MCKISSOCK BASIC APPRAISAL PRINCIPLES CERTIFICATION EXAM QUESTIONS AND ANSWERS
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Course
MCKISSOCK BASIC APPRAISAL PRINCIPLES
Institution
MCKISSOCK BASIC APPRAISAL PRINCIPLES
MCKISSOCK BASIC APPRAISAL PRINCIPLES CERTIFICATION EXAM QUESTIONS AND ANSWERS
market neighborhood - Answer-group of complementary land uses, congrugous grouping of inhabitants
district - Answer-neighborhood characterized by homo land use
market area - Answer-geographic region from which a m...
MCKISSOCK BASIC APPRAISAL
PRINCIPLES CERTIFICATION EXAM
QUESTIONS AND ANSWERS
market neighborhood - Answer-group of complementary land uses, congrugous
grouping of inhabitants
district - Answer-neighborhood characterized by homo land use
market area - Answer-geographic region from which a majority of demand comes and in
which the majority of competition is located
amenity - Answer-benefit of real estate that enhances attractiveness of the user
real estate money demand - Answer-Currency plus demand and time deposits plus the
liabilities of nonbank financial intermediaries
monetary policy - Answer-efforts by a central bank such as the FED in the US to
influence economic activity by regulating availability of money and rate of interest
money market - Answer-interaction of buyers and sellers who trade short term money
instruments
capital market - Answer-interaction of buyers and sellers trading long- or intermediate-
term money instruments
secondary money market - Answer-created by govt. and private agencies for the
purchase and sale of existing mortgages making mortgages more liqud
contract on deed - Answer-contract in which a purchaser of real estate agrees to pay a
small portion of the purchase price when the contract is signed and additional sums
conventional loan - Answer-mortgage that is neither insured or guaranteed by an
agency of the federal govt although it may be privately insured
guaranteed mortgage - Answer-a party other than the borrower assures payment in the
event of default
insured mortgage - Answer-a party other than the borrower assures payment on default
by the mortgagor in return for the payment of a premium
first mortgage - Answer-has priority over all other mortgage liens on a property
, junior lien - Answer-lien placed on property after a previous lien has been made and
recorded
amoritization - Answer-process of retiring a debt or recovering a capital investment
typically through scheduled systematic repayment of the principal
fixed rate mortgage - Answer-A mortgage in which the interest rate does not change
during the entire term of the loan.
balloon mortgage - Answer-one that is not fully amortized at maturity and thus requires
a lump sum or balloon payment of the outstanding balance
graduated-payment mortgage (GPM) - Answer-debt secured by real property in which
mortgage payments are usually projected to match increases in the borrower's income
adjustable rate mortgages - Answer-debt secured by real property with an interest rate
that may move up or down
reverse mortgage - Answer-type of mortgage whereby age-qualified homeowners
systematically borrow against the equity in their homes, receiving regular (usually
monthly) payments from the lender
discount points - Answer-percentage of the loan amount that a lender charges a
borrower for making a loan
utility - Answer-ability of a product to satisfy a human want need or desire; the ability of
a property or building to be useful and to perform the function for which it is intended
according to current market taste and standards
scarcity - Answer-present or anticipated undersupply of an item relative to the demand
for it
effective purchasing power - Answer-ability of an individual or group to participate in a
market
external market forces - Answer-planning,zoning,building codes, envt restrictions, taxes,
utilities, transportation, education, cultural, parks and rec, police, fire protection, public
safety
National Oceanic and Atmospheric Administration - Answer-charged with monitoring
coastal habitats, such as estuaries and reefs. It also monitors development, water and
sediment contamination, water diversion for industrial, agricultural, sedimentation, and
dredging and filling activities.
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