BASIC APPRAISAL PROCEDURES MCKISSOCK
FINAL PAPER 2026 QUESTIONS WITH
ANSWERS GRADED A+
◉ "The process of valuing a universe of properties as of a given date
using standard methodology, employing common data, and allowing for
statistical testing" is the definition of. Answer: mass appraisal
◉ What is the most common type of framing currently being used in
new homes? Answer: platform frame
◉ Fannie Mae requires a single-unit residential appraisal report to
include photographs of. Answer: the subject property and the
comparable sales
◉ When measuring a condominium you should calculate ____ using
_______ measurements.. Answer: GLA, interior
◉ A parcel is valued at $450,000 as a single unit. Zoning allows it to be
subdivided into 8 lots and it is estimated that each lot could sell for
$70,000. Site development costs (sewer, grading, road, etc.) would cost
$65,000. What is the highest and best use? Answer: subdivide it
,◉ An appraiser encounters an underground storage tank and there are no
signs of leakage or failure. An appraisal could be performed under the
presumption that the tank is not leaking and the property is not
contaminated. This would be an example of a(n). Answer: extraordinary
assumption
◉ A deed could provide all of the following information about a
property EXCEPT
owner of record
easements
deed restrictions
zoning. Answer: zoning
◉ You examine a construction contract to build a 2,448 square foot
house and the total cost is $197,450. What was the cost per square foot?
Answer: $80.66
◉ Which would NOT be an appropriate legal description of a subject
property?
postal address
metes and bounds description
rectangular survey description
, lot and block description. Answer: postal address
◉ You calculate the following gross rent multipliers for comparable
properties: 121.2, 105.3, 111.2, 150.1, 108.3, 105.3, 109.8, 108.8. What
is the median of the GRMs? Answer: 109.3
◉ Which of the following would NOT be a common adjustment when
appraising land?
size
quality
shape
topography. Answer: quality
Possible Adjustments. The other three are common adjustments, but
quality adjustments would be made to improvements - not land.
◉ The most common brownfield contaminant is. Answer: petroleum
◉ "The actual or anticipated net income that remains after all operating
expenses are deducted from effective gross income but before mortgage
debt service and book depreciation are deducted" is the definition of.
Answer: net operating income
FINAL PAPER 2026 QUESTIONS WITH
ANSWERS GRADED A+
◉ "The process of valuing a universe of properties as of a given date
using standard methodology, employing common data, and allowing for
statistical testing" is the definition of. Answer: mass appraisal
◉ What is the most common type of framing currently being used in
new homes? Answer: platform frame
◉ Fannie Mae requires a single-unit residential appraisal report to
include photographs of. Answer: the subject property and the
comparable sales
◉ When measuring a condominium you should calculate ____ using
_______ measurements.. Answer: GLA, interior
◉ A parcel is valued at $450,000 as a single unit. Zoning allows it to be
subdivided into 8 lots and it is estimated that each lot could sell for
$70,000. Site development costs (sewer, grading, road, etc.) would cost
$65,000. What is the highest and best use? Answer: subdivide it
,◉ An appraiser encounters an underground storage tank and there are no
signs of leakage or failure. An appraisal could be performed under the
presumption that the tank is not leaking and the property is not
contaminated. This would be an example of a(n). Answer: extraordinary
assumption
◉ A deed could provide all of the following information about a
property EXCEPT
owner of record
easements
deed restrictions
zoning. Answer: zoning
◉ You examine a construction contract to build a 2,448 square foot
house and the total cost is $197,450. What was the cost per square foot?
Answer: $80.66
◉ Which would NOT be an appropriate legal description of a subject
property?
postal address
metes and bounds description
rectangular survey description
, lot and block description. Answer: postal address
◉ You calculate the following gross rent multipliers for comparable
properties: 121.2, 105.3, 111.2, 150.1, 108.3, 105.3, 109.8, 108.8. What
is the median of the GRMs? Answer: 109.3
◉ Which of the following would NOT be a common adjustment when
appraising land?
size
quality
shape
topography. Answer: quality
Possible Adjustments. The other three are common adjustments, but
quality adjustments would be made to improvements - not land.
◉ The most common brownfield contaminant is. Answer: petroleum
◉ "The actual or anticipated net income that remains after all operating
expenses are deducted from effective gross income but before mortgage
debt service and book depreciation are deducted" is the definition of.
Answer: net operating income
