BASIC APPRAISAL PRINCIPLES MCKISSOCK COMBINED SET QUESTIONS AND ANSWERS

BASIC APPRAISAL PRINCIPLES MCKISSOCK COMBINED SET QUESTIONS AND ANSWERS vacant land and improved property - Answer-The principle of highest and best use applies to FDIC, OCC, FRB - Answer-The federal financial institutions regulatory agencies directly involved in fair lending include all of the following GIS - Answer-_________ is a computerized mapping system for encoding, retrieving, analyzing and presenting geographic or spatial data. omit the client's identity from the report but identify the client in the workfile - Answer-A client asks an appraiser to omit the client's identity from the appraisal report. What can the appraiser do? transferable development - Answer-A development right that cannot be used by the landowner, or that the owner chooses not to use, but can be sold to landowners in another location" are called _____________ rights FDIC,OCC,FRB - Answer-The federal financial institutions regulatory agencies directly involved in fair lending include all of the following directly, proportionately - Answer-The principle of supply and demand states that the price of a commodity, good, or service varies __________, but not necessarily _____________, with demand. The Appraisal Subcommittee - Answer-Which entity is responsible for monitoring state appraiser licensing and certification agencies? executory - Answer-A(n) __________ contract is one that is not been fully performed or completed. encroachment - Answer-Trespassing on the domain of another" is the definition of subsurface - Answer-"The right to construct and maintain tunnels, subways, subcellars, pipelines, sewers, etc." is the definition of _________ rights. Distric - Answer-A neighborhood characterized by homogeneous land use, e.g., apartment, commercial, industrial, agricultural" is the definition of a type of property, a specific property - Answer-A market analysis examines ____________ , where a marketability analysis examines ______________. C - Answer-The website with the largest amount of demographics information is microeconomics - Answer-"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 government agencies - Answer-The appraisal standards and qualification criteria promulgated by the boards of The Appraisal Foundation achieves legal authority by adoption, citation or implementation by capital - Answer-"The interaction of buyers and sellers who trade long-term or intermediate-term money instruments" is the definition of the _____________ market. REIT - Answer-What is a corporation or trust that functions like a mutual fund for real estate, by combining the capital of many investors to acquire real estate? Fannie Mae and Freddie Mac - Answer-In the 1970s, who developed uniform rules for mortgage underwriting? Money market - Answer-Short term money instruments are traded on the intangible - Answer-"A value that cannot be imputed to any part of the physical property, e.g., the excess value attributable to a favorable lease or mortgage, the value attributable to goodwill" is the definition of ____________ value. externalities - Answer-A homeowner fears the construction of a factory nearby will decrease the value of her property. This illustrates the principle of regression - Answer-"In appraisal, the concept that a higher-priced property will be worth less in a lower-priced neighborhood than it would in a neighborhood of comparable properties" is the definition of the principle of depressed - Answer-"A market in which a drop in demand is accompanied by a relative oversupply and a decline in prices" is the definition of a(n) __________ market. written or oral, client - Answer-An appraisal report is defined as "the ____________ communication of an appraisal; the document transmitted to the __________upon completion of an appraisal assignment." contribution - Answer-When estimating the value of a fireplace in a single-family home, the most important principle is the principle of estate - Answer-"A right or interest in property" is a(n) nowhere - Answer-In USPAP, the word "Ethics" is defined contribution - Answer-Eric pays $35,000 to have an inground swimming pool constructed in his back yard. When he sells the property, he only receives $10,000 more for his property than what similar property sold for without a pool. This is an example of the principle of ASC - Answer-The ______ maintains a National Registry of appraisers. Appraisal Standards Board - Answer-Which entity is responsible for making periodic changes to USPAP? requires certain documents to be in writing - Answer-What is the purpose of a state's statute of frauds? governmental - Answer-Transportation would be an example of a(n) __________ force affecting property values. ASB - Answer-The ______ publishes "other communications" in the form of Advisory Opinions and USPAP FAQs. promote and maintain, public trust - Answer-The intent of USPAP is to ____________ a high level of __________ in professional appraisal practice. wage levels - Answer-Which of the following would NOT be considered a governmental influence on value? employment rates - Answer-Which would NOT be considered factors in supply analysis? escheat - Answer-Which of these would be considered a public restriction on real property ownership? 3000 - Answer-The number of required experience hours for Certified General Appraiser applicants is ____ hours. Property Rights - Answer-Real estate includes all of the following EXCEPT Imperfect - Answer-The real property market is generally classified as a(n) __________ market.