MCKISSOCK APPRAISAL PRINCIPLES EXAM SCRIPT
2025/2026 QUESTIONS WITH ANSWERS MARKED A+
✔✔the professional society that specializes in appraising personal property -
✔✔American Society of appraisers
✔✔ECOA applies to all the following types of loans except - ✔✔Vacant land
✔✔The ________ maintains a national registry of licensed and certified appraisors -
✔✔ASC
✔✔ethics - ✔✔relating to what is good or bad: having to do with moral duty and
obligation
✔✔moral - ✔✔relating to the principle of right and wrong
✔✔bias - ✔✔A particular preference or point of view that is personal, rather than
scientific.
✔✔Appraisal - ✔✔An estimate of the current value of the property.
✔✔assignment - ✔✔valuation service that is provided by an appraiser as a
consequence of an agreement with a client
✔✔real estate - ✔✔indentified parcel or tract of land, including improvements
✔✔land - ✔✔solid surface on earth as distinguished from water, one of four agents of
production in economic theory
✔✔Transferable Development Rights - ✔✔dev. right that cannot be used by landowner,
or that landowner chooses not to use but can be conveyed to landowners in another
location or leased then back to the landowner
✔✔fixture - ✔✔An article that was once personal property but has since been installed
or attached to the land or building in a rather permanent manner so that it is regarded in
law as part of the real estate."
✔✔personal property - ✔✔All property not classified as real property
✔✔trade fixtures - ✔✔Personal property used in a business and can be removed by the
lessee when the lease terminates.
✔✔real propert - ✔✔interest in real estate (what we appraise)
, ✔✔public restrictions - ✔✔taxation,eminent domain,police power,escheat
✔✔eminent domain - ✔✔Power of a government to take private property for public use.
✔✔police power - ✔✔protect public interest (zoning, building codes, subdivision regs.,
electrical,plumbing,energy codes)
✔✔escheat - ✔✔the right of government that gives the state titular ownership of a
property when its owner dies without a will or any ascertainable heirs
✔✔private restrictions - ✔✔mortgages,mechanics liens,deedrestrictions,conditions
covenants and restrictions
✔✔mortgage - ✔✔A pledge of a described property interest as collateral or security for
the repayment of a loan under certain terms and conditions."
✔✔mortgage note - ✔✔A document or a clause in a document in which the borrower
accepts responsibility for the repayment of a debt."
✔✔mechanics lien - ✔✔A legal claim placed on real estate by someone who is owed
money for labor, services or supplies contributed to the property for the purpose of
improving it
✔✔Deed Restrictions - ✔✔Clauses in a deed limiting the future uses of the property.
✔✔conditions, covenants and restrictions (CC&Rs) - ✔✔The standards that define how
a property may be used and the protections the developer makes for the benefit of all
owners in a subdivision.
✔✔legal description - ✔✔description of land that identifies the real estate according to a
system established or approved by law
✔✔lot and block system - ✔✔A system for the legal description of land that refers to
parcels' lot and block numbers, which appear on recorded maps and plats of subdivided
land; may also be used for assessment maps.
✔✔metes and bounds - ✔✔a system for the legal description of land that refers to the
parcels which are formed by the point of beginning and allintermediate point (bounds)
and courses or angular direction of each point(metes)
✔✔1 full circle-
1 degree-
1 foot-
1 degree- - ✔✔360 degrees
2025/2026 QUESTIONS WITH ANSWERS MARKED A+
✔✔the professional society that specializes in appraising personal property -
✔✔American Society of appraisers
✔✔ECOA applies to all the following types of loans except - ✔✔Vacant land
✔✔The ________ maintains a national registry of licensed and certified appraisors -
✔✔ASC
✔✔ethics - ✔✔relating to what is good or bad: having to do with moral duty and
obligation
✔✔moral - ✔✔relating to the principle of right and wrong
✔✔bias - ✔✔A particular preference or point of view that is personal, rather than
scientific.
✔✔Appraisal - ✔✔An estimate of the current value of the property.
✔✔assignment - ✔✔valuation service that is provided by an appraiser as a
consequence of an agreement with a client
✔✔real estate - ✔✔indentified parcel or tract of land, including improvements
✔✔land - ✔✔solid surface on earth as distinguished from water, one of four agents of
production in economic theory
✔✔Transferable Development Rights - ✔✔dev. right that cannot be used by landowner,
or that landowner chooses not to use but can be conveyed to landowners in another
location or leased then back to the landowner
✔✔fixture - ✔✔An article that was once personal property but has since been installed
or attached to the land or building in a rather permanent manner so that it is regarded in
law as part of the real estate."
✔✔personal property - ✔✔All property not classified as real property
✔✔trade fixtures - ✔✔Personal property used in a business and can be removed by the
lessee when the lease terminates.
✔✔real propert - ✔✔interest in real estate (what we appraise)
, ✔✔public restrictions - ✔✔taxation,eminent domain,police power,escheat
✔✔eminent domain - ✔✔Power of a government to take private property for public use.
✔✔police power - ✔✔protect public interest (zoning, building codes, subdivision regs.,
electrical,plumbing,energy codes)
✔✔escheat - ✔✔the right of government that gives the state titular ownership of a
property when its owner dies without a will or any ascertainable heirs
✔✔private restrictions - ✔✔mortgages,mechanics liens,deedrestrictions,conditions
covenants and restrictions
✔✔mortgage - ✔✔A pledge of a described property interest as collateral or security for
the repayment of a loan under certain terms and conditions."
✔✔mortgage note - ✔✔A document or a clause in a document in which the borrower
accepts responsibility for the repayment of a debt."
✔✔mechanics lien - ✔✔A legal claim placed on real estate by someone who is owed
money for labor, services or supplies contributed to the property for the purpose of
improving it
✔✔Deed Restrictions - ✔✔Clauses in a deed limiting the future uses of the property.
✔✔conditions, covenants and restrictions (CC&Rs) - ✔✔The standards that define how
a property may be used and the protections the developer makes for the benefit of all
owners in a subdivision.
✔✔legal description - ✔✔description of land that identifies the real estate according to a
system established or approved by law
✔✔lot and block system - ✔✔A system for the legal description of land that refers to
parcels' lot and block numbers, which appear on recorded maps and plats of subdivided
land; may also be used for assessment maps.
✔✔metes and bounds - ✔✔a system for the legal description of land that refers to the
parcels which are formed by the point of beginning and allintermediate point (bounds)
and courses or angular direction of each point(metes)
✔✔1 full circle-
1 degree-
1 foot-
1 degree- - ✔✔360 degrees
