Uspap appraisal report - Study guides, Class notes & Summaries

McKissock Basic Appraisal Principles Exam QUESTIONS With Answers Latest 2024/2025 Graded A+. The primary purpose of USPAP is to protect CORRECT ANSWERS: public trust Normally the first step in highest and best use analysis is to research the uses that are CORRECT ANSWERS: legally permissible An appraiser is appraising a property with two structures on one tract of land. The client asks the appraiser not to mention the second structure, as it is in poor condition. Which statement is TRUE reg...

Which of the following conditions is a review appraiser NOT permitted to accept in an appraisal review assignment? Requiring an effective date of value different than the effective date in the appraisal under review Reviewing an appraisal of a property in a state in which the reviewer is not currently licensed An attorney wants to use the review to assist in formatting questions to attack the appraisal in cross-examination of the appraiser Requiring the use of a highly improbable hypothetica...

What did review appraiser Larry Anderson mean when he said that a review appraiser needed to have a split personality? correct answers The review appraiser has to be both a technician and a diplomat What is the primary function of the appraisal reviewer? correct answers Form an opinion regarding the adequacy and appropriateness of the appraisal report The scope of work of an appraisal review assignment can involve: correct answers Checking the mathematical accuracy Determining regulatory ...

McKissock Basic Appraisal Principles Exam Questions With Correct Answers Latest 2024/2025 (Graded A+) Which entity is responsible for establishing the requirements to become an appraiser? CORRECT ANSWERS: the AQB True or False: An applicant for Certified General appraiser must possess at least an associate's degree from an accredited college or university. CORRECT ANSWERS: False The requirements for state licensed and certified appraisers had their genesis in CORRECT ANSWERS: FIRREA An ap...

The ASB considers suggestions for changes to USPAP from: CORRECT ANSWER Appraisers, users of appraisal services, regulators, and others You have a suggestion for a change to USPAP, and you want to tell the ASB about it. When making your suggestion, it is helpful to the ASB if you: CORRECT ANSWER Explain how the proposed change will enhance public trust in appraisal practice The ASB has received numerous public comment letters in response to an exposure draft. When considering these comment...

The appraiser could accept the assignment (as a new assignment) - as long as proper disclosure is made regarding the prior assignment & any confidential in formation is handled appropriately. in a deed being used in a purchase transaction, who is the grantee? - The party receiving title - "purchaser" is known as the grantee. Any services provided by an appraiser, other than an appraisal or appraisal review, would be appraisal practice w/ no applicable standards. this includes recommendati...

Appraisal - "(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 - 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 - "The party or parties who engage, by employment or contract, an appraiser in a speci...

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- -Identification and location of the real estate -Identification of the propert...

Mckissock Basic Appraisal Principles Latest Update Graded A 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 assignment. narrative report...

McKissock Basic Appraisal Principles | 519 QUESTIONS With Answers Latest 2024/2025 Graded A+. The primary purpose of USPAP is to protect CORRECT ANSWERS: public trust Normally the first step in highest and best use analysis is to research the uses that are CORRECT ANSWERS: legally permissible An appraiser is appraising a property with two structures on one tract of land. The client asks the appraiser not to mention the second structure, as it is in poor condition. Which statement is TRUE re...