MCKISSOCK APPRAISAL PROCEDURES EXAMS SET
2025/2026 QUESTIONS WITH ANSWERS MARKED A+
✔✔Which of these organizations conducts extensive research on current construction
trends? - ✔✔NAHB
✔✔MLS systems store and maintain their data primarily for the use of: - ✔✔real estate
agents and brokers
✔✔Comparable sale and rental properties would be considered ________ data. -
✔✔specific
✔✔Which of these organizations is responsible for preparing flood maps for U.S.
communities? - ✔✔FEMA
✔✔Which of the following sources of data would not be considered "specific" data? -
✔✔US Census data for the MSA
✔✔The zoning of a property is _____________ data. - ✔✔specific
✔✔Which of the following pieces of information would MOST likely be found in the
deed? - ✔✔current owner of record
✔✔Which would NOT be considered a source for specific data? - ✔✔US Census
Bureau
✔✔You can obtain topographic maps from - ✔✔topozone
✔✔What is another name for the cost approach? - ✔✔the summation approach
✔✔True or False: Condemnation appraisals often require an appraiser to develop a
separate opinion of site value. - ✔✔True
✔✔True or False: The difference between land and site is that land is improved, while
site is not. - ✔✔False
✔✔When using the sales comparison method in valuing a site, adjustments should be
made for differences that are __________. - ✔✔significant
✔✔In the sales comparison method, quantitative adjustments are based on dollars,
while qualitative adjustments are based on percentages. - ✔✔False
,✔✔"Real property for which the expansion, redevelopment, or reuse of the real estate
may be complicated by the presence of environmental contamination that needs to be
remediated to appropriate regulatory standards" is the definition of - ✔✔brownfield
✔✔The subdivision development method of land valuation is a variation of -
✔✔discounted cash flow analysis
✔✔Appraisal regulatory agencies state that one of the problems with the allocation
method is - ✔✔appraisers often have no workfile support for the ratio they use
✔✔Which method of site valuation is based on a typical ratio of land value to total
property value? - ✔✔allocation
✔✔A property sold for $120,000. An old building on the property has a cost new of
$300,000 and it is 75% depreciated. What is the indicated site value by extraction? -
✔✔$45,000 ($300,000 x 0.75 = $225,000 depreciation, which means the value of the
building is $75,000 ($300,000 - $225,000). Subtracting $75,000 from $120,000 indicates
a site value of $45,000.)
✔✔True or False: The extraction method of site valuation typically has good applicability
in older urban areas. - ✔✔True
✔✔An appraiser has valued a subject property at $320,000. The appraiser's research
indicates that site values in the subject's area are typically 20% of property values. What
is the indicated value of the subject's site by the allocation method? - ✔✔$64,000
✔✔"Improved land or a lot in a finished state so that it is ready to be used for a specific
purpose" is the definition of - ✔✔site
✔✔A property sold for $50,000. The reproduction cost of the building was $80,000 and
it was 60% depreciated. By extraction, what is the value of the land? - ✔✔$18,000
✔✔What is the power of a government entity to take private property for the public
good? - ✔✔eminent domain
✔✔The ___________method has good application in valuing land in rural areas and in
older, urban areas. - ✔✔extraction
✔✔A commercial site currently rents for $4,000 per month. The applicable land
capitalization rate is 6%. What is the value of the site by the ground rent capitalization
method? - ✔✔$800,000 ($4,000 x 12 months = $48,000 annually. $48,000 divided by
.06 = $800,000.)
, ✔✔The ground rent capitalization method is most applicable when appraising a
_______ interest. - ✔✔leased fee
✔✔Sidewalks, curbs, and landscaping are examples of - ✔✔site improvements
✔✔Which would NOT be considered to be a site improvement? - ✔✔sub-soil
composition
✔✔A site is currently rented for $600 per month and the ground rent capitalization rate
is 7.5%. What is the indicated value of the site? - ✔✔$96,000 ($600 month X 12 months
= $7,200 per year. $7,200 ÷ .075 = $96,000.)
✔✔Which would NOT be a typical adjustment when preparing a sales comparison
approach for a vacant land parcel? - ✔✔below grade living area
✔✔A site rents for $800 per month, and the ground rent capitalization rate is 8%. What
is the value of the site by the ground rent capitalization method? - ✔✔$120,000
✔✔"A method of estimating land value in which sales of improved properties are
analyzed to establish a typical ratio of land value to total property value..." is the
definition of the __________ method. - ✔✔allocation
✔✔A parcel is valued at $450,000 as a single entity. Zoning allows it to be subdivided
into 8 lots and it is estimated that each lot could sell for $60,000. Site development
costs (sewer, grading, road, etc.) would cost $50,000. What is the highest and best
use? - ✔✔leave it as one parcel
✔✔If a property is assessed at $222,000 and the rate per thousand is $6.20, how much
are total property taxes? - ✔✔$1376.4
✔✔Ranking analysis is a ___________ method for estimating site value. -
✔✔qualitative
✔✔The _______ area of the site is used for family activities and is often found in the
_______ yard. - ✔✔private, rear
✔✔Which type of home is built to meet the HUD Code? - ✔✔manufactured home
✔✔The Manufactured Home Construction and Safety Standards is also known as the -
✔✔HUD code
✔✔Which architect is known for one-story "prairie style" homes? - ✔✔Frank Lloyd
Wright
2025/2026 QUESTIONS WITH ANSWERS MARKED A+
✔✔Which of these organizations conducts extensive research on current construction
trends? - ✔✔NAHB
✔✔MLS systems store and maintain their data primarily for the use of: - ✔✔real estate
agents and brokers
✔✔Comparable sale and rental properties would be considered ________ data. -
✔✔specific
✔✔Which of these organizations is responsible for preparing flood maps for U.S.
communities? - ✔✔FEMA
✔✔Which of the following sources of data would not be considered "specific" data? -
✔✔US Census data for the MSA
✔✔The zoning of a property is _____________ data. - ✔✔specific
✔✔Which of the following pieces of information would MOST likely be found in the
deed? - ✔✔current owner of record
✔✔Which would NOT be considered a source for specific data? - ✔✔US Census
Bureau
✔✔You can obtain topographic maps from - ✔✔topozone
✔✔What is another name for the cost approach? - ✔✔the summation approach
✔✔True or False: Condemnation appraisals often require an appraiser to develop a
separate opinion of site value. - ✔✔True
✔✔True or False: The difference between land and site is that land is improved, while
site is not. - ✔✔False
✔✔When using the sales comparison method in valuing a site, adjustments should be
made for differences that are __________. - ✔✔significant
✔✔In the sales comparison method, quantitative adjustments are based on dollars,
while qualitative adjustments are based on percentages. - ✔✔False
,✔✔"Real property for which the expansion, redevelopment, or reuse of the real estate
may be complicated by the presence of environmental contamination that needs to be
remediated to appropriate regulatory standards" is the definition of - ✔✔brownfield
✔✔The subdivision development method of land valuation is a variation of -
✔✔discounted cash flow analysis
✔✔Appraisal regulatory agencies state that one of the problems with the allocation
method is - ✔✔appraisers often have no workfile support for the ratio they use
✔✔Which method of site valuation is based on a typical ratio of land value to total
property value? - ✔✔allocation
✔✔A property sold for $120,000. An old building on the property has a cost new of
$300,000 and it is 75% depreciated. What is the indicated site value by extraction? -
✔✔$45,000 ($300,000 x 0.75 = $225,000 depreciation, which means the value of the
building is $75,000 ($300,000 - $225,000). Subtracting $75,000 from $120,000 indicates
a site value of $45,000.)
✔✔True or False: The extraction method of site valuation typically has good applicability
in older urban areas. - ✔✔True
✔✔An appraiser has valued a subject property at $320,000. The appraiser's research
indicates that site values in the subject's area are typically 20% of property values. What
is the indicated value of the subject's site by the allocation method? - ✔✔$64,000
✔✔"Improved land or a lot in a finished state so that it is ready to be used for a specific
purpose" is the definition of - ✔✔site
✔✔A property sold for $50,000. The reproduction cost of the building was $80,000 and
it was 60% depreciated. By extraction, what is the value of the land? - ✔✔$18,000
✔✔What is the power of a government entity to take private property for the public
good? - ✔✔eminent domain
✔✔The ___________method has good application in valuing land in rural areas and in
older, urban areas. - ✔✔extraction
✔✔A commercial site currently rents for $4,000 per month. The applicable land
capitalization rate is 6%. What is the value of the site by the ground rent capitalization
method? - ✔✔$800,000 ($4,000 x 12 months = $48,000 annually. $48,000 divided by
.06 = $800,000.)
, ✔✔The ground rent capitalization method is most applicable when appraising a
_______ interest. - ✔✔leased fee
✔✔Sidewalks, curbs, and landscaping are examples of - ✔✔site improvements
✔✔Which would NOT be considered to be a site improvement? - ✔✔sub-soil
composition
✔✔A site is currently rented for $600 per month and the ground rent capitalization rate
is 7.5%. What is the indicated value of the site? - ✔✔$96,000 ($600 month X 12 months
= $7,200 per year. $7,200 ÷ .075 = $96,000.)
✔✔Which would NOT be a typical adjustment when preparing a sales comparison
approach for a vacant land parcel? - ✔✔below grade living area
✔✔A site rents for $800 per month, and the ground rent capitalization rate is 8%. What
is the value of the site by the ground rent capitalization method? - ✔✔$120,000
✔✔"A method of estimating land value in which sales of improved properties are
analyzed to establish a typical ratio of land value to total property value..." is the
definition of the __________ method. - ✔✔allocation
✔✔A parcel is valued at $450,000 as a single entity. Zoning allows it to be subdivided
into 8 lots and it is estimated that each lot could sell for $60,000. Site development
costs (sewer, grading, road, etc.) would cost $50,000. What is the highest and best
use? - ✔✔leave it as one parcel
✔✔If a property is assessed at $222,000 and the rate per thousand is $6.20, how much
are total property taxes? - ✔✔$1376.4
✔✔Ranking analysis is a ___________ method for estimating site value. -
✔✔qualitative
✔✔The _______ area of the site is used for family activities and is often found in the
_______ yard. - ✔✔private, rear
✔✔Which type of home is built to meet the HUD Code? - ✔✔manufactured home
✔✔The Manufactured Home Construction and Safety Standards is also known as the -
✔✔HUD code
✔✔Which architect is known for one-story "prairie style" homes? - ✔✔Frank Lloyd
Wright
