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Basic Appraisal Procedures- 154 FINAL EXAM QUESTIONS WITH 100% CORRECT ANSWERS|48 PAGES

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The most common heating systems in residential construction today are -hot water -heat pumps -forced warm air -electric radiant - ️️hot water A _______________ home has a permanent steel chassis, wheels and axles. -panelized -modular -pre-cut -manufactured - ️️manufactured ...

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Basic Appraisal Procedures - McKissock 147 Questions with 100% Correct Answers | Verified | Updated 2024

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Valuation process - ️️A systematic procedure used in the valuation of real property. Client - ️️The party or parties who engage, by employment or contract, an appraiser in a specific assignment. Steps in Defining the problem - ️️Identification and location of the real estate; Ident...

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Basic Appraisal Procedures, 127 test review Questions With Complete Solutions

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"The age of property that is based on the amount of observed deterioration and obsolescence it has sustained" is the definition of ____________ age. - ️️effective In what type of heating system would you find an expansion tank? - ️️hot water Which of the following would be general da...

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Basic Appraisal Procedures 85 Exam Questions With Solutions

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"The estimated cost to construct, at current prices as of the effective appraisal date, an exact duplicate or replica of the building being appraised, using the same materials..." is the definition of _______________ cost. - ️️reproduction Footings need to be _______________ below average f...

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Basic Appraisal Procedures Mckissock 149 Questions With Complete Solutions

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Valuation Process - ️️Systematic set of procedures an appraiser follows to provide answers to a clients questions about real property value Appraisal Process - ️️1. Define Problem 2. Determine scope of work 3. Gather Record & verify dat 4. determine highest and best use 5. estimate la...

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Basic Appraisal Procedures|183 Questions with 100% Correct Answers | Verified

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8 Steps in the Valuation Process - ️️1) Define the problem 2) Determine scope of work 3) Gather, record and verify the data 4) Determine the highest and best use 5) Estimate the land value 6) Estimate value by each of the 3 approaches (if applicable) 7) Reconcile the estimated values into ...

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Basic Appraisal Procedures 198 Questions with 100% Correct Answers | Verified | Updated 2024

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Assumption - ️️That which is taken to be true Effective Date - ️️The context for the appraiser's opinions and conclusions. Effective dates can be current, retrospective, or prospective Exposure Time - ️️Estimated length of time a property interest being appraised would have been o...

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Basic Appraisal Procedures 112 Questions with 100% Correct Answers | Verified

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When developing an appraisal, you calculate the following GRMs for comparable properties: 94.3, 90.1, 95.6, 109.2, 84.5, 100.7, 99.9. What is the mean of the GRMs? - ️️96.3 "The process of valuing a universe of properties as of a given date using standard methodology, employing common data, ...

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Basic Appraisal Procedures 112 Questions with 100% Correct Answers | Verified

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When developing an appraisal, you calculate the following GRMs for comparable properties: 94.3, 90.1, 95.6, 109.2, 84.5, 100.7, 99.9. What is the mean of the GRMs? - ️️96.3 "The process of valuing a universe of properties as of a given date using standard methodology, employing common data, ...

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Basic Appraisal Procedures 108 Questions with 100% Correct Answers | Verified

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- ️️An entrepreneur is taking on a development project, and by his calculations, he expects to receive a 25% return on his investment in the project. This 25% figure represents $252,000 - ️️The subject is a 15 year old duplex that would cost $240,000 to build new today. It is in good cond...

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Basic Appraisal Procedures 40 Questions with 100% Correct Answers | Verified

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If a cost manual is used, the result is _____________ cost. - ️️replacement What type of framing became popular in the 1800s with the advent of the steam-powered sawmill? platform frame balloon frame log frame post and beam - ️️balloon frame Details about the property being appra...

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Basic Appraisal Procedures 117 Questions with 100% Correct Answers | Verified | Updated 2024

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Site - ️️Land that is improved so that it is ready to be used for a specific purpose Separate Site Valuations - ️️Cost approach Assessments and taxation Condemnation appraisals Certain income capitalization methods Highest and best use analysis Cost Approach (summation approach) - ...

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Basic Appraisal Procedures,127 test review Questions with 100% Correct Answers | Verified | Updated 2024

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"The age of property that is based on the amount of observed deterioration and obsolescence it has sustained" is the definition of ____________ age. - ️️effective In what type of heating system would you find an expansion tank? - ️️hot water Which of the following would be general da...

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Basic Appraisal Procedures 238 Questions with 100% Correct Answers | Verified

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True or False: The effective date of the valuation must be the date on which the appraiser inspected the subject property. - ️️FALSE In many cases, the effective date is the date the appraiser inspects the subject property. But that is not always the case. The effective date can be any date, ...

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Appraisal Institute: Basic Appraisal Procedures 123 Questions And Answers

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Client - ️️The individual, group or entity who engages a valuer to perform a Service Extraordinary Assumption - ️️An assumption, directly related to a specific assignment, as of the effective date of the assignment results, which, if found to be false, could alter the appraiser's opinion...

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Basic Appraisal Procedures| 246 Questions And Answers|62 Pages

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ch1 What is the first step in the valuation process? determine scope of work define the problem estimate land value gather, record, and verify data - ️️define the problem ch1 True or False: There is one universal definition of market value used in real property appraisal. True False -...

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Basic appraisal procedures 78 test Questions And Answers

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The amount by which contract rent exceeds the market rent at the time of the appraisal - ️️Excess rent Fanny Mae requires a single unit residential appraisal report to include photographs of - ️️The subject property and the comparable sales The factory built house constructed in compli...

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Basic Appraisal Procedures 385 Study Guide Questions with 100% Correct Answers | Verified|40 Pages

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The appraiser - ️️Who is responsible for identifying the intended use of an appraisal? Valuation process - ️️A step-by-step procedure that can be applied to any type of appraisal assignment. No - ️️Does an appraiser's client always have to directly engage him? False - ️️The...

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Basic Appraisal Procedures 286 Questions with 100% Correct Answers | Verified | Updated 2024|30 Pages

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The appraiser - ️️Who is responsible for identifying the intended use of an appraisal? Report the final opinion of value - ️️What is the final step in the valuation process? False - ️️There is one universal definition of market value used in real property appraisal. extraordinar...

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Basic Appraisal Procedures 152 Questions with 100% Correct Answers | Verified | Updated 2024

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First four steps of the valuation process: - ️️1) Identification of the Problem 2) Scope of work Determination 3) Data Collection and Property Description 4) Data Analysis Second four steps of the valuation process: - ️️5) Land Value Opinion 6) Application of the Approaches to Valu...

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Basic Appraisal Procedures 193 Questions with 100% Correct Answers | Verified

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Maximumly productive - ️️In highest and best use of analysis, which criterion is applied last? Workfile - ️️Documentation necessary to support an appraiser's analysis, opinions, and conclusion is the appraisers: Scope of work - ️️What appraisal term is defined as the type and exte...

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Basic Appraisal Procedures 50 Final Exam Questions And Answers

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The first step in the valuation process is - ️️define the problem Appraisers are cautioned to identify the exact _______________ of market value, and its _______________, applicable in each appraisal completed for the purpose of market value. - ️️definition, authority "Real property f...

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