MCKISSOCK - GENERAL REPORT WRITING
AND CASE STUDIES QUESTIONS AND ANSWERS
2025
Appraisal,-
,ANSWER,"(noun),The,act,or,process,of,developing,an,opinion,of,value.,an,opinion,of,value;,(adj
ective),of,or,pertaining,to,appraising,and,related,functions,such,as,appraisal,practice,or,appraisal
,services."1
Report,-
,ANSWER,any,communication,,written,or,oral,,of,an,appraisal,or,appraisal,review,that,is,transmit
ted,to,the,client,or,a,party,authorized,by,the,client,upon,completion,of,an,assignment.,2
Client,-
,ANSWER,"The,party,or,parties,who,engage,,by,employment,or,contract,,an,appraiser,in,a,specifi
c,assignment.Comment:,The,client,may,be,an,individual,,group,,or,entity,,and,may,engage,and,c
ommunicate,with,the,appraiser,directly,or,through,an,agent."3
Date,of,the,Report,-
,ANSWER,The,date,that,the,appraiser,completed,and,transmitted,the,appraisal,report,to,the,clie
nt.,It,is,usually,-,but,not,always,-
,different,from,the,effective,date,of,value,stated,in,the,appraisal,report.
Effective,Date,-
,ANSWER,The,date,to,which,the,value,applies.,It,can,be,current,,prospective,,or,retrospective.,Th
e,effective,date,of,value,establishes,the,viewpoint,from,which,the,appraiser,viewed,the,appraisa
l,problem.
Intended,use,-
,ANSWER,"the,use(s),of,an,appraiser's,reported,appraisal,or,appraisal,review,assignment,results,
,as,identified,by,the,appraiser,based,on,communication,with,the,client,at,the,time,of,the,assign
ment."4
,Intended,User,-
,ANSWER,"the,client,and,any,other,party,as,identified,,by,name,or,type,,as,users,of,the,appraisal,
or,appraisal,review,report,by,the,appraiser,,based,on,communication,with,the,client,at,the,time,
of,the,assignment."5
Personal,Property,-
,ANSWER,"Identifiable,tangible,objects,that,are,considered,by,the,general,public,as,being,'perso
nal',(e.g.,,furnishings,,artwork,,antiques,,gems,and,jewelry,,collectibles,,machinery,and,equipme
nt;,all,tangible,property,that,is,not,classified,as,real,estate."6
Real,Estate,-,ANSWER,"An,identified,parcel,or,tract,of,land,,including,improvements,,if,any."7
Real,Property,-
,ANSWER,"The,interests,,benefits,and,rights,inherent,in,the,ownership,of,real,estate".8
This,often,is,referred,to,as,the,"bundle,of,rights",associated,with,owning,real,estate.,These,rights
,include:,-,ANSWER,The,right,to,sell,the,property;
The,right,to,lease,or,rent,the,property;
The,right,to,use,the,property;
The,right,to,give,the,property,away;
The,right,to,enter,or,leave,the,property;,and
The,right,to,refuse,to,do,anything,with,the,property.
To,determine,the,appropriate,scope,of,work,for,the,individual,assignment,,the,appraiser,must:,-
,ANSWER,-
Rely,on,the,information,gained,in,the,first,step,of,the,appraisal,process.,Proper,identification,of,t
he,problem,is,essential.
-
Ensure,that,he,or,she,has,the,knowledge,,experience,,and,competency,to,accomplish,this,assign
ment.
-Determine,the,client's,expectations,for,this,type,of,assignment.
,-
Not,allow,the,assignment,conditions,to,limit,his,or,her,ability,to,arrive,at,a,credible,opinion,of,va
lue,,given,the,intended,use,of,the,appraisal.
-Be,able,to,support,the,decision,for,the,level,of,work,to,be,accomplished.
-
Be,prepared,to,defend,the,research,and,analysis,he,or,she,decided,was,not,required,for,this,assi
gnment's,credible,opinion,of,value.
