Appraisal procedures - Study guides, Class notes & Summaries

McKissock Appraisal Procedures Latest Updated Questions and Answers 100% Correct | 2024McKissock Appraisal Procedures Latest Updated Questions and Answers 100% Correct | 2024

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...

Basic Appraisal Procedures, Basic Appraisal Procedures Exam Questions And Answers 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 into the final opinion of value 8) Report the final opinion of value Defining the Problem: 6 Sub-steps within - ANS...

Basic Appraisal Procedures Study Guide The appraiser -Answer-Who is responsible for identifying the intended use of an appraisal? Valuation process -Answer-A step-by-step procedure that can be applied to any type of appraisal assignment. No -Answer-Does an appraiser's client always have to directly engage him? False -Answer-The effective date of the valuation must be the date on which the appraiser inspected the subject property. Maximally productive -Answer-In highest and best use anal...

BASIC APPRAISAL PROCEDURES-STUDY GUIDE RATED A+ assumption that which is taken to be true. effective date the date for which value was asstablished by an appraisal. extraordinary assumption an assumption that a fact is true, directly related to a specific assignment, which could alter the appraisal's opions or conclutions if found to be faulse. general data information that covers the forces that affect property values, but are not directly related to a particular piece of property. general ...

Basic Appraisal Procedures Exam Questions and Answers 2024/2025 (100% Correct) Valuation process A systematic procedure used in the valuation of real property. Client The party or parties who engage, by employment or contract, an appraiser in a specific assignment. Steps in Defining the problem 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 s...

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BASIC APPRAISAL PROCEDURES

Basic Appraisal Procedures Questions and Answers True or False: The effective date of the valuation must be the date on which the appraiser inspected the subject property. -Answer-FALSE In many cases, the effective date is the date the appraiser inspects the subject property. But that is not always the case. The effective date can be any date, whether past, present, or future. "An interest or interests in real estate" is the definition of -Answer-Real Property "An assignment-specific a...

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...