Appraisal Procedures - Mckissock Quiz Questions and
Answers 2023
True or False: An appraiser's client must always directly engage the appraiser.
False
A step-by-step procedure that can be applied to any type of appraisal assignment
is
The valuation process
True or False: The effective date of the valuation must be the date on which the
appraiser inspected the subject property.
False
"An assignment-specific assumption, as of the effective date, which, if found to
be false, could alter the appraiser's opinions or conclusions" is the definition of
extraordinary assumption
In highest and best use analysis, which criterion is applied LAST?
maximally productive
True or False: All three approaches to value must be used in every real property
appraisal.
False
"Documentation necessary to support an appraiser's analyses, opinions, and
conclusions" is the appraiser's
work file
What appraisal term is defined as "The type of data and the extent of research
and analyses"?
Scope of work
According to USPAP, the credibility of assignment results is measured
______________.
within the context of intended use
An appraiser must comply with the SCOPE OF WORK RULE when completing:
an appraisal assignment
scope of work applies to
Both appraisals and appraisal review assignments
The intended user of an appraisal is the ________ and any other user, as
identified by _________.
client, name or type
Which is NOT an appropriate source for a legal description?
postal address
The objective for an assignment is its
purpose
The effective date of value can be
a present, past, or future date
Each appraisal report must contain two dates, the ____________ and the
______________.
effective date of the appraisal, date of the report
,The SCOPE OF WORK RULE says that "the appraiser must be prepared to
demonstrate that the scope of work is sufficient to produce _________________"
credible assignment results
What is the first step in the valuation process?
define the problem
Professional or trade associations offering general data include all of the
following EXCEPT
Federal National Mortgage Association
When completing an appraisal assignment, comparable sales information that the
appraiser gathers would be considered _________ data.
specific
Information on employment and unemployment trends in an area would be
considered
general
The largest source for demographic information is
U.S. Bureau of the Census
Which influences typically exert the greatest pressure on property values?
local influences
True or False: Government data sources for general data are found on a national
level only.
False
You check the FEMA flood map, and the subject property is located in Zone C. Is
this a Special Flood Hazard Area (SFHA)?
No
True or False: The usefulness of MLS information can be dramatically increased
through verification with a selling or listing agent.
True
Which of these items would NOT be typically found in the deed for the subject
property?
zoning classification
It is important for an appraiser to research and understand what when doing an
appraisal?
both the zoning map and the ordinance
Local and regional multiple listing services typically concentrate on
____________ properties.
single unit residential
BEA stands for
Bureau of Economic Analysis
Which of these organizations conducts extensive research on current
construction trends?
NAHB
MLS systems store and maintain their data primarily for the use of:
real estate agents and brokers
Comparable sale and rental properties would be considered ________ data.
specific
, Which of these organizations is responsible for preparing flood maps for U.S.
communities?
FEMA
Which of the following sources of data would not be considered "specific" data?
US Census data for the MSA
The zoning of a property is _____________ data.
specific
Which of the following pieces of information would MOST likely be found in the
deed?
current owner of record
Which would NOT be considered a source for specific data?
US Census Bureau
You can obtain topographic maps from
topozone
What is another name for the cost approach?
the summation approach
True or False: Condemnation appraisals often require an appraiser to develop a
separate opinion of site value.
True
True or False: The difference between land and site is that land is improved, while
site is not.
False
When using the sales comparison method in valuing a site, adjustments should
be made for differences that are __________.
significant
In the sales comparison method, quantitative adjustments are based on dollars,
while qualitative adjustments are based on percentages.
False
"Real property for which the expansion, redevelopment, or reuse of the real
estate may be complicated by the presence of environmental contamination that
needs to be remediated to appropriate regulatory standards" is the definition of
brownfield
The subdivision development method of land valuation is a variation of
discounted cash flow analysis
Appraisal regulatory agencies state that one of the problems with the allocation
method is
appraisers often have no workfile support for the ratio they use
Which method of site valuation is based on a typical ratio of land value to total
property value?
allocation
A property sold for $120,000. An old building on the property has a cost new of
$300,000 and it is 75% depreciated. What is the indicated site value by extraction?
$45,000 ($300,000 x 0.75 = $225,000 depreciation, which means the value of the
building is $75,000 ($300,000 - $225,000). Subtracting $75,000 from $120,000 indicates
a site value of $45,000.)