Ethics,Rule,of,USPAP,-
,ANSWER,"An,appraiser,must,promote,and,preserve,the,public,trust,inherent,in,appraisal,practic
e,by,observing,the,highest,standards,of,professional,ethics.,An,appraiser,must,comply,with,USPA
P,when,obligated,by,law,or,regulation,,or,by,agreement,with,the,client,or,intended,users.,In,addi
tion,to,these,requirements,,an,individual,should,comply,any,time,that,individual,represents,that,
he,or,she,is,performing,the,service,as,an,appraiser."1
Among,the,requirements,,USPAP,states:,-
,ANSWER,"In,reporting,the,results,of,a,real,property,appraisal,,an,appraiser,must,communicate,e
ach,analysis,,opinion,,and,conclusion,in,a,manner,that,is,not,misleading.
Comment:,STANDARD,2,addresses,the,content,and,level,of,information,required,in,a,report,that,
communicates,the,results,of,a,real,property,appraisal.
STANDARD,2,does,not,dictate,the,form,,format,,or,style,of,real,property,appraisal,reports.,The,fo
rm,,format,,and,style,of,a,report,are,functions,of,the,needs,of,intended,users,and,appraisers.,Th
e,substantive,content,of,a,report,determines,its,compliance.
Each,written,or,oral,real,property,report,must,include:,-,ANSWER,-
clearly,and,accurately,set,forth,the,appraisal,in,a,manner,that,will,not,be,misleading;
-
contain,sufficient,information,to,enable,the,intended,users,of,the,appraisal,to,understand,the,re
port,properly;,and
-
clearly,and,accurately,disclose,all,assumptions,,extraordinary,assumptions,,hypothetical,conditio
ns,,and,limiting,conditions,used,in,the,assignment."2
, Standard,Rule,2-2,-
,ANSWER,(a),The,content,of,an,Appraisal,Report,must,be,consistent,with,the,intended,use,of,the
,appraisal,and,,at,a,minimum:
(i),state,the,identity,of,the,client,,unless,the,client,has,specifically,requested,otherwise;,state,the
,identity,of,any,intended,users,by,name,or,type;
(ii),state,the,intended,use,of,the,appraisal;
(iii),summarize,information,sufficient,to,identify,the,real,estate,involved,in,the,appraisal,,includin
g,the,physical,,legal,,and,economic,property,characteristics,relevant,to,the,assignment;
(iv),state,the,real,property,interest,appraised;
(v),state,the,type,and,definition,of,value,and,cite,the,source,of,the,definition;
Standard,Rule,2-2,Cont:,-
,ANSWER,(vi),state,the,effective,date,of,the,appraisal,and,the,date,of,the,report;
(vii),summarize,the,scope,of,work,used,to,develop,the,appraisal;
(viii),summarize,the,information,analyzed,,the,appraisal,methods,and,techniques,employed,,and
,the,reasoning,that,supports,the,analyses,,opinions,,and,conclusions;,exclusion,of,the,sales,comp
arison,approach,
(ix),state,the,use,of,the,real,estate,existing,as,of,the,date,of,value,and,the,use,of,the,real,estate,r
eflected,in,the,appraisal;
(x),when,an,opinion,of,highest,and,best,use,was,developed,by,the,appraiser,,summarize,the,sup
port,and,rationale,for,that,opinion;
Standard,Rule,2-2,Cont,II:,-,ANSWER,(xi),clearly,and,conspicuously:
state,all,extraordinary,assumptions,and,hypothetical,conditions;,and
state,that,their,use,might,have,affected,the,assignment,results;,and
(xii),include,a,signed,certification,in,accordance,with,Standards,Rule,2-3.1
FIRREA,Market,Value,Definition,Developed,by,Federal,Regulatory,Agencies:,-
,ANSWER,Market,value,means,the,most,probable,price,which,a,property,should,bring,in,a,comp
etitive,and,open,market,under,all,conditions,requisite,to,a,fair,sale,,the,buyer,and,seller,each,act
ing,prudently,and,knowledgeably,,and,assuming,the,price,is,not,affected,by,undue,stimulus.,Impl
