BASIC APPRAISAL PRINCIPLES MCKISSOCK
LEARNING ONLINE PRACTICE EXAM QUESTIONS
AND CORRECT ANSWERS | ALREADY GRADED A+ |
LATEST EDITION 2025
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? -
CORRECT 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. -CORRECT ANSWER Salvage
Reporting requirements for real property appraisers are set forth in STANDARD ___ of
the Uniform Standards of Professional Appraisal Practice. -CORRECT ANSWER 2
The appraisal standards and qualification criteria that are published by The Appraisal
Foundation achieve legal authority by adoption, citation or implementation by -
CORRECT ANSWER Government agencies with the power to regulate or administrate
The ________ is responsible for establishing criteria for individuals to become real
property appraisers -CORRECT 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. -
CORRECT ANSWER directly, proportionately
, A lot contains .56 acres. It sells for $35,000. How much did it sell for per square foot? -
CORRECT ANSWER $1.43
The _______ maintains a national registry of state certified and licensed appraisers who
are eligible to perform appraisals in federally related transactions. -CORRECT
ANSWER Appraisal Subcommittee
When estimating the value of a fireplace in a single-family home, the most important
principle is the principle of -CORRECT 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 -CORRECT 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? -CORRECT ANSWER $30,376.63
The federal financial institutions regulatory agencies directly involved in fair lending
include all of the following EXCEPT -CORRECT 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? -CORRECT ANSWER $62,500
Which of the following types of investments has historically generated the highest return
on investment? -CORRECT ANSWER Real Estate
A market analysis examines ____________ , where a marketability analysis examines
______________. -CORRECT ANSWER a type of property, a specific property
The first appraiser organizations were formed in the -CORRECT ANSWER 1930s
Today, most appraisal data is sent to the client by -CORRECT ANSWER 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? -CORRECT ANSWER $230,444
LEARNING ONLINE PRACTICE EXAM QUESTIONS
AND CORRECT ANSWERS | ALREADY GRADED A+ |
LATEST EDITION 2025
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? -
CORRECT 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. -CORRECT ANSWER Salvage
Reporting requirements for real property appraisers are set forth in STANDARD ___ of
the Uniform Standards of Professional Appraisal Practice. -CORRECT ANSWER 2
The appraisal standards and qualification criteria that are published by The Appraisal
Foundation achieve legal authority by adoption, citation or implementation by -
CORRECT ANSWER Government agencies with the power to regulate or administrate
The ________ is responsible for establishing criteria for individuals to become real
property appraisers -CORRECT 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. -
CORRECT ANSWER directly, proportionately
, A lot contains .56 acres. It sells for $35,000. How much did it sell for per square foot? -
CORRECT ANSWER $1.43
The _______ maintains a national registry of state certified and licensed appraisers who
are eligible to perform appraisals in federally related transactions. -CORRECT
ANSWER Appraisal Subcommittee
When estimating the value of a fireplace in a single-family home, the most important
principle is the principle of -CORRECT 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 -CORRECT 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? -CORRECT ANSWER $30,376.63
The federal financial institutions regulatory agencies directly involved in fair lending
include all of the following EXCEPT -CORRECT 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? -CORRECT ANSWER $62,500
Which of the following types of investments has historically generated the highest return
on investment? -CORRECT ANSWER Real Estate
A market analysis examines ____________ , where a marketability analysis examines
______________. -CORRECT ANSWER a type of property, a specific property
The first appraiser organizations were formed in the -CORRECT ANSWER 1930s
Today, most appraisal data is sent to the client by -CORRECT ANSWER 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? -CORRECT ANSWER $230,444
