MCKISSOCK PROFESSIONAL REAL ESTATE
PREP QUESTIONS AND ACCURATE
ANSWERS GRADED A+
●● Client
Answer: The party or parties who engage, by employment or contract,
an appraiser in a specific assignment.
●● Steps in Defining the problem
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 special limiting
conditions
●● Real property
Answer: The interests, benefits, and rights inherent in the ownership of
real estate.
●● Market Value
Answer: A type of value, stated as an opinion, that presumes the transfer
of a property (i.e., a right of ownership or a bundle of such rights), as of
a certain date, under specific conditions set forth in the definition of the
term identified by the appraiser as applicable in an appraisal.
,●● Intended Use
Answer: The use or uses of an appraiser's reported appraisal or appraisal
review assignment opinions and conclusions, as identified by the
appraiser based on communication with the client at the time of the
assignment.
●● Intended User
Answer: The client and any other party as identified, by name or type, as
users of the appraisal or appraisal review report by the appraiser on the
basis of communication with the client at the time of the assignment.
●● Effective Date of the Value
Answer: The ____________ can be a past (retrospective), current or
future (prospective) date. This decision will be made in concert with the
client's needs.
●● Extraordinary assumption
Answer: An assumption, directly related to a specific assignment, as of
the effective date of the assignment results, which, if found to be false,
could alter the appraiser's opinions or conclusions.
●● Hypothetical Condition
Answer: A condition, directly related to a specific assignment, which is
contrary to what is known by the appraiser to exist on the effective date
of the assignment results, but is used for the purpose of analysis.
, ●● Scope of work
Answer: The type and extent of research and analyses in an assignment.
●● Workfile
Answer: Documentation necessary to support an appraiser's analyses,
opinions, and conclusions
●● 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 three
approaches (if applicable) 7. Reconcile the estimated values into the
final opinion of value 8. Report the final opinion of value
●● Highest and Best Use Criteria (in order)
Answer: 1. Legally permissible 2. Physically possible. 3. Financially
feasible. 4. Maximally productive
●● General data
Answer: Items of information on value influences that derive from
social, economic, governmental, and environmental forces and originate
outside the property being appraised.
PREP QUESTIONS AND ACCURATE
ANSWERS GRADED A+
●● Client
Answer: The party or parties who engage, by employment or contract,
an appraiser in a specific assignment.
●● Steps in Defining the problem
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 special limiting
conditions
●● Real property
Answer: The interests, benefits, and rights inherent in the ownership of
real estate.
●● Market Value
Answer: A type of value, stated as an opinion, that presumes the transfer
of a property (i.e., a right of ownership or a bundle of such rights), as of
a certain date, under specific conditions set forth in the definition of the
term identified by the appraiser as applicable in an appraisal.
,●● Intended Use
Answer: The use or uses of an appraiser's reported appraisal or appraisal
review assignment opinions and conclusions, as identified by the
appraiser based on communication with the client at the time of the
assignment.
●● Intended User
Answer: The client and any other party as identified, by name or type, as
users of the appraisal or appraisal review report by the appraiser on the
basis of communication with the client at the time of the assignment.
●● Effective Date of the Value
Answer: The ____________ can be a past (retrospective), current or
future (prospective) date. This decision will be made in concert with the
client's needs.
●● Extraordinary assumption
Answer: An assumption, directly related to a specific assignment, as of
the effective date of the assignment results, which, if found to be false,
could alter the appraiser's opinions or conclusions.
●● Hypothetical Condition
Answer: A condition, directly related to a specific assignment, which is
contrary to what is known by the appraiser to exist on the effective date
of the assignment results, but is used for the purpose of analysis.
, ●● Scope of work
Answer: The type and extent of research and analyses in an assignment.
●● Workfile
Answer: Documentation necessary to support an appraiser's analyses,
opinions, and conclusions
●● 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 three
approaches (if applicable) 7. Reconcile the estimated values into the
final opinion of value 8. Report the final opinion of value
●● Highest and Best Use Criteria (in order)
Answer: 1. Legally permissible 2. Physically possible. 3. Financially
feasible. 4. Maximally productive
●● General data
Answer: Items of information on value influences that derive from
social, economic, governmental, and environmental forces and originate
outside the property being appraised.
