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McKissock Basic Appraisal Principles I Final
Exam Questions and Answers 100% Pass
ASC (Appraisal Subcommittee) - ANS The _____ has oversight authority over state appraisal
boards.
consideration, in writing and signed, and lawful objective - ANS Which of the below is a
requirement of a valid real estate contract?
capital - ANS "The interaction of buyers and sellers who trade long-term or intermediate-
term money instruments" is the definition of the _____________ market.
market study - ANS 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 - ANS A gathering of people for the buying and selling of things" is the definition of
real estate - ANS Which of the following types of investments has historically generated the
highest return on investment?
except property rights - ANS Real estate includes all of the following EXCEPT
Impartiality, objectivity, and independence - ANS The Conduct Section of the ETHICS RULE
states, in part, that an appraiser must perform assignments with
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, ©FYNDLAY 2025 ALL RIGHTS RESERVED
except assessors - ANS All of the following could be participants in a real property market
EXCEPT
EDI, PDF - ANS 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 - ANS A property is owned as tenancy in severalty.
How many owners are there?
cooperative - ANS 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 - ANS A(n) __________ contract is one that is not been fully performed or
completed.
estimate, opinion - ANS Modern definitions of the word "appraisal" have replaced the word
_______ with ________.
leased fee interest - ANS 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 - ANS Trespassing on the domain of another" is the definition of
district - ANS A neighborhood characterized by homogeneous land use, e.g., apartment,
commercial, industrial, agricultural" is the definition of
except knowledgeable buyer and seller - ANS All of the following could lead to a non-arm's-
length transaction EXCEPT
©FYNDLAY 2
McKissock Basic Appraisal Principles I Final
Exam Questions and Answers 100% Pass
ASC (Appraisal Subcommittee) - ANS The _____ has oversight authority over state appraisal
boards.
consideration, in writing and signed, and lawful objective - ANS Which of the below is a
requirement of a valid real estate contract?
capital - ANS "The interaction of buyers and sellers who trade long-term or intermediate-
term money instruments" is the definition of the _____________ market.
market study - ANS 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 - ANS A gathering of people for the buying and selling of things" is the definition of
real estate - ANS Which of the following types of investments has historically generated the
highest return on investment?
except property rights - ANS Real estate includes all of the following EXCEPT
Impartiality, objectivity, and independence - ANS The Conduct Section of the ETHICS RULE
states, in part, that an appraiser must perform assignments with
©FYNDLAY 1
, ©FYNDLAY 2025 ALL RIGHTS RESERVED
except assessors - ANS All of the following could be participants in a real property market
EXCEPT
EDI, PDF - ANS 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 - ANS A property is owned as tenancy in severalty.
How many owners are there?
cooperative - ANS 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 - ANS A(n) __________ contract is one that is not been fully performed or
completed.
estimate, opinion - ANS Modern definitions of the word "appraisal" have replaced the word
_______ with ________.
leased fee interest - ANS 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 - ANS Trespassing on the domain of another" is the definition of
district - ANS A neighborhood characterized by homogeneous land use, e.g., apartment,
commercial, industrial, agricultural" is the definition of
except knowledgeable buyer and seller - ANS All of the following could lead to a non-arm's-
length transaction EXCEPT
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