mckissock basic appraisal principles, Exams of Real Estate Management

Download mckissock basic appraisal principles and more Exams Real Estate Management in PDF only on Docsity! mckissock basic appraisal principles grant deed - correct answer deed containing, or having implied by law, some but not all of the usual covenants of title Appraiser - correct answer One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. report - correct answer any communication, written or oral, of an appraisal or appraisal review that is transmitted to the client or a party authorized by the client upon completion of an assignment. narrative report - correct answer A written communication of the results of a valuation or review assignment presented to the client in narrative style rather than on a form or orally. The AQB - correct answer charged with establishing the qualifications that all the states must meet in licensing, certification and re-certification of appraisers. january 8th, 2008 - correct answer Major changes to the Criteria went into effect May 1, 2018 - correct answer Additional revisions were made effective four components of the Real Property Appraiser Qualification Criteria - correct answer qualifying ed, education, examinations, continuing ed The Appraisal Foundation - correct answer not-for-profit organization, established exclusively for educational and scientific purposes. After The Appraisal Foundation was formed, the Uniform Standards of Professional Appraisal Practice - correct answer was formally adopted by the Appraisal Standards Board (ASB) in January 1989. The Appraisal Foundation has three principal boards: - correct answer Board of Trustees (BOT) Appraisal Standards Board (ASB) Appraiser Qualifications Board (AQB) The BOT - correct answer acts as an executive board for the Foundation. The ASB - correct answer responsible for creating standards for ethics and performance of appraisers. Uniform Standards of Professional Appraisal Practice (USPAP) - correct answer was developed by the Ad Hoc Committee in 1986 and 1987 and was copyrighted in 1987 by The Appraisal Foundation. At its first meeting in 1989, the Appraisal Standards Board (ASB) - correct answer adopted USPAP as the governing document. USPAP may be - correct answer amended, interpreted, supplemented, or retired only by the ASB. Congress recognized USPAP - correct answer as the generally recognized standards of practice in the appraisal profession in Title XI of the Financial Institutions Reform the Appraisal Subcommittee (ASC) - correct answer is a federal entity with oversight authority over the state licensing and certification agencies AMCs - correct answer appraisal management companies fixture - correct answer An article that was once personal property but has since been installed or attached to the land or building in a rather permanent manner so that it is regarded in law as part of the real estate." personal property - correct answer All property not classified as real property trade fixtures - correct answer Personal property used in a business and can be removed by the lessee when the lease terminates. real propert - correct answer interest in real estate (what we appraise) public restrictions - correct answer taxation,eminent domain,police power,escheat eminent domain - correct answer Power of a government to take private property for public use. police power - correct answer protect public interest (zoning, building codes, subdivision regs., electrical,plumbing,energy codes) escheat - correct answer the right of government that gives the state titular ownership of a property when its owner dies without a will or any ascertainable heirs private restrictions - correct answer mortgages,mechanics liens,deedrestrictions,conditions covenants and restrictions mortgage - correct answer A pledge of a described property interest as collateral or security for the repayment of a loan under certain terms and conditions." mortgage note - correct answer A document or a clause in a document in which the borrower accepts responsibility for the repayment of a debt." mechanics lien - correct answer A legal claim placed on real estate by someone who is owed money for labor, services or supplies contributed to the property for the purpose of improving it Deed Restrictions - correct answer Clauses in a deed limiting the future uses of the property. conditions, covenants and restrictions (CC&Rs) - correct answer The standards that define how a property may be used and the protections the developer makes for the benefit of all owners in a subdivision. legal description - correct answer description of land that identifies the real estate according to a system established or approved by law lot and block system - correct answer A system for the legal description of land that refers to parcels' lot and block numbers, which appear on recorded maps and plats of subdivided land; may also be used for assessment maps. metes and bounds - correct answer a system for the legal description of land that refers to the parcels which are formed by the point of beginning and allintermediate point (bounds) and courses or angular direction of each point(metes) 1 full circle- 1 degree- 1 foot- 1 degree- - correct answer 360 degrees 60 minutes 60 seconds 3600 seconds 1 mile - correct answer 8 furlongs 1 furlong - correct answer 660 Feet, or 10 Chains 1 chain - correct answer 66 feet or 4 rods 1 rod - correct answer 16.5 feet or 25 links 1 link - correct answer 7.92 inches or .67 feet 1 acre - correct answer 43,560 rectangular survey system - correct answer divides land into townships and ranges approximately six miles square, each normally containing 36 one-square-mile sections of 640 acres, except when adjusted for the curvature of the earth." 