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BASIC APPRAISAL PROCEDURES MCKISSOCK EXAM WITH COMPLETE QUESTIONS AND CORRECT ANSWERS $12.49
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BASIC APPRAISAL PROCEDURES MCKISSOCK EXAM WITH COMPLETE QUESTIONS AND CORRECT ANSWERS

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BASIC APPRAISAL PROCEDURES MCKISSOCK EXAM WITH COMPLETE QUESTIONS AND CORRECT ANSWERS ground rent capitalization method - Answer-estimating land value applied by capitalizing ground rent at a market-derived rate Uniform appraisal dataset - Answer-standardized reporting requirements used in res...

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  • November 9, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • basic appraisal procedures mckissock
  • basic appraisal procedures mckissock exam
  • ground rent capitalization method

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BASIC APPRAISAL PROCEDURES
MCKISSOCK EXAM WITH COMPLETE
QUESTIONS AND CORRECT ANSWERS

ground rent capitalization method - Answer-estimating land value applied by capitalizing
ground rent at a market-derived rate

Uniform appraisal dataset - Answer-standardized reporting requirements used in
residential mortgage lending appraisal reports

manufactured home - Answer-factory built house manufactured under the Fed
Manufactured home Construction and safety standards act of 1976

modular home - Answer-factory built in compliance with a building code other than the
hud code

gross living area - Answer-Total area of finished, above-grade residential space;
calculated by measuring the outside perimeter of the structure and includes only
finished, habitable, above-grade living space

gross building area - Answer-total floor area of a building excluding unenclosed areas
measured from the exterior of the walls of the above grade area

substitution - Answer-appraisal principle that states when several similar or
commensurate commodities good or service are available the cheapest one will be
demanded

cost formula - Answer-reproduction cost new-accrued depreciation+site value=property
value

cost approach - Answer-set of procedures through which a value indication is derived
for the fee simple estate by estimating the current cost to construct a reproduction of the
existing structure

fee simple interests - Answer-absolute ownership unencumbered by any other estate
subject only to the limitations imposed by the govern. powers of taxation eminent
domain police power and escheat.

reproduction cost - Answer-cost to construct at current prices as of the effective date of
the appraisal an exact duplicate of the building being appraised

, Replacement Cost - Answer-cost to construct, at current prices as of the effective
appraisal date, a building with utility equivalent to the building being appraised

entrepreneurial incentive - Answer-amount an entrepreneur expects to receive for his or
her contribution to a project

Depreciation - Answer-appraising, a loss in property value from any cause

USPAP standards 1-1a - Answer-be aware of and crrectly employ those recognized
methods and techniques that are ncessary to the appraisal

standards 1-4b - Answer-1. develop an opinion of site value
2. analyze comp. cost
3. analyze vs new and old cost

standards rule 1-2h - Answer-determine scope of work necessary to produce credible
assignment results in accordance with SOW rule

direct cost - Answer-expenditures for the labor and materials used in the construction of
improvements

indirect costs - Answer-expenditures items other than labor and materials that are
necessary for construction but not typically in the contract

entrepreneurial profit - Answer-figure that represents the amount an entrepreneur
receives for his risk; what they actually get

Physical deterioration - Answer-wear and tear that begins when a building is completed
and placed into service

Functional obsolescence - Answer-The impairment of functional capacity of
improvements according to market tastes and standards

External Obsolescence - Answer-type of depreciation; a diminution in value caused by
negative external influences and generally incurable on the part of the owner, landlord,
or tenant

economic life - Answer-period over which improvements to real estate contribute to
value

useful life - Answer-time over which a structure or a component of a property may
reasonably by expected to perform the function as designed

physical life - Answer-estimate of how old a building will be when it is worn out

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