Hypothetical condition - Study guides, Class notes & Summaries

Basic Appraisal Procedures, Basic Appraisal Procedures Exam Questions and Answers 2024 8 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 3 approaches (if applicable) 7) Reconcile the estimated values into the final opinion of value 8) Report the final opinion of value Defining the Problem: 6 Sub-steps within -Ans...

Principles of USPAP Mckissock Questions and Answers Graded A Which independent board was created within The Appraisal Foundation in 2010? The Appraisal Practices Board (ADB) Which statement is TRUE regarding The Appraisal Foundation and USPAP enforcement authority? The Appraisal Foundation does not have the authority to enforce the requirements of USPAP Currently, the boards within the Appraisal Foundation include: Board of Trustees, Appraisal Practices Board, Appraiser Qualifications Board, A...

Basic Appraisal Procedures Questions and Answers 2024 ch1 What is the first step in the valuation process? determine scope of work define the problem estimate land value gather, record, and verify data -Answer-define the problem ch1 True or False: There is one universal definition of market value used in real property appraisal. True False -Answer-false ch1 What is the final step in the valuation process? determine highest and best use estimate value by the three approaches report t...

Basic Appraisal Procedures Questions and Answers Rated A+ Assumption That which is taken to be true Effective Date The context for the appraiser's opinions and conclusions. Effective dates can be current, retrospective, or prospective Exposure Time Estimated length of time a property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. Extraordinary Assumption An assumption, dir...

Basic Appraisal Procedures Final Exam with 100% Correct Answer. 8 Steps in the Valuation Process Correct 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 3 approaches (if applicable) 7) Reconcile the estimated values into the final opinion of value 8) Report the final opinion of value Defining the Problem: 6 Sub-steps within Correct Answer ...

National USPAP Course Exam 172 Questions with Answers The Appraisal Foundation has the authority to enforce the requirements of USPAP. - CORRECT ANSWER False Currently, the boards within the Appraisal Foundation include: - CORRECT ANSWER Appraisal Standards Board, Appraisal Qualifications Board, Board of Trustees Which Foundation board is responsible for USPAP? - CORRECT ANSWER Appraisal Standards Board Qualification criteria for appraiser certification and recertification are dissem...

Basic Appraisal Procedures Exam Questions and Answers Assumption -Answer-That which is taken to be true Effective Date -Answer-The context for the appraiser's opinions and conclusions. Effective dates can be current, retrospective, or prospective Exposure Time -Answer-Estimated length of time a property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. Extraordinary Assu...

Basic Appraisal Procedures Exam Questions and Answers Assumption -Answer-That which is taken to be true Effective Date -Answer-The context for the appraiser's opinions and conclusions. Effective dates can be current, retrospective, or prospective Exposure Time -Answer-Estimated length of time a property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. Extraordinary Assu...

Basic Appraisal Procedures Questions and Answers 2024 ch1 What is the first step in the valuation process? determine scope of work define the problem estimate land value gather, record, and verify data -Answer-define the problem ch1 True or False: There is one universal definition of market value used in real property appraisal. True False -Answer-false ch1 What is the final step in the valuation process? determine highest and best use estimate value by the three approaches report t...

Natural rights Life, Liberty, and Property John Locke 17th century English philosopher who opposed the Divine Right of Kings and who asserted that people have a natural right to life, liberty, and property. State of Nature Hypothetical condition assumed to exist in the absence of government where human beings live in "complete" freedom and general equality. Due Process involves the government's obligation to treat all citizens fairly. Such a requirement lessens the extent to which gover...