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Module 7 - STANDARD 1 Real Property Appraisal, Development questions with actual answers.
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Module 7 - STANDARD 1 Real Property Appraisal, Development questions with actual answers.
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Module 7 - STANDARD 1 Real PropertyAppraisal, Development questions with
actual answers.
Appraisers can use STANDARD 1 as a checklist because it follows the requirements in the
appraisal development process.
scope of work decision.
COMPETENCY RULE.
appraisal reporting process. ANS - appraisal development process.
When developing a real property appraisal, an appraiser
can improvise valuation techniques when the assignment is complex and traditional methods don 't
work.
must be aware of, understand, and correctly employ those recognized methods and techniques that are
necessary to produce a credible appraisal.
must use only those methods and techniques the appraiser is familiar with.
must be aware that competency doesn't require the appraiser to know the best method or technique to
solving the problem. ANS - must be aware of, understand, and correctly employ those recognized
methods and techniques that are necessary to produce a credible appraisal.
, What two terms in the Comment to the definition of "credible" help clarify the components of
"support"?
research and analysis
evidence and logic
knowledge and experience
objectivity and independence ANS - evidence and logic
What is the first task an appraiser undertakes when contacted by a client with a request to perform an
appraisal?
Identify the problem to be solved.
Complete research and analyses.
Discover when the appraisal is due.
Determine the scope of work. ANS - Identify the problem to be solved.
What is true about STANDARD 1?
It has more Standards Rules than the other Standards.
Every Standards Rule is patterned after a specific step in the appraisal process.
It addresses both development and reporting of real property appraisals.
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