Mckissock Basic Appraisal Principles Exam Questions (190 Terms) With Verified Definitions Updated 2024

TAFAC {Ans: Appraisal Foundation Advisory Council}1 section {Ans: 1 square mile}total= {Ans: part/percent}Appraiser {Ans: One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective.}The Appraisal Foundation has three principal boards: {Ans: Board of Trustees (BOT) Appraisal Standards Board (ASB) Appraiser Qualifications Board (AQB)}amoritization {Ans: process of retiring a debt or recovering a capital investment typically through scheduled systematic repayment of the principal}amenity {Ans: benefit of real estate that enhances attractiveness of the user}agents of labor {Ans: land labor capital and entrepreneurialship}neighborhood analysis {Ans: objective analysis of observable and or quantifiable data indicating discernable patterns of growth making it higher or lower value}partial interests {Ans: divided or undivided rights in real estate that represents less than a whole}1 square mile {Ans: 640 acres}condominium {Ans: An individually owned housing unit in a building with several such units}Tenancy in common {Ans: An estate held by two or more persons, each of whom has an undivided interest."}The Appraisal Foundation {Ans: not-for-profit organization, established exclusively for educational and scientific purposes.}adjustable rate mortgages {Ans: debt secured by real property with an interest