Basic Appraisal Principles - Mckissock Learning Exam Questions and Answers 100% Pass

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 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 2100% Pass Guarantee Emily Charlene All Rights Reserved © 2025 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 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? - $30,376.63 The federal financial institutions regulatory agencies directly involved in fair lending include all of the following EXCEPT - 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? - $62,500 Which of the following types of investments has historically generated the highest return on investment? - Real Estate A market analysis examines ____________ , where a marketability analysis examines ______________. - a type of property, a specific property 3100% Pass Guarantee Emily Charlene All Rights Reserved © 2025 The first appraiser organizations were formed in the - 1930s Today, most appraisal data is sent to the client by - Transmitting the appraisal report through an EDI The median price of homes sold in your county nine months ago was $217,400. Prices have been increasing at the rate of 8% per year. What is the median price of homes today? - $230,444 "The study of the economics of individual spheres of activity or patterns and behaviors, e.g., a firm, an industry, a retail market, a consumer segment, pricing, local employment" is the definition of - Microeconomics Which are characteristic of tenancy in common? - no limits to the number of tenants in common, the ownership does not have to be in equal amounts, interest can be sold or passed to heirs. What are a few requirements of a valid real estate contract? - Consideration, in writing and signed, lawful objective. The ______ maintains a National Registry of appraisers. - ASC The four components of the Appraiser Qualification Criteria are: - qualifying education, examination, experience, continuing education Under the current qualification criteria, an applicant for Appraiser Trainee must have completed ___ creditable hours of experience. - 0 "The sum of values for a variable in a sample or population divided by the number of items in the sample or population" is the definition of - Mean "A business arrangement in which two or more persons jointly own a business and share in its profits and losses" is the definition of - Partnership 4100% Pass Guarantee Emily Charlene All Rights Reserved © 2025 "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. - Adjustable Rate The _____ has oversight authority over state appraisal boards. - ASC "The ability of a property or building to be useful and to perform the function for which it is intended according to current market tastes and standards; the efficiency of a building's use in terms of architectural style, design and layout, traffic patterns, and the size and type of rooms" is the definition of - Functional Utility You purchased a house for $120,000, three years ago. Property values increased 3% the first year, 5%, the second year, and 7% the third year. How much is your house worth now? - $138,865 The median price of homes sold in your county 6 months ago was $224,650. Prices have been increasing at the rate of 7% per year. What is the median price of homes today? - $232,513 Forty percent of the houses in a neighborhood are Colonials and 18% are Cape Cods. There are a total of 200 houses. How many are Cape Cods