises usually for use elsewhere" is the
definition of ____________ value. - ✔✔Salvage
Reporting requirements for real property appraisers are set forth in STANDARD ___ of
the Uniform Standards of Professional Appraisal Practice. - ✔✔2
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, The appraisal standards and qualification criteria that are published by The Appraisal
Foundation achieve legal authority by adoption, citation or implementation by -
✔✔Government agencies with the power to regulate or administrate
The ________ is responsible for establishing criteria for individuals to become real
property appraisers - ✔✔Appraiser Qualification Board
The principle of supply and demand states that the price of a commodity, good, or
service varies __________, but not necessarily _____________, with demand. -
✔✔directly, proportionately
A lot contains .56 acres. It sells for $35,000. How much did it sell for per square foot? -
✔✔$1.43
The _______ maintains a national registry of state certified and licensed appraisers who
are eligible to perform appraisals in federally related transactions. - ✔✔Appraisal
Subcommittee
When estimating the value of a fireplace in a single-family home, the most important
principle is the principle of - ✔✔Contribution
"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 - ✔✔leasehold estate
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Learning Exam Questions and Answers
100% Pass
A client has requested that an appraiser value a property that is improved with an old
dilapidated single family home, and asks the appraiser not to mention the existence of
the home in the appraisal report. Which statement is TRUE regarding this situation? -
✔✔It would be misleading if the appraiser did not disclose the existence of this
structure in the report.
"The price expected for a whole property, e.g., a house, or a part of a property, e.g., a
plumbing fixture, that is removed from the premises usually for use elsewhere" is the
definition of ____________ value. - ✔✔Salvage
Reporting requirements for real property appraisers are set forth in STANDARD ___ of
the Uniform Standards of Professional Appraisal Practice. - ✔✔2
100% Pass Guarantee Emilly Charlotte, All Rights Reserved © 2025 1
, The appraisal standards and qualification criteria that are published by The Appraisal
Foundation achieve legal authority by adoption, citation or implementation by -
✔✔Government agencies with the power to regulate or administrate
The ________ is responsible for establishing criteria for individuals to become real
property appraisers - ✔✔Appraiser Qualification Board
The principle of supply and demand states that the price of a commodity, good, or
service varies __________, but not necessarily _____________, with demand. -
✔✔directly, proportionately
A lot contains .56 acres. It sells for $35,000. How much did it sell for per square foot? -
✔✔$1.43
The _______ maintains a national registry of state certified and licensed appraisers who
are eligible to perform appraisals in federally related transactions. - ✔✔Appraisal
Subcommittee
When estimating the value of a fireplace in a single-family home, the most important
principle is the principle of - ✔✔Contribution
"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 - ✔✔leasehold estate
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