Basic Appraisal Procedures 152 Questions with 100% Correct Answers | Verified | Updated 2024

First four steps of the valuation process: - ️️1) Identification of the Problem 2) Scope of work Determination 3) Data Collection and Property Description 4) Data Analysis Second four steps of the valuation process: - ️️5) Land Value Opinion 6) Application of the Approaches to Value 7) Reconciliation of Value Indications and Final Opinion of Value 8) Report Defined Value Valuation Process definition: - ️️a systematic set of procedures an appraiser follows to provide answers to a client's questions about real property value The valuation process is the ______________ used in forming an opinion of market value, as well as other types of value - ️️Blueprint The valuation process provides a __________________ for both appraisers and users of appraisal services -- and covers the requirements of an appraisal that complies with professional appraisal standards - ️️Checklist the valuation process Is ideally suited for ______________________________ - ️️market value opinions; but it also provides the framework for developing an opinion of other defined values The first two steps in the valuation process are a(n) ________________ designed to produce credible assignment results - ️️exercise in judgement