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Appraisal Procedures - Mckissock Quiz Questions with Correct Answers
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Appraisal Procedures - Mckissock Quiz Questions with Correct Answers
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Appraisal Procedures - Mckissock Quiz Questionswith Correct Answers
True or False: An appraiser's client must always directly engage the
appraiser. Correct Answer-False
A step-by-step procedure that can be applied to any type of appraisal
assignment is Correct Answer-The valuation process
True or False: The effective date of the valuation must be the date on
which the appraiser inspected the subject property. Correct Answer-
False
"An assignment-specific assumption, as of the effective date, which, if
found to be false, could alter the appraiser's opinions or conclusions" is
the definition of Correct Answer-extraordinary assumption
In highest and best use analysis, which criterion is applied LAST?
Correct Answer-maximally productive
True or False: All three approaches to value must be used in every real
property appraisal. Correct Answer-False
"Documentation necessary to support an appraiser's analyses, opinions,
and conclusions" is the appraiser's Correct Answer-work file
,What appraisal term is defined as "The type of data and the extent of
research and analyses"? Correct Answer-Scope of work
According to USPAP, the credibility of assignment results is measured
______________. Correct Answer-within the context of intended use
An appraiser must comply with the SCOPE OF WORK RULE when
completing: Correct Answer-an appraisal assignment
scope of work applies to Correct Answer-Both appraisals and appraisal
review assignments
The intended user of an appraisal is the ________ and any other user, as
identified by _________. Correct Answer-client, name or type
Which is NOT an appropriate source for a legal description? Correct
Answer-postal address
The objective for an assignment is its Correct Answer-purpose
The effective date of value can be Correct Answer-a present, past, or
future date
Each appraisal report must contain two dates, the ____________ and the
______________. Correct Answer-effective date of the appraisal, date
of the report
,The SCOPE OF WORK RULE says that "the appraiser must be
prepared to demonstrate that the scope of work is sufficient to produce
_________________" Correct Answer-credible assignment results
What is the first step in the valuation process? Correct Answer-define
the problem
Professional or trade associations offering general data include all of the
following EXCEPT Correct Answer-Federal National Mortgage
Association
When completing an appraisal assignment, comparable sales
information that the appraiser gathers would be considered _________
data. Correct Answer-specific
Information on employment and unemployment trends in an area would
be considered Correct Answer-general
The largest source for demographic information is Correct Answer-U.S.
Bureau of the Census
Which influences typically exert the greatest pressure on property
values? Correct Answer-local influences
, True or False: Government data sources for general data are found on a
national level only. Correct Answer-False
You check the FEMA flood map, and the subject property is located in
Zone C. Is this a Special Flood Hazard Area (SFHA)? Correct Answer-
No
True or False: The usefulness of MLS information can be dramatically
increased through verification with a selling or listing agent. Correct
Answer-True
Which of these items would NOT be typically found in the deed for the
subject property? Correct Answer-zoning classification
It is important for an appraiser to research and understand what when
doing an appraisal? Correct Answer-both the zoning map and the
ordinance
Local and regional multiple listing services typically concentrate on
____________ properties. Correct Answer-single unit residential
BEA stands for Correct Answer-Bureau of Economic Analysis
Which of these organizations conducts extensive research on current
construction trends? Correct Answer-NAHB
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