Basic Appraisal Procedures -McKissock Questions and Answers 100% pass | graded A+

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 special limiting conditions Real property - The interests, benefits, and rights inherent in the ownership of real estate. Market Value - 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.