- Study guides, Class notes & Summaries

Basic Appraisal Principles - Review Quiz Questions and Answers 100% Pass "The act of transferring an interest in property or some right (such as contract benefits) to another" is the definition of assignment novation codicil acceptance - assignment What is the mean of the following set of gross rent multipliers? (95, 93, 120, 94, 93, 129) 93 94.5 101.5 104 - 104 Forty percent of the houses in a neighborhood are Colonials and 18% are Cape Cods. There are a total of 200 houses...

15hr national USPAP McKissock Exam Questions and Answers 100% Pass In order to determine the appropriate scope of work, the appraiser must ________ the problem to be solved. - Identify Appraisers have broad _________ and significant _________ in determining the appropriate scope of work in an assignment. - Flexibility, responsibility The credibility of assignment results is measured in the context of - The intended use Which Foundation board is responsible for USPAP? - Appraisal Standard...

Appraisal Institute: Basic Appraisal Principles Exam Questions and Answers 100% Pass Appraiser must perform by being: (4) - Impartial or neutral, objective or fair minded, independent or autonomous, free of self interest Uncompetent Steps - Inform the client about the identified issues before accepting assignment, complete steps to understand issues, disclose what actions were taken to gain the knowledge Land - immobile, unique, finite supply, solid surface on earth, distinguished from ...

Basic Appraisal Procedures Mckissock Exam Questions and Answers 100% Pass Valuation Process - Systematic set of procedures an appraiser follows to provide answers to a clients questions about real property value Appraisal Process - 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 ...

Basic Appraisal Principles Review Quiz Questions and Answers 100% Pass Assessed Value - Value based on ad valorem tax rolls. Opinion of Value - Assessment of property worth at a specific time. Amenity - Tangible benefit enhancing property attractiveness. Purchase Power - Influence of interest rates and unemployment on value. Special-Use Property - Classification for unique properties like hospitals. Investment Value - Value of an investment to a specific investor. Insurable Value - Valu...

Cost Approach - McKissock Class Exam Questions and Answers 100% Pass In law, the solid surface on the earth, as distinguished from water, is a definition of _____________. Land Site Situs Land rights - Land Site is ___________, but land is ___________. Raw, improved Eternal, temporary Economic, physical Improved, raw - Improved, raw In the SCOPE OF WORK RULE in USPAP it says "For each appraisal and appraisal review assignment, an appraiser must _________ the problem to be solve...

McKissock Basic Appraisal Principles I Final Exam Quiz Questions and Answers 100% Pass ASC (Appraisal Subcommittee) - The _____ has oversight authority over state appraisal boards. consideration, in writing and signed, and lawful objective - Which of the below is a requirement of a valid real estate contract? capital - "The interaction of buyers and sellers who trade long-term or intermediate- term money instruments" is the definition of the _____________ market. market study - An...

MCKISSOCK BASIC APPRAISAL PRINCIPLES EXAM QUESTIONS AND ANSWERS 100% PASS grant deed - deed containing, or having implied by law, some but not all of the usual covenants of title Appraiser - One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. report - 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 as...

BASIC APPRAISAL PRINCIPLES - CH 8 EXAM QUESTIONS AND ANSWERS 100% PASS financial institution reform, recovery and enforcement act (FIRREA) - passed in 1989 as a comprehensive savings and loan bailout and preventive measure against future S&L insolvency. this law recognizes USPAP as the current industry standard for appraisals and identifies the Appraisal Foundation as the authority for professional appraisal standards. limiting conditions - statements by the appraiser explaining tthe fra...

Basic Appraisal Principles Ch 16: Market Analysis Exam Questions and Answers 100% Pass Market Analysis - A process for examining the demand for and supply of a property type and the geographic market area for the property type. Market area - The area associated with a subject property that contains its direct competition. Market Area Analysis - The objective analysis of observable and/or quantifiable data indicating discernible patterns of urban growth, structure, and change that may de...