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Appraisal Procedures - Mckissock Quiz QuestionsTrue 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, i...

Basic Appraisal Principles Final ExamIn a particular market, there is a demand for 500 houses per year, and there are currently 1,500 houses for sale. What does this most likely indicate? - correct answer there is a three-year supply of homes currently for sale "A business arrangement in which two or more persons jointly own a business and share in its profits and losses" is the definition of - correct answer partner transferable development rights ship Property Owner A has the right to ...

Basic Appraisal Procedures - Valuation process - correct answer A systematic procedure used in the valuation of real property. Client - correct answer The party or parties who engage, by employment or contract, an appraiser in a specific assignment. Steps in Defining the problem - correct 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 sp...

Basic Appraisal Procedures Chapter 12 - Comprehensive Review QuizA property has a cost new of $350,000. It has an effective age of 20 years and a total expected economic life of 65 years. There are curable items totaling $45,000. If they are cured, it will reduce the effective age to 15 years. What is the value of the improvements on a modified age-life basis, before including the site value? - correct answer $234,545 $350,000 - $45,000 = $305,000. 15 ÷ 65 = .231 or 23.1%. $305,000 X .231 = ...

Basic Appraisal Procedures Valuation Process - correct answer Systematic set of procedures an appraiser follows to provide answers to a clients questions about real property value Appraisal Process - correct answer 1. Define Problem 2. Determine scope of work 3. Gather Record & verify dat 4. determine highest and best use 5. estimate land value 6. est. value by all three approaches 7. Reconcile est. value into final opinion value 8. report the final opinion defining problem - correc...

Chp.1 Basic Appraisal Principles, USPAP defines an appraiser as.... - correct answer one who performs valuation services in a manner that is independent, impartial, and objective. FIRREA stands for - correct answer Financial Institutions Reform, Recovery, and Enforcement Act of 1989 What is one of the first things an appraiser must do when accepting an assignment? - correct answer Identify client and intended users, identify intended use of the appraiser's opinions/conclusions An appra...

McKissock - Basic Appraisal Principles- GA Ch.10Which of the following typically incurs the highest burden of management? savings account money market certificate of deposit real estate - correct answer real estate True or False? Stocks are considered a good investment because the return OF your investment is guaranteed. - correct answer False You are an investor who owns a parcel of real property. You want to cash out your investment, and it takes you a year to market your property an...

McKissock - General Report Writing and Case StudiesAppraisal - correct answer "(noun) The act or process of developing an opinion of value. an opinion of value; (adjective) of or pertaining to appraising and related functions such as appraisal practice or appraisal services."1 Report - correct answer any communication, written or oral, of an appraisal or appraisal review that is transmitted to the client or a party authorized by the client upon completion of an assignment. 2 Client - cor...

McKissock Appraisal ProceduresA single unit residence sold for $126,000. It was rented for $1,100 per month but the market rent was $1,200. What is the GRM indicated by this sale? - correct answer 105.0 A building was constructed in July 2000 for $754,200. The cost index at that time was 133.6. The current cost index is 201.8. What is the indicated cost new of the building today? - correct answer $1,138,842 Property that fronts on a lake is usually valued on a basis of price per - correct ...

McKissock Basic Appraisal Principles I Final Exam Quiz ASC (Appraisal Subcommittee) - correct answer The _____ has oversight authority over state appraisal boards. consideration, in writing and signed, and lawful objective - correct answer Which of the below is a requirement of a valid real estate contract? capital - correct answer "The interaction of buyers and sellers who trade long-term or intermediate-term money instruments" is the definition of the _____________ market. market s...