MCKISSOCK BASIC APPRAISAL PRINCIPLES FINAL
NEWEST 2025 ACTUAL EXAM COMPLETE 400
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED
A+||BRAND NEW VERSION!!
Valuation Process - answerSystematic set of procedures an appraiser follows to
provide answers to a clients questions about real property value
Appraisal Process - answer1. Define Problem
2. Determine scope of work
3. Gather Record & verify dat
4. determine highest and best use
5. estimate land value
6. est. value by all three approaches
7. Reconcile est. value into final opinion value
8. report the final opinion
defining problem - answerIdentification 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
identification and location of the real estate - answerusually with a legal
description (metes and bounds, rectangular survey, lot and block) identify the
characteristics of the property that are relevant to the type and definition of value
and intended use of the appraisal
Standards rule 1-2E of USPAP - answerIdentify the characteristics of the property
that are relevant to the type and definition of value and intended use of the
appraisal
market value - answerstated as an opinion that presumes the transfer of a
property as of a certain date under specific conditions
Appraisers are cautioned to - answeridentify the exact definition of market value
and its authority applicable in each appraisal completed for the purpose of
market value
Standards 1-2c of USPAP - answeridentify type of value, if opinion to be
developed market value, ascertain whether the value is to be the most probable
price: terms of cash; terms of financial arrangements equ. to cahs; other terms; if
not market value must be clearly identified
,purpose of the assignment - answerobjective of assignment. ex: to develop an
opinion of the defined value of a specified interest in real estate
intended user - answerclient and any other party as identified by name or type as
users of the appraisal review report by the appraiser
retrospective and prospective value - answerTwo dates are essential to an
appraisal report. Standards Rules 2-2(a)(vi) and 2-2(b)(vi) and 8-2(a)(vi) and 8-
2(b)(vi) require that each appraisal report specify the effective date of the
appraisal and the date of the report
standards 1-2d of USPAP - answeridentify the effective date of the appraisers
opinions and conclusions
extraordinary assumption - answeran assignment specific assumption as of the
effective date if which found to be false could alter the appraisers opinions or
conclusions
hypothetical edition - answercondition directly related to specific assignment
which is contrary to what is known by the appraiser to exist on the effective date
of assignment results but is used for the purpose of analysis
, Advisory opinions-22 os USPAP - answerAccomplishing the first four action
steps (SR 1-2(a) through (d))... ...provides the basis for deciding which of the
property's characteristics are relevant in the assignment
determine scope of work - answerthe type and extent of research and analysis or
appraisal review assignment
advisory opinion-22 - answerunderstanding whihc analysis methods and
techniques are necessary and what data are necessary to correctly complete the
analysis is an integral part of the scope of work decision
standards rule 1-2h of USPAP - answerdetermine the scope of work necessary to
produce credible results in accordance with the SCOPE OF WORK RULE
scope of work rule - answeridentify problem; determine and perform the scope of
work necessary to develop credible assignment results; disclose scope of work
in the report
scope of work includes but is not limited to: - answerthe extent to which the
property is identified;
the extent to which tangible property is inspected;
the type and extent of data researched; and
the type and extent of analyses applied to arrive at opinions or conclusions.
NEWEST 2025 ACTUAL EXAM COMPLETE 400
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED
A+||BRAND NEW VERSION!!
Valuation Process - answerSystematic set of procedures an appraiser follows to
provide answers to a clients questions about real property value
Appraisal Process - answer1. Define Problem
2. Determine scope of work
3. Gather Record & verify dat
4. determine highest and best use
5. estimate land value
6. est. value by all three approaches
7. Reconcile est. value into final opinion value
8. report the final opinion
defining problem - answerIdentification 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
identification and location of the real estate - answerusually with a legal
description (metes and bounds, rectangular survey, lot and block) identify the
characteristics of the property that are relevant to the type and definition of value
and intended use of the appraisal
Standards rule 1-2E of USPAP - answerIdentify the characteristics of the property
that are relevant to the type and definition of value and intended use of the
appraisal
market value - answerstated as an opinion that presumes the transfer of a
property as of a certain date under specific conditions
Appraisers are cautioned to - answeridentify the exact definition of market value
and its authority applicable in each appraisal completed for the purpose of
market value
Standards 1-2c of USPAP - answeridentify type of value, if opinion to be
developed market value, ascertain whether the value is to be the most probable
price: terms of cash; terms of financial arrangements equ. to cahs; other terms; if
not market value must be clearly identified
,purpose of the assignment - answerobjective of assignment. ex: to develop an
opinion of the defined value of a specified interest in real estate
intended user - answerclient and any other party as identified by name or type as
users of the appraisal review report by the appraiser
retrospective and prospective value - answerTwo dates are essential to an
appraisal report. Standards Rules 2-2(a)(vi) and 2-2(b)(vi) and 8-2(a)(vi) and 8-
2(b)(vi) require that each appraisal report specify the effective date of the
appraisal and the date of the report
standards 1-2d of USPAP - answeridentify the effective date of the appraisers
opinions and conclusions
extraordinary assumption - answeran assignment specific assumption as of the
effective date if which found to be false could alter the appraisers opinions or
conclusions
hypothetical edition - answercondition directly related to specific assignment
which is contrary to what is known by the appraiser to exist on the effective date
of assignment results but is used for the purpose of analysis
, Advisory opinions-22 os USPAP - answerAccomplishing the first four action
steps (SR 1-2(a) through (d))... ...provides the basis for deciding which of the
property's characteristics are relevant in the assignment
determine scope of work - answerthe type and extent of research and analysis or
appraisal review assignment
advisory opinion-22 - answerunderstanding whihc analysis methods and
techniques are necessary and what data are necessary to correctly complete the
analysis is an integral part of the scope of work decision
standards rule 1-2h of USPAP - answerdetermine the scope of work necessary to
produce credible results in accordance with the SCOPE OF WORK RULE
scope of work rule - answeridentify problem; determine and perform the scope of
work necessary to develop credible assignment results; disclose scope of work
in the report
scope of work includes but is not limited to: - answerthe extent to which the
property is identified;
the extent to which tangible property is inspected;
the type and extent of data researched; and
the type and extent of analyses applied to arrive at opinions or conclusions.
