MCKISSOCK APPRAISAL PROCEDURES EXAMINATION TEST
2025/2026 QUESTIONS WITH ANSWERS MARKED A+
✔✔Which is NOT part of the foundation system of a house? - ✔✔joists
✔✔The estimated cost to construct, at current prices as of a specific date, a substitute
for a building or other improvements, using modern materials and current standards,
design, and layout, is _______________ cost. - ✔✔replacement
✔✔True or False: Fee simple ownership is not subject to the governmental powers of
police power and escheat. - ✔✔False
✔✔When is an appraiser required by USPAP to develop the cost approach? -
✔✔whenever it is necessary to produce credible assignment results
✔✔The amount an entrepreneur expects to receive for his/her contribution to a project
is - ✔✔entrepreneurial incentive
✔✔After an appraiser estimates cost new, he/she subtracts ____________ then adds
_______________ to arrive at an indicated value by cost approach. - ✔✔depreciation,
site value
✔✔True or False: Cost estimating services do not include an allowance for
entrepreneurial profit or incentive. - ✔✔True
✔✔When a published cost manual is used, the result is ____________ cost. -
✔✔replacement
✔✔Which would be an example of a direct cost when constructing a building? -
✔✔building permit
✔✔Which type of cost new would replicate a slate roof and a steam heating system in a
100-year-old home? - ✔✔reproduction cost
✔✔Which of these would be considered an indirect cost when constructing an office
building? - ✔✔lease-up costs to achieve occupancy
✔✔Most fire and casualty insurance policies are based on the ____________ cost of a
structure. - ✔✔replacement
, ✔✔A 2,800 square foot new home recently sold for $660,000. The site value was
$180,000. The subject home has 2,945 square feet. What was the indicated cost of the
subject home? - ✔✔$504,861
✔✔You are using the Marshall & Swift Residential Cost Handbook to estimate the cost
new of a home built in the early 1900s. What should you do? - ✔✔go to old residence
pages in book
✔✔Of the traditional methods of cost estimating, the least complicated and least
accurate method is the _________ method. - ✔✔comparitive-unit method
✔✔With Marshall & Swift, you can produce a cost estimate using the - ✔✔comparative
unit or unit-in-place method
✔✔In producing a cost estimate, Derek has estimated the number of 2x4s, sheets of
plywood, and how many pounds of nails would be necessary to construct the home.
What cost estimating method has he employed? - ✔✔quantity survey
✔✔A 2,800 square foot new home recently sold for $660,000. The site value was
$180,000. What was the indicated cost per square foot of the home? - ✔✔$168.32
✔✔A home was constructed in June 2009 at a cost of $195,000. The index for June
2009 was 188.2 and the current index is 218.3. What is the cost to construct the home
today? (When dividing the indices, round to two decimal places) - ✔✔$226,200
✔✔True or False: Most appraisers do not possess the level of expertise needed to
apply the quantity survey method of cost estimating. - ✔✔True
✔✔Which of these is NOT one of the traditional cost estimating methods? - ✔✔direct-
indirect
✔✔A rectangular-shaped two-story home measures 28 feet by 40 feet. How many lineal
feet are there in the foundation? - ✔✔136
✔✔You examine a construction contract to build a 1,448 square foot house and the total
cost is $197,450. What was the cost per square foot? - ✔✔$136.36
✔✔Which would NOT be a typical source of building costs for an appraiser? - ✔✔the
property owner
✔✔The most comprehensive and accurate method of cost estimating is the
___________ method. - ✔✔quantity survey
2025/2026 QUESTIONS WITH ANSWERS MARKED A+
✔✔Which is NOT part of the foundation system of a house? - ✔✔joists
✔✔The estimated cost to construct, at current prices as of a specific date, a substitute
for a building or other improvements, using modern materials and current standards,
design, and layout, is _______________ cost. - ✔✔replacement
✔✔True or False: Fee simple ownership is not subject to the governmental powers of
police power and escheat. - ✔✔False
✔✔When is an appraiser required by USPAP to develop the cost approach? -
✔✔whenever it is necessary to produce credible assignment results
✔✔The amount an entrepreneur expects to receive for his/her contribution to a project
is - ✔✔entrepreneurial incentive
✔✔After an appraiser estimates cost new, he/she subtracts ____________ then adds
_______________ to arrive at an indicated value by cost approach. - ✔✔depreciation,
site value
✔✔True or False: Cost estimating services do not include an allowance for
entrepreneurial profit or incentive. - ✔✔True
✔✔When a published cost manual is used, the result is ____________ cost. -
✔✔replacement
✔✔Which would be an example of a direct cost when constructing a building? -
✔✔building permit
✔✔Which type of cost new would replicate a slate roof and a steam heating system in a
100-year-old home? - ✔✔reproduction cost
✔✔Which of these would be considered an indirect cost when constructing an office
building? - ✔✔lease-up costs to achieve occupancy
✔✔Most fire and casualty insurance policies are based on the ____________ cost of a
structure. - ✔✔replacement
, ✔✔A 2,800 square foot new home recently sold for $660,000. The site value was
$180,000. The subject home has 2,945 square feet. What was the indicated cost of the
subject home? - ✔✔$504,861
✔✔You are using the Marshall & Swift Residential Cost Handbook to estimate the cost
new of a home built in the early 1900s. What should you do? - ✔✔go to old residence
pages in book
✔✔Of the traditional methods of cost estimating, the least complicated and least
accurate method is the _________ method. - ✔✔comparitive-unit method
✔✔With Marshall & Swift, you can produce a cost estimate using the - ✔✔comparative
unit or unit-in-place method
✔✔In producing a cost estimate, Derek has estimated the number of 2x4s, sheets of
plywood, and how many pounds of nails would be necessary to construct the home.
What cost estimating method has he employed? - ✔✔quantity survey
✔✔A 2,800 square foot new home recently sold for $660,000. The site value was
$180,000. What was the indicated cost per square foot of the home? - ✔✔$168.32
✔✔A home was constructed in June 2009 at a cost of $195,000. The index for June
2009 was 188.2 and the current index is 218.3. What is the cost to construct the home
today? (When dividing the indices, round to two decimal places) - ✔✔$226,200
✔✔True or False: Most appraisers do not possess the level of expertise needed to
apply the quantity survey method of cost estimating. - ✔✔True
✔✔Which of these is NOT one of the traditional cost estimating methods? - ✔✔direct-
indirect
✔✔A rectangular-shaped two-story home measures 28 feet by 40 feet. How many lineal
feet are there in the foundation? - ✔✔136
✔✔You examine a construction contract to build a 1,448 square foot house and the total
cost is $197,450. What was the cost per square foot? - ✔✔$136.36
✔✔Which would NOT be a typical source of building costs for an appraiser? - ✔✔the
property owner
✔✔The most comprehensive and accurate method of cost estimating is the
___________ method. - ✔✔quantity survey
