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Basic Appraisal Procedures – McKissock Exam Already Passed!!
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Basic Appraisal Procedures – McKissock Exam Already Passed!!
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Basic Appraisal Procedures –McKissock Exam Already Passed!!
Valuation process - Answer A systematic procedure used in the valuation of real
property.
Client - Answer The party or parties who engage, by employment or contract, an
appraiser in a specific assignment.
Steps in Defining the problem - Answer Identification and location of the real estate;
Identification of the property rights; Definition of value; Purpose and intended use of
the appraisal; Effective date of the opinion of value; Any special limiting conditions
Real property - Answer The interests, benefits, and rights inherent in the ownership
of real estate.
Market Value - Answer A type of value, stated as an opinion, that presumes the
transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a
certain date, under specific conditions set forth in the definition of the term identified
by the appraiser as applicable in an appraisal.
Intended Use - Answer The use or uses of an appraiser's reported appraisal or
appraisal review assignment opinions and conclusions, as identified by the appraiser
based on communication with the client at the time of the assignment.
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 on the
basis of communication with the client at the time of the assignment.
Effective Date of the Value - Answer The ____________ can be a past
(retrospective), current or future (prospective) date. This decision will be made in
concert with the client's needs.
Extraordinary assumption - Answer 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 opinions or conclusions.
Hypothetical Condition - Answer A condition, directly related to a specific
assignment, which is contrary to what is known by the appraiser to exist on the
effective date of the assignment results, but is used for the purpose of analysis.
Scope of work - Answer The type and extent of research and analyses in an
assignment.
Workfile - Answer Documentation necessary to support an appraiser's analyses,
opinions, and conclusions
Steps in the Valuation Process - Answer 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 three approaches (if
, Basic Appraisal Procedures –
McKissock Exam Already Passed!!
applicable) 7. Reconcile the estimated values into the final opinion of value 8. Report
the final opinion of value
Highest and Best Use Criteria (in order) - Answer 1. Legally permissible 2. Physically
possible. 3. Financially feasible. 4. Maximally productive
General data - Answer Items of information on value influences that derive from
social, economic, governmental, and environmental forces and originate outside the
property being appraised.
Specific data - Answer Details about the property being appraised, comparable sale
and rental properties, and relevant local market characteristics.
U.S. Bureau of the Census - Answer The largest repository of demographics
Professional or trade associations offering general data - Answer National
Association of Homebuilders; National Association of Realtors; Appraisal Institute
Sources of Specific Data - Answer Deeds; Location maps; Tax maps; Flood maps;
Assessor's records; Title companies; Zoning ordinances; Multiple listing services
Special Flood Hazard Area Designation - Answer FEMA Zones A or V
Information in Deed - Answer The legal description of the property; The owners of
record; Easements of record; Deed restrictions; Chain of title (when the property was
purchased and from whom)
Primary intended user for MLS information - Answer Agents and Brokers
Land - Answer The earth's surface, both land and water, and anything that is
attached to it whether by the course of nature or human hands; all natural resources
in their original state, e.g., mineral deposits, wildlife, timber, fish, water, coal
deposits, soil.
Site - Answer Land that is improved so that it is ready to be used for a specific
purpose.
Brownfield - Answer An industrial or commercial site that is abandoned or underused
because it suffers from real or perceived continuing contamination.
Site Valuation Methods - Answer SALES COMPARISON; EXTRACTION;
ALLOCATION; SUBDIVISION DEVELOPMENT; LAND RESIDUAL; GROUND
RENT CAPITALIZATION
Extraction Method - Answer A method of estimating land value in which the
depreciated cost of the improvements on the improved property is estimated and
deducted from the total sale price to arrive at an estimated sale price for the land;
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