Basic Appraisal Procedures - McKissock Question and answers rated A+

Basic Appraisal Procedures - McKissock Question and answers rated A+ Basic Appraisal Procedures - McKissock Valuation process - correct answer A systematic procedure used in the valuation of real property. Client - correct answer The party or parties who engage, by employment or contract, an appraiser in a specific assignment. Steps in Defining the problem - correct 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 - correct answer The interests, benefits, and rights inherent in the ownership of real estate. Market Value - correct 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 - correct 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 - correct answer T