©THESTAR 2025 ALL RIGHTS RESERVED 11:44 AM A+
Basic Appraisal Procedures Mckissock.
Exam Questions And Answers |Latest 2025 |
Guaranteed Pass
Valuation Process - Answer✔Systematic set of procedures an appraiser follows to provide
answers to a clients questions about real property value
Appraisal Process - Answer✔1. 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 - 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
identification and location of the real estate - Answer✔usually 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
1|Page
, ©THESTAR 2025 ALL RIGHTS RESERVED 11:44 AM A+
Standards rule 1-2E of USPAP - Answer✔Identify the characteristics of the property that are
relevant to the type and definition of value and intended use of the appraisal
market value - Answer✔stated as an opinion that presumes the transfer of a property as of a
certain date under specific conditions
Appraisers are cautioned to - Answer✔identify 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 - Answer✔identify 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 - Answer✔objective of assignment. ex: to develop an opinion of the
defined value of a specified interest in real estate
intended user - Answer✔client and any other party as identified by name or type as users of the
appraisal review report by the appraiser
retrospective and prospective value - Answer✔Two 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 - Answer✔identify the effective date of the appraisers opinