BASIC APPRAISAL PROCEDURES MCKISSOCK
EXAMINATION TEST 2026 QUESTIONS WITH
ANSWERS GRADED A+
◉ Define the problem. Answer: The first step in the valuation Process is
-List the data needed
-Estimate Land Value
-define the problem
-determine the scope of work
◉ $316,400. Answer: A house cost $295,000 to build new. It is 5 years
old and has sustained a total of 8% depreciation. It sits on a lot worth
$45,000. What is its value by the cost approach?
-$297,200
-$316,400
-$318,500
-$340,00
,◉ Front foot. Answer: Property that fronts on a lake is usually valued on
a basis of price per
-Acre
-Front foot
-fish or animal unit
-Buildable unit
◉ is optional. Answer: Fannie may says that cost approach
-is always required
-is optional
-may not be used
-is required only in 2-4 unit properties
◉ both general and specific data. Answer: Multiple listing service can be
utilized for gathering
-general data only
-both general and specific data
-specific data only
-all data that is needed to produce a credible appraisal
,◉ quantity survey. Answer: Which cost estimating method is the most
detailed and time-consuming to develop?
-index
-quantity survey
-unit-in-place
-none of the above
◉ B, duplex site. Answer: A property contains 2.4 acres and is worth: A.
$155,000 as a single home site B. $85,000 per unit as a site for a duplex
and C. $60,000 per acre as a retail site. All uses are physically possible,
economically feasible and legally permitted. Which is the highest and
best use?
-A, single home site
-B, duplex site
-C, retail site
-All are highest and best uses
◉ 2-4 unit residential properties. Answer: Price per room is a common
unit of comparison when appraising
-2-4 unit residential properties
, -vacant lots
-one unit residences
-retail stores
◉ 1007. Answer: The Fannie Mae single Family Comparable Rent
Schedule is designated as Form
-1004
-1007
-1020
-1025
◉ Excess. Answer: "The amount by which contract rent exceeds market
rent exceed market rent at the time of the appraisal..." is the definition
of__________ rent
-excess
-deficit
-effective
-economic
◉ State and Local. Answer: Modular homes are constructed to meet
_______ code requirements.
EXAMINATION TEST 2026 QUESTIONS WITH
ANSWERS GRADED A+
◉ Define the problem. Answer: The first step in the valuation Process is
-List the data needed
-Estimate Land Value
-define the problem
-determine the scope of work
◉ $316,400. Answer: A house cost $295,000 to build new. It is 5 years
old and has sustained a total of 8% depreciation. It sits on a lot worth
$45,000. What is its value by the cost approach?
-$297,200
-$316,400
-$318,500
-$340,00
,◉ Front foot. Answer: Property that fronts on a lake is usually valued on
a basis of price per
-Acre
-Front foot
-fish or animal unit
-Buildable unit
◉ is optional. Answer: Fannie may says that cost approach
-is always required
-is optional
-may not be used
-is required only in 2-4 unit properties
◉ both general and specific data. Answer: Multiple listing service can be
utilized for gathering
-general data only
-both general and specific data
-specific data only
-all data that is needed to produce a credible appraisal
,◉ quantity survey. Answer: Which cost estimating method is the most
detailed and time-consuming to develop?
-index
-quantity survey
-unit-in-place
-none of the above
◉ B, duplex site. Answer: A property contains 2.4 acres and is worth: A.
$155,000 as a single home site B. $85,000 per unit as a site for a duplex
and C. $60,000 per acre as a retail site. All uses are physically possible,
economically feasible and legally permitted. Which is the highest and
best use?
-A, single home site
-B, duplex site
-C, retail site
-All are highest and best uses
◉ 2-4 unit residential properties. Answer: Price per room is a common
unit of comparison when appraising
-2-4 unit residential properties
, -vacant lots
-one unit residences
-retail stores
◉ 1007. Answer: The Fannie Mae single Family Comparable Rent
Schedule is designated as Form
-1004
-1007
-1020
-1025
◉ Excess. Answer: "The amount by which contract rent exceeds market
rent exceed market rent at the time of the appraisal..." is the definition
of__________ rent
-excess
-deficit
-effective
-economic
◉ State and Local. Answer: Modular homes are constructed to meet
_______ code requirements.
