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Basic Appraisal Principles Mckissock Exam
Questions With Verified Answers
The intent of USPAP is to ____________ a high level of __________ in professional appraisal
practice. - answer✔promote and maintain, public trust
Which of the following would NOT be considered a governmental influence on value? -
answer✔wage levels
Which would NOT be considered factors in supply analysis? - answer✔employment rates
Which of these would be considered a public restriction on real property ownership? -
answer✔escheat
The number of required experience hours for Certified General Appraiser applicants is ____
hours. - answer✔3000
Real estate includes all of the following EXCEPT - answer✔Property Rights
The real property market is generally classified as a(n) __________ market. - answer✔Imperfect
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
The geographic region from which a majority of demand comes and which the majority of the
competition is located" is the definition of - answer✔market area
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 -
answer✔leased fee interest
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
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? -
answer✔cooperative
Basic Appraisal Principles Mckissock Exam
Questions With Verified Answers
The intent of USPAP is to ____________ a high level of __________ in professional appraisal
practice. - answer✔promote and maintain, public trust
Which of the following would NOT be considered a governmental influence on value? -
answer✔wage levels
Which would NOT be considered factors in supply analysis? - answer✔employment rates
Which of these would be considered a public restriction on real property ownership? -
answer✔escheat
The number of required experience hours for Certified General Appraiser applicants is ____
hours. - answer✔3000
Real estate includes all of the following EXCEPT - answer✔Property Rights
The real property market is generally classified as a(n) __________ market. - answer✔Imperfect
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
The geographic region from which a majority of demand comes and which the majority of the
competition is located" is the definition of - answer✔market area
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 -
answer✔leased fee interest
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
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? -
answer✔cooperative
