Basic Appraisal Procedures Final Exam :Basic Appraisal Package Deal:Basic Appraisal Procedures Study Guide:Basic Appraisal Principles:Basic Appraisal Procedures Test Review: Updated A Plus Solutions

8 Steps in the Valuation Process (Ans- 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 int...

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

"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. (Ans- reproduction Footings need to be _______________ below average f...

Appraisal Review (Ans- The act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal, appraisal review, or appraisal consulting assignment Appraisal (Ans- The act or process of developing an opinion of v...

4 factors of value (Ans- - Utility - Scarcity - Desire - Effective Purchasing Power 4 Factors of Production (Ans- - Capital - Entrepreneurial Coordination - Land - Labor Forces that influence real property markets (Ans- - Social Forces - Economic circumstances - Government...

In the highest and best use analysis, when an appraiser is evaluating the land as though vacant, what is one of the four criteria the appraiser will evaluate? (Ans- the physical possibility of an intended use the appraiser's collection of supply and demand data has application to what areas of...

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? (Ans- 96.3 "The process of valuing a universe of properties as of a given date using standard methodology, employing common data, ...

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