McKissock Liberty University -Basic Appraisal Procedures - McKissock questions with 100% correct answers

Basic Appraisal Procedures - 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 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 - correct 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 - correct 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.