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McKissock - Basic Appraisal Principles Comprehensive Review Questions with Correct Answers
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McKissock - Basic Appraisal Principles Comprehensive Review Questions with Correct Answers
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McKissock - Basic Appraisal PrinciplesComprehensive Review Questions with Correct
Answers
"The act of transferring an interest in property or some right (such as
contract benefits) to another" is the definition of
assignment
novation
codicil
acceptance Correct Answer-assignment
What is the mean of the following set of gross rent multipliers? (95, 93,
120, 94, 93, 129)
93
94.5
101.5
104 Correct Answer-104
Forty percent of the houses in a neighborhood are Colonials and 18% are
Cape Cods. There are a total of 200 houses. How many are Cape Cods?
36
40
48
80 Correct Answer-36
,All of the following would typically be considered to be personal
property EXCEPT
portable dishwasher
wall to wall carpeting
countertop microwave
clothes dryer Correct Answer-wall to wall carpeting
The current number of appraisal education hours required for Certified
General Appraiser applicants is ______ hours.
180
200
300
360 Correct Answer-300
Modern definitions of the word "appraisal" have replaced the word
_______ with ________.
pounds, dollars
time, market conditions
value, cost
estimate, opinion Correct Answer-estimate, opinion
A problem with the real property market is that the amount of ________
is slow to change.
demand
, new customers
supply
supply and demand Correct Answer-supply
The Equal Credit Opportunity Act (ECOA) is enforced by:
Consumer Financial Protection Bureau
State fair lending enforcement agencies
Federal Reserve Board (FRB)
Department of Housing and Urban Development (HUD) Correct
Answer-Consumer Financial Protection Bureau
"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) ______________
mortgage.
adjustable rate
interest only
index
fluctuating Correct Answer-adjustable rate
In an effort to securely protect sensitive data, become more efficient at
closing mortgage loans, and develop more consistent standardized
appraisal data, Fannie Mae and Freddie Mac created which initiative?
Uniform Mortgage Data Program (UMDP)
Data Accurate Database
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