MCKISSOCK APPRAISAL PRINCIPLES FINAL PAPER
2025/2026 QUESTIONS WITH ANSWERS MARKED A+
✔✔joint tenancy - ✔✔joint ownership by two or more persons with the right of
survivorship
✔✔tenancy by the entirety - ✔✔estate held by husband and wife in which neither has a
disposable interest in the property during the lifetime of the other except through joint
action
✔✔land trusts - ✔✔egal vehicle for partial ownership interests in real estate in which
independently owned properties are conveyed to a trustee
✔✔partnership - ✔✔A business in which two or more persons combine their assets and
skills
✔✔general partnership - ✔✔partnership in which partners share equally in both
responsibility and liability
✔✔limited partnership - ✔✔partnership in which only one partner is required to be a
general partner
✔✔corporation - ✔✔an organization that acts as a single legal entity in performing
certain activities, usually business for profit
✔✔syndication - ✔✔privateor public partnership that pools funds for the acquisition and
development of real estate projects or other business ventures
✔✔real estate investment trust - ✔✔A corporation or trust that combines the capital of
many investors to acquire or provide financing for all forms of real property
✔✔condominium - ✔✔An individually owned housing unit in a building with several such
units
✔✔condo ownership - ✔✔a form of fee ownership of separate units or portions of multi-
unit buildings that provides for formal filing and recording of a divided interest in real
property.
✔✔cooperative ownership - ✔✔form of property ownership in which each unit owner
holds stock in a cooperative apartment building or housing corporation.
✔✔planned unit development - ✔✔A type of building development designed as a
grouping of complementary land uses
, ✔✔timesharing - ✔✔Limited ownership interests in, or the rights of use and occupancy
of, residential apartments or hotel rooms.
✔✔deed - ✔✔written legal instrument that conveys an estate or interest in real estate
property when it is executed and delivered
✔✔quitclaim deed - ✔✔any interest the grantor possesses in the property described in
the deed is conveyed to the grantee without warranty of title
✔✔bargain and sale deed - ✔✔A deed that conveys real estate from a seller to a buyer
but does not guarantee clear title
✔✔tax deed - ✔✔conveys title to property purchased at a tax sale
✔✔warranty deed - ✔✔A deed that conveys to the grantee title to the property free and
clear of all encumbrances, except those specifically set forth in the document
✔✔deed of trust - ✔✔A legal instrument similar to a mortgage document, except that
three parties are involved in securing the debt: the borrower, a lender, and a trustee
✔✔reconveyance - ✔✔passing of the real property back to the original owner
✔✔promise - ✔✔firm agreement to perform an act refrain from acting or make a
payment or delivery
✔✔competent - ✔✔having the ability to do what is needed
✔✔consideration - ✔✔something of value exchanged for something else of value
✔✔release - ✔✔give up a right as releasing one
✔✔assignment - ✔✔act of transferring an interest in property or some right
✔✔novation - ✔✔agreement of parties to a contract to substitute a new contract for the
old one
✔✔standards rule 1-5(a) of USPAP - ✔✔analyze all current agreements of sale,
options, or listings of the subject property
✔✔market - ✔✔a set of arrangements in which buyers and sellers are brought together
through the price mechanism
✔✔market - ✔✔gathering of people for the buying and selling of things
2025/2026 QUESTIONS WITH ANSWERS MARKED A+
✔✔joint tenancy - ✔✔joint ownership by two or more persons with the right of
survivorship
✔✔tenancy by the entirety - ✔✔estate held by husband and wife in which neither has a
disposable interest in the property during the lifetime of the other except through joint
action
✔✔land trusts - ✔✔egal vehicle for partial ownership interests in real estate in which
independently owned properties are conveyed to a trustee
✔✔partnership - ✔✔A business in which two or more persons combine their assets and
skills
✔✔general partnership - ✔✔partnership in which partners share equally in both
responsibility and liability
✔✔limited partnership - ✔✔partnership in which only one partner is required to be a
general partner
✔✔corporation - ✔✔an organization that acts as a single legal entity in performing
certain activities, usually business for profit
✔✔syndication - ✔✔privateor public partnership that pools funds for the acquisition and
development of real estate projects or other business ventures
✔✔real estate investment trust - ✔✔A corporation or trust that combines the capital of
many investors to acquire or provide financing for all forms of real property
✔✔condominium - ✔✔An individually owned housing unit in a building with several such
units
✔✔condo ownership - ✔✔a form of fee ownership of separate units or portions of multi-
unit buildings that provides for formal filing and recording of a divided interest in real
property.
✔✔cooperative ownership - ✔✔form of property ownership in which each unit owner
holds stock in a cooperative apartment building or housing corporation.
✔✔planned unit development - ✔✔A type of building development designed as a
grouping of complementary land uses
, ✔✔timesharing - ✔✔Limited ownership interests in, or the rights of use and occupancy
of, residential apartments or hotel rooms.
✔✔deed - ✔✔written legal instrument that conveys an estate or interest in real estate
property when it is executed and delivered
✔✔quitclaim deed - ✔✔any interest the grantor possesses in the property described in
the deed is conveyed to the grantee without warranty of title
✔✔bargain and sale deed - ✔✔A deed that conveys real estate from a seller to a buyer
but does not guarantee clear title
✔✔tax deed - ✔✔conveys title to property purchased at a tax sale
✔✔warranty deed - ✔✔A deed that conveys to the grantee title to the property free and
clear of all encumbrances, except those specifically set forth in the document
✔✔deed of trust - ✔✔A legal instrument similar to a mortgage document, except that
three parties are involved in securing the debt: the borrower, a lender, and a trustee
✔✔reconveyance - ✔✔passing of the real property back to the original owner
✔✔promise - ✔✔firm agreement to perform an act refrain from acting or make a
payment or delivery
✔✔competent - ✔✔having the ability to do what is needed
✔✔consideration - ✔✔something of value exchanged for something else of value
✔✔release - ✔✔give up a right as releasing one
✔✔assignment - ✔✔act of transferring an interest in property or some right
✔✔novation - ✔✔agreement of parties to a contract to substitute a new contract for the
old one
✔✔standards rule 1-5(a) of USPAP - ✔✔analyze all current agreements of sale,
options, or listings of the subject property
✔✔market - ✔✔a set of arrangements in which buyers and sellers are brought together
through the price mechanism
✔✔market - ✔✔gathering of people for the buying and selling of things