1 township - correct answer 36 square miles 1 section - correct answer 1 square mile 1 square mile - correct answer 640 acres 1/4 section - correct answer 160 acres quarter-quarter section - correct answer 40 acres estate - correct answer right or interest in property tenancy by the entirety - correct answer estate held by husband and wife in which neither has a disposable interest in the property during the lifetime of the other except through joint action land trusts - correct answer egal vehicle for partial ownership interests in real estate in which independently owned properties are conveyed to a trustee partnership - correct answer A business in which two or more persons combine their assets and skills general partnership - correct answer partnership in which partners share equally in both responsibility and liability limited partnership - correct answer partnership in which only one partner is required to be a general partner corporation - correct answer an organization that acts as a single legal entity in performing certain activities, usually business for profit syndication - correct answer privateor public partnership that pools funds for the acquisition and development of real estate projects or other business ventures real estate investment trust - correct answer A corporation or trust that combines the capital of many investors to acquire or provide financing for all forms of real property condominium - correct answer An individually owned housing unit in a building with several such units condo ownership - correct answer a form of fee ownership of separate units or portions of multi-unit buildings that provides for formal filing and recording of a divided interest in real property. cooperative ownership - correct answer form of property ownership in which each unit owner holds stock in a cooperative apartment building or housing corporation. planned unit development - correct answer A type of building development designed as a grouping of complementary land uses timesharing - correct answer Limited ownership interests in, or the rights of use and occupancy of, residential apartments or hotel rooms. deed - correct answer written legal instrument that conveys an estate or interest in real estate property when it is executed and delivered quitclaim deed - correct answer any interest the grantor possesses in the property described in the deed is conveyed to the grantee without warranty of title bargain and sale deed - correct answer A deed that conveys real estate from a seller to a buyer but does not guarantee clear title tax deed - correct answer conveys title to property purchased at a tax sale warranty deed - correct answer A deed that conveys to the grantee title to the property free and clear of all encumbrances, except those specifically set forth in the document deed of trust - correct answer A legal instrument similar to a mortgage document, except that three parties are involved in securing the debt: the borrower, a lender, and a trustee reconveyance - correct answer passing of the real property back to the original owner promise - correct answer firm agreement to perform an act refrain from acting or make a payment or delivery competent - correct answer having the ability to do what is needed consideration - correct answer something of value exchanged for something else of value release - correct answer give up a right as releasing one assignment - correct answer act of transferring an interest in property or some right novation - correct answer agreement of parties to a contract to substitute a new contract for the old one standards rule 1-5(a) of USPAP - correct answer analyze all current agreements of sale, options, or listings of the subject property market - correct answer a set of arrangements in which buyers and sellers are brought together through the price mechanism market - correct answer gathering of people for the buying and selling of things real property market - correct answer buyers and sellers of particular real property and the transactions that occur among them active market - correct answer characterized by numerous transactions buyers market - correct answer buyers have the advanatage; prices low due to oversupply graduated-payment mortgage (GPM) - correct answer debt secured by real property in which mortgage payments are usually projected to match increases in the borrower's income adjustable rate mortgages - correct answer debt secured by real property with an interest rate that may move up or down reverse mortgage - correct 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 - correct answer percentage of the loan amount that a lender charges a borrower for making a loan utility - correct 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 - correct answer present or anticipated undersupply of an item relative to the demand for it effective purchasing power - correct answer ability of an individual or group to participate in a market external market forces - correct 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 - correct 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. US Army Corps of Engineers - correct answer mission is planning, designing, building and operating water resources and other civil works projects including: Navigation, Flood control, Environmental protection, Disaster response, Ecosystem restoration, Wetlands and waterways , regulation & permitting environmental protection agency - correct answer Developing and enforcing regulations Offering financial assistance Performing environmental research Sponsoring voluntary programs and partnerships Furthering environmental education Publishing information economic forces - correct answer national economy. consumer price index, IR, etc arms length transaction - correct answer transaction between unrelated parties who are each acting in their own best interest exposure time - correct answer the time a property is on the market value in exchange - correct answer value that reflects the amount that can be obtained for an asset if exchanged between parties value in use - correct answer value of property assuming a specific use which may or may not be the highest and best use at the appraisal time investment value - correct answer value of a property interest to a particular investor or class of investors based on the investor's specific requirements insurable value - correct answer value for insurance purposes assessed value - correct answer The value of an asset determined by tax authorities for the purpose of calculating taxes intangible value - correct answer value cannot be imputed to any part of the physical property market value of the going concern - correct answer value of an established and operating business including the real property etc public interest value - correct answer Monetary worth attributed to features that have no measurable worth in the market but may benefit the public or a specific segment of the public book value - correct answer capital amount at which property is shown on the account books by a corporation or individual liquidation value - correct answer most probable price that a specified interest in real property should bring salvage value - correct answer price expected for a whole property anticipation - correct answer perception that value is created by the expectation of benefits to be derived in the future progression - correct answer lower priced property will be worth more in a higher priced neighborhood than it would in a neighborhood of comp properties