McKissock TESTS COMPILATION BUNDLE

Appraisal CORRECT ANSWERS: "(noun) The act or process of developing an opinion of value. an opinion of value; (adjective) of or pertaining to appraising and related functions such as appraisal practice or appraisal services."1 Report CORRECT ANSWERS: any communication, written or oral, of an ...

grant deed CORRECT ANSWERS: deed containing, or having implied by law, some but not all of the usual covenants of title Appraiser CORRECT ANSWERS: One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. report CORRECT ANSW...

The _____ has oversight authority over state appraisal boards. CORRECT ANSWERS: ASC (Appraisal Subcommittee) Which of the below is a requirement of a valid real estate contract? CORRECT ANSWERS: consideration, in writing and signed, and lawful objective "The interaction of buyers and seller...

one advantage of networking as a way of marketing yourself is that networking is the ONLY CORRECT ANSWERS: way to market yourself for free what acronym used in cell phone contact lists should be place in front of the name of the person to be contacted when something goes wrong? CORRECT ANSWERS:...

"A document or a clause in a document in which the borrower accepts responsibility for the repayment of a debt" is the definition of: A) CC&R B) bond C) mortgage note D) debt CORRECT ANSWERS: mortgage note "The earth's surface, both land and water, and anything that is attached to it whether...

A single unit residence sold for $126,000. It was rented for $1,100 per month but the market rent was $1,200. What is the GRM indicated by this sale? CORRECT ANSWERS: 105.0 A building was constructed in July 2000 for $754,200. The cost index at that time was 133.6. The current cost index is 201....

Valuation process CORRECT ANSWERS: A systematic procedure used in the valuation of real property. Client CORRECT ANSWERS: The party or parties who engage, by employment or contract, an appraiser in a specific assignment. Steps in Defining the problem CORRECT ANSWERS: Identification and loca...

Bob grants a life estate in his property to his mother, Mary. As long as Mary is alive, Bob's estate in the property is referred to as a (an) CORRECT ANSWERS: estate in remainder Fee Simple CORRECT ANSWERS: Which is the fullest and most complete type of estate? Easement Appurtenant CORRECT...

A process for examining the demand for and supply of a property type and the geographic market area for that property type is called CORRECT ANSWERS: Market analysis is a set of arrangements in which many buyers and sellers are brought together through the price mechanism CORRECT ANSWERS: Marke...

A property owner constructs a six-car garage at a cost of $80,000. It only adds $40,000 in value to the property. What economic principle does this best demonstrate? CORRECT ANSWERS: Contribution What are the four agents of production? CORRECT ANSWERS: land, labor, capital, coordination The ...

The primary purpose of USPAP is to protect CORRECT ANSWERS: public trust Normally the first step in highest and best use analysis is to research the uses that are CORRECT ANSWERS: legally permissible An appraiser is appraising a property with two structures on one tract of land. The client a...

4 factors of value CORRECT ANSWERS: - Utility - Scarcity - Desire - Effective Purchasing Power 4 Factors of Production CORRECT ANSWERS: - Capital - Entrepreneurial Coordination - Land - Labor Forces that influence real property markets CORRECT ANSWERS: - Social Forces - Economic cir...

The requirements for state licensed and certified appraisers had their genesis in CORRECT ANSWERS: FIRREA A certified residential appraiser needs ____ hours of continuing education per year to renew his or her certification CORRECT ANSWERS: 14 True or False: An applicant for Certified Genera...

Rights granted by a nation to its people are CORRECT ANSWERS: Civil rights What properties were NOT covered when Governor George Voinovich signed House Bill 321, which enacted changes in the classes of persons protected by the Ohio Fair Housing law? CORRECT ANSWERS: Fraternal organizations A...