MCKISSOCK BASIC APPRAISAL PRINCIPLES 1 FINAL
EXAM 2024 ACTUAL EXAM<\/p>\n\n\n\n
What are a few requirements of a valid real estate contract? – ANSWER\u0002Consideration, in writing and signed, lawful objective. “A business arrangement in which two or more persons jointly own a Forty percent of the houses in a neighborhood are Colonials and 18% are Which entity is responsible for making periodic changes to USPAP? –
The _ maintains a National Registry of appraisers. – ANSWER\u0002ASC The four components of the Appraiser Qualification Criteria are: – ANSWER- qualifying education, examination, experience, continuing education Under the current qualification criteria, an applicant for Appraiser Trainee must have completed<\/em><\/strong> creditable hours of experience. –
ANSWER- 0
“The sum of values for a variable in a sample or population divided by
the number of items in the sample or population” is the definition of –
ANSWER- Mean<\/p>\n\n\n\n
business and share in its profits and losses” is the definition of –
ANSWER- Partnership
“A mortgage in which the interest rate may move up or down, following
a specified schedule or in accordance with the movements of a standard
or index to which it is tied” is the definition of a(n) __<\/em><\/strong><\/em><\/strong>
mortgage. – ANSWER- Adjustable Rate
The _<\/strong> has oversight authority over state appraisal boards. –
ANSWER- ASC
“The ability of a property or building to be useful and to perform the
function for which it is intended according to current market tastes and
standards; the efficiency of a building’s use in terms of architectural
style, design and layout, traffic patterns, and the size and type of rooms”
is the definition of – ANSWER- Functional Utility
You purchased a house for $120,000, three years ago. Property values
increased 3% the first year, 5%, the second year, and 7% the third year.
How much is your house worth now? – ANSWER- $138,865
The median price of homes sold in your county 6 months ago was
$224,650. Prices have been increasing at the rate of 7% per year. What
is the median price of homes today? – ANSWER- $232,513<\/p>\n\n\n\n
Cape Cods. There are a total of 200 houses. How many are Cape Cods? –
ANSWER- 36
Which of these factors would result in a violation of USPAP if the
appraiser based his or her appraisal fee on it? – ANSWER- the
appraiser’s value opinion
You have found comparable sales of rural land parcels that indicate the
following sale prices per acre: ($930, $775, $1202, $995, $1612, $906).
What is the mode of these indications? – ANSWER- There is no mode
A purchaser bought a property for $176,000, put 10% down and
borrowed the rest at 6.5% interest for 25 years. The lender charged 1.75
points at the closing. How much was paid for the points? – ANSWER-
$2,772
The ETHICS RULE of USPAP is the __<\/em><\/strong> of five Rules in
USPAP. – ANSWER- First
Which is NOT an economic force affecting property values? –
ANSWER- Transportation. Wage rates, expense levels and consumer
price index affect economic forces.
The primary operators in the secondary mortgage market include all of
the following EXCEPT – ANSWER- FHA<\/p>\n\n\n\n
ANSWER- Appraisal Standards Board
What is the mean of these numbers: 124.5, 146.8, 152, 187.9, 153,
217.98, 12, 542.66, 45.7, 71.44, 158.04? – ANSWER- 164.73
The general rule of contracting with minors is that a contract with a
minor is – ANSWER- Voidable at the minor’s option
“A market in which a drop in demand is accompanied by a relative
oversupply and a decline in prices” is the definition of a(n) _<\/em><\/strong>
market. – ANSWER- Depressed
“A development right that cannot be used by the landowner, or that the
owner chooses not to use, but can be sold to landowners in another
location” are called ____<\/em><\/strong><\/em><\/strong> rights. – ANSWER- Transferable
Development
Which would NOT be considered factors in supply analysis? –
ANSWER- Employment Rates
Which two of the following would be private restrictions on property
rights? – ANSWER- Deed Restriction and mechanic’s lien
a circle contains _<\/em><\/strong> degrees – ANSWER- 360<\/p>\n\n\n\n