Basic Appraisal Procedures Mckissock Exam
Questions With Correct Answers
Valuation Process - CORRECT ANSWER✔✔-Systematic set of procedures
| | | | | | |
an appraiser follows to provide answers to a clients questions about
| | | | | | | | | | | |
real property value
| |
Appraisal Process - CORRECT ANSWER✔✔-1. Define Problem
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2. Determine scope of work
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3. Gather Record & verify dat
| | | | |
4. determine highest and best use
| | | | |
5. estimate land value
| | |
6. est. value by all three approaches
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7. Reconcile est. value into final opinion value
| | | | | | |
8. report the final opinion
| | | |
defining problem - CORRECT ANSWER✔✔-Identification and location of
| | | | | | | |
the real estate
| |
Identification of the property rights | | | |
Definition of value | |
Purpose and intended use of the appraisal
| | | | | |
,Effective date of the opinion of value
| | | | | |
Any special limiting conditions
| | |
identification and location of the real estate - CORRECT ANSWER✔✔-
| | | | | | | | |
usually with a legal description (metes and bounds, rectangular survey,
| | | | | | | | | |
lot and block) identify the characteristics of the property that are
| | | | | | | | | | |
relevant to the type and definition of value and intended use of the
| | | | | | | | | | | | |
appraisal
Standards rule 1-2E of USPAP - CORRECT ANSWER✔✔-Identify the
| | | | | | | | |
characteristics of the property that are relevant to the type and
| | | | | | | | | | |
definition of value and intended use of the appraisal
| | | | | | | |
market value - CORRECT ANSWER✔✔-stated as an opinion that
| | | | | | | | |
presumes the transfer of a property as of a certain date under specific
| | | | | | | | | | | | |
conditions
Appraisers are cautioned to - CORRECT ANSWER✔✔-identify the exact
| | | | | | | | |
definition of market value and its authority applicable in each appraisal
| | | | | | | | | | |
completed for the purpose of market value| | | | | |
Standards 1-2c of USPAP - CORRECT ANSWER✔✔-identify type of value,
| | | | | | | | | |
if opinion to be developed market value, ascertain whether the value is
| | | | | | | | | | | |
to be the most probable price: terms of cash; terms of financial
| | | | | | | | | | | |
, arrangements equ. to cahs; other terms; if not market value must be
| | | | | | | | | | | |
clearly identified
|
purpose of the assignment - CORRECT ANSWER✔✔-objective of
| | | | | | | |
assignment. ex: to develop an opinion of the defined value of a specified
| | | | | | | | | | | |
interest in real estate
| | | |
intended user - CORRECT ANSWER✔✔-client and any other party as
| | | | | | | | | |
identified by name or type as users of the appraisal review report by the
| | | | | | | | | | | | |
|appraiser
retrospective and prospective value - CORRECT ANSWER✔✔-Two dates
| | | | | | | |
are essential to an appraisal report. Standards Rules 2-2(a)(vi) and 2-
| | | | | | | | | |
2(b)(vi) and 8-2(a)(vi) and 8-2(b)(vi) require that each appraisal report
| | | | | | | | | |
specify the effective date of the appraisal and the date of the report
| | | | | | | | | | | |
standards 1-2d of USPAP - CORRECT ANSWER✔✔-identify the effective
| | | | | | | | |
date of the appraisers opinions and conclusions
| | | | | |
extraordinary assumption - CORRECT ANSWER✔✔-an assignment | | | | | |
specific assumption as of the effective date if which found to be false
| | | | | | | | | | | | |
could alter the appraisers opinions or conclusions
| | | | | |
Questions With Correct Answers
Valuation Process - CORRECT ANSWER✔✔-Systematic set of procedures
| | | | | | |
an appraiser follows to provide answers to a clients questions about
| | | | | | | | | | | |
real property value
| |
Appraisal Process - CORRECT ANSWER✔✔-1. Define Problem
| | | | | |
2. Determine scope of work
| | | |
3. Gather Record & verify dat
| | | | |
4. determine highest and best use
| | | | |
5. estimate land value
| | |
6. est. value by all three approaches
| | | | | |
7. Reconcile est. value into final opinion value
| | | | | | |
8. report the final opinion
| | | |
defining problem - CORRECT ANSWER✔✔-Identification and location of
| | | | | | | |
the real estate
| |
Identification of the property rights | | | |
Definition of value | |
Purpose and intended use of the appraisal
| | | | | |
,Effective date of the opinion of value
| | | | | |
Any special limiting conditions
| | |
identification and location of the real estate - CORRECT ANSWER✔✔-
| | | | | | | | |
usually with a legal description (metes and bounds, rectangular survey,
| | | | | | | | | |
lot and block) identify the characteristics of the property that are
| | | | | | | | | | |
relevant to the type and definition of value and intended use of the
| | | | | | | | | | | | |
appraisal
Standards rule 1-2E of USPAP - CORRECT ANSWER✔✔-Identify the
| | | | | | | | |
characteristics of the property that are relevant to the type and
| | | | | | | | | | |
definition of value and intended use of the appraisal
| | | | | | | |
market value - CORRECT ANSWER✔✔-stated as an opinion that
| | | | | | | | |
presumes the transfer of a property as of a certain date under specific
| | | | | | | | | | | | |
conditions
Appraisers are cautioned to - CORRECT ANSWER✔✔-identify the exact
| | | | | | | | |
definition of market value and its authority applicable in each appraisal
| | | | | | | | | | |
completed for the purpose of market value| | | | | |
Standards 1-2c of USPAP - CORRECT ANSWER✔✔-identify type of value,
| | | | | | | | | |
if opinion to be developed market value, ascertain whether the value is
| | | | | | | | | | | |
to be the most probable price: terms of cash; terms of financial
| | | | | | | | | | | |
, arrangements equ. to cahs; other terms; if not market value must be
| | | | | | | | | | | |
clearly identified
|
purpose of the assignment - CORRECT ANSWER✔✔-objective of
| | | | | | | |
assignment. ex: to develop an opinion of the defined value of a specified
| | | | | | | | | | | |
interest in real estate
| | | |
intended user - CORRECT ANSWER✔✔-client and any other party as
| | | | | | | | | |
identified by name or type as users of the appraisal review report by the
| | | | | | | | | | | | |
|appraiser
retrospective and prospective value - CORRECT ANSWER✔✔-Two dates
| | | | | | | |
are essential to an appraisal report. Standards Rules 2-2(a)(vi) and 2-
| | | | | | | | | |
2(b)(vi) and 8-2(a)(vi) and 8-2(b)(vi) require that each appraisal report
| | | | | | | | | |
specify the effective date of the appraisal and the date of the report
| | | | | | | | | | | |
standards 1-2d of USPAP - CORRECT ANSWER✔✔-identify the effective
| | | | | | | | |
date of the appraisers opinions and conclusions
| | | | | |
extraordinary assumption - CORRECT ANSWER✔✔-an assignment | | | | | |
specific assumption as of the effective date if which found to be false
| | | | | | | | | | | | |
could alter the appraisers opinions or conclusions
| | | | | |
