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McKissock Basic Appraisal Principles questions with correct answer2
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McKissock Basic Appraisal Principles questions with correct answer2
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McKissock Basic Appraisal Principles questions withcorrect answers
An appraiser paid a referral fee in conjunction with an assignment.
Which statement is TRUE regarding this situation, according to
USPAP? Correct Answer-The appraiser must disclose that a fee was
paid, but does not have to disclose the amount paid.
An appraiser finds out after completing an appraisal that the
lender/client's loan did not close. What should the appraiser do regarding
the appraisal fee? Correct Answer-Charge the agreed-upon fee
regardless of whether the loan closed
An appraiser finds that the pending sale price of the subject residential
property is not supported by market data. To avoid causing a problem
for the buyer and seller, the appraiser reconciles the value conclusion to
meet the sale price anyway. Which statement is true regarding this
situation? Correct Answer-The appraiser has violated his ethical
obligations by doing this.
An appraiser accepts an appraisal on a property that is under contract for
purchase. Based on a request from the client, the appraiser agrees to
select and use only the data that supports the pending contract sale price
of the subject property. Which statement is TRUE regarding this
situation? Correct Answer-The appraiser has violated the ETHICS
RULE by doing this.
Appraiser Amy agrees to pay a fee to be included on Lender B's
"approved appraiser" list. Which statement is TRUE regarding this
,situation? Correct Answer-This is permissible under USPAP as long as
it is disclosed.
The fact that the appraiser has previously appraised a property is:
Correct Answer-Not confidential information, and can be disclosed
Jack, an appraiser, needs to locate information on zoning ordinances for
a property he is appraising. Which resource would most likely have this
type of information available on its website? Correct Answer-Local
government website
The web site with the largest amount of demographic information is
Correct Answer-census.gov
EDI stands for Correct Answer-Electronic Data Interchange
Fannie Mae and Freddie Mac created the Uniform Mortgage Data
Program (UMDP) for the purpose of Correct Answer-Standardizing
appraisal data
Standardizing lending data provided to Fannie Mae and Freddie Mac
Protecting sensitive data
UAD compliance is required for single-family appraisal reports prepared
for Correct Answer-all of these; VA loan, FHA loan, a conventional loan
that is going to be sold to Fannie Mae
,What would be the correct way to format the date March 15, 2013 in a
UAD-compliant appraisal report? Correct Answer-03/15/2013
Land is a long lasting asset, and has a long economic life as compared to
other assets. What characteristic of land does this refer to? Correct
Answer-durability
An appraisal is best described as Correct Answer-an opinion of value
"An identified parcel or tract of land, including improvements, if any" is
the definition of Correct Answer-real estate
Modern definitions of the word "appraisal" have replaced the word
_______ with ________. Correct Answer-estimate, opinion
The public restriction on property rights that allows the government to
place a lien on a property is Correct Answer-taxation
Physical land and appurtenances attached to the land is the definition of
Correct Answer-real estate
An appraisal is a( n) ____________ of value. Correct Answer-opinion
Which of the following would MOST LIKELY be considered personal
property? Correct Answer-window air conditioner
, Which is NOT considered to be real estate? Correct Answer-property
rights
The process of eminent domain is administered through Correct Answer-
condemnation
Which is NOT a public restriction of private property rights? Correct
Answer-easement
"The earth's surface, both land and water, and anything that is attached
to it whether by the course of nature or human hands" is the definition of
Correct Answer-real estate
"The interests, benefits, and rights, inherent in the ownership of real
estate" is the definition of Correct Answer-real property
Trade fixtures are most commonly found in ___________ property.
Correct Answer-rented commercial property
"A pledge of a described property interest as collateral or security for the
repayment of a loan under certain terms and conditions" is the definition
of Correct Answer-Mortgage
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