Appraisal Institute: Basic Appraisal Procedures 123 Questions And Answers

Client - ️️The individual, group or entity who engages a valuer to perform a Service Extraordinary Assumption - ️️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. General Data - ️️Data that relates to the four forces that affect real property values - social, economic, governmental, and environmental forces. For ex. banks, universities, utility companies & planning boards Highest & Best Use Analysis - ️️The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal impressibility, physical possibility, financial feasibility, and maximum productivity. Alternatively, the probable use of land or improved property - specific with respect to user ad timing of the use - that is adequate supported and results in the highest present value. Hypothetical Condition - ️️This is a condition that is contrary to what exists but is supposed for the purpose of analysis Intended Use - ️️The valuer's intent as to how the Report will be used Intended User - ️️The party or parties the valuer intends will use the Report Market Analysis - ️️The study of the supply and demand in a specific area for a specific type of property.