Answers 2023
True or False: An appraiser's client must always directly engage the appraiser.
False
A step-by-step procedure that can be applied to any type of appraisal assignment
is
The valuation process
True or False: The effective date of the valuation must be the date on which the
appraiser inspected the subject property.
False
"An assignment-specific assumption, as of the effective date, which, if found to
be false, could alter the appraiser's opinions or conclusions" is the definition of
extraordinary assumption
In highest and best use analysis, which criterion is applied LAST?
maximally productive
True or False: All three approaches to value must be used in every real property
appraisal.
False
"Documentation necessary to support an appraiser's analyses, opinions, and
conclusions" is the appraiser's
work file
What appraisal term is defined as "The type of data and the extent of research
and analyses"?
Scope of work
According to USPAP, the credibility of assignment results is measured
______________.
within the context of intended use
An appraiser must comply with the SCOPE OF WORK RULE when completing:
an appraisal assignment
scope of work applies to
Both appraisals and appraisal review assignments
The intended user of an appraisal is the ________ and any other user, as
identified by _________.
client, name or type
Which is NOT an appropriate source for a legal description?
postal address
The objective for an assignment is its
purpose
The effective date of value can be
a present, past, or future date
Each appraisal report must contain two dates, the ____________ and the
______________.
effective date of the appraisal, date of the report
,The SCOPE OF WORK RULE says that "the appraiser must be prepared to
demonstrate that the scope of work is sufficient to produce _________________"
credible assignment results
What is the first step in the valuation process?
define the problem
Professional or trade associations offering general data include all of the
following EXCEPT
Federal National Mortgage Association
When completing an appraisal assignment, comparable sales information that the
appraiser gathers would be considered _________ data.
specific
Information on employment and unemployment trends in an area would be
considered
general
The largest source for demographic information is
U.S. Bureau of the Census
Which influences typically exert the greatest pressure on property values?
local influences
True or False: Government data sources for general data are found on a national
level only.
False
You check the FEMA flood map, and the subject property is located in Zone C. Is
this a Special Flood Hazard Area (SFHA)?
No
True or False: The usefulness of MLS information can be dramatically increased
through verification with a selling or listing agent.
True
Which of these items would NOT be typically found in the deed for the subject
property?
zoning classification
It is important for an appraiser to research and understand what when doing an
appraisal?
both the zoning map and the ordinance
Local and regional multiple listing services typically concentrate on
____________ properties.
single unit residential
BEA stands for
Bureau of Economic Analysis
Which of these organizations conducts extensive research on current
construction trends?
NAHB
MLS systems store and maintain their data primarily for the use of:
real estate agents and brokers
Comparable sale and rental properties would be considered ________ data.
specific
, Which of these organizations is responsible for preparing flood maps for U.S.
communities?
FEMA
Which of the following sources of data would not be considered "specific" data?
US Census data for the MSA
The zoning of a property is _____________ data.
specific
Which of the following pieces of information would MOST likely be found in the
deed?
current owner of record
Which would NOT be considered a source for specific data?
US Census Bureau
You can obtain topographic maps from
topozone
What is another name for the cost approach?
the summation approach
True or False: Condemnation appraisals often require an appraiser to develop a
separate opinion of site value.
True
True or False: The difference between land and site is that land is improved, while
site is not.
False
When using the sales comparison method in valuing a site, adjustments should
be made for differences that are __________.
significant
In the sales comparison method, quantitative adjustments are based on dollars,
while qualitative adjustments are based on percentages.
False
"Real property for which the expansion, redevelopment, or reuse of the real
estate may be complicated by the presence of environmental contamination that
needs to be remediated to appropriate regulatory standards" is the definition of
brownfield
The subdivision development method of land valuation is a variation of
discounted cash flow analysis
Appraisal regulatory agencies state that one of the problems with the allocation
method is
appraisers often have no workfile support for the ratio they use
Which method of site valuation is based on a typical ratio of land value to total
property value?
allocation
A property sold for $120,000. An old building on the property has a cost new of
$300,000 and it is 75% depreciated. What is the indicated site value by extraction?
$45,000 ($300,000 x 0.75 = $225,000 depreciation, which means the value of the
building is $75,000 ($300,000 - $225,000). Subtracting $75,000 from $120,000 indicates
a site value of $45,000.)
