©THESTAR 2025 ALL RIGHTS RESERVED 11:44 AM A+
Basic Appraisal Principles - Mckissock
Learning. Exam Questions And Answers
|Latest 2025 | Guaranteed 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? - Answer✔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. - Answer✔Salvage
Reporting requirements for real property appraisers are set forth in STANDARD ___ of the
Uniform Standards of Professional Appraisal Practice. - Answer✔2
The appraisal standards and qualification criteria that are published by The Appraisal
Foundation achieve legal authority by adoption, citation or implementation by -
Answer✔Government agencies with the power to regulate or administrate
The ________ is responsible for establishing criteria for individuals to become real property
appraisers - Answer✔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. - Answer✔directly,
proportionately
1|Page
, ©THESTAR 2025 ALL RIGHTS RESERVED 11:44 AM A+
A lot contains .56 acres. It sells for $35,000. How much did it sell for per square foot? -
Answer✔$1.43
The _______ maintains a national registry of state certified and licensed appraisers who are
eligible to perform appraisals in federally related transactions. - Answer✔Appraisal
Subcommittee
When estimating the value of a fireplace in a single-family home, the most important principle
is the principle of - Answer✔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 - Answer✔leasehold estate
You want to buy a house for $243,500. You can get a loan for 90% of value. You will also have to
pay 2.75 points on the loan. How much will you have to deliver to closing to cover both the
down payment and the loan points? - Answer✔$30,376.63
The federal financial institutions regulatory agencies directly involved in fair lending include all
of the following EXCEPT - Answer✔ASB
A rectangular property measures 320 feet by 574.45 feet, and it sold for $263,750. How much
did it sell for per acre? - Answer✔$62,500
Which of the following types of investments has historically generated the highest return on
investment? - Answer✔Real Estate
A market analysis examines ____________ , where a marketability analysis examines
______________. - Answer✔a type of property, a specific property
The first appraiser organizations were formed in the - Answer✔1930s
Today, most appraisal data is sent to the client by - Answer✔Transmitting the appraisal report
through an EDI
2|Page
Basic Appraisal Principles - Mckissock
Learning. Exam Questions And Answers
|Latest 2025 | Guaranteed 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? - Answer✔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. - Answer✔Salvage
Reporting requirements for real property appraisers are set forth in STANDARD ___ of the
Uniform Standards of Professional Appraisal Practice. - Answer✔2
The appraisal standards and qualification criteria that are published by The Appraisal
Foundation achieve legal authority by adoption, citation or implementation by -
Answer✔Government agencies with the power to regulate or administrate
The ________ is responsible for establishing criteria for individuals to become real property
appraisers - Answer✔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. - Answer✔directly,
proportionately
1|Page
, ©THESTAR 2025 ALL RIGHTS RESERVED 11:44 AM A+
A lot contains .56 acres. It sells for $35,000. How much did it sell for per square foot? -
Answer✔$1.43
The _______ maintains a national registry of state certified and licensed appraisers who are
eligible to perform appraisals in federally related transactions. - Answer✔Appraisal
Subcommittee
When estimating the value of a fireplace in a single-family home, the most important principle
is the principle of - Answer✔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 - Answer✔leasehold estate
You want to buy a house for $243,500. You can get a loan for 90% of value. You will also have to
pay 2.75 points on the loan. How much will you have to deliver to closing to cover both the
down payment and the loan points? - Answer✔$30,376.63
The federal financial institutions regulatory agencies directly involved in fair lending include all
of the following EXCEPT - Answer✔ASB
A rectangular property measures 320 feet by 574.45 feet, and it sold for $263,750. How much
did it sell for per acre? - Answer✔$62,500
Which of the following types of investments has historically generated the highest return on
investment? - Answer✔Real Estate
A market analysis examines ____________ , where a marketability analysis examines
______________. - Answer✔a type of property, a specific property
The first appraiser organizations were formed in the - Answer✔1930s
Today, most appraisal data is sent to the client by - Answer✔Transmitting the appraisal report
through an EDI
2|Page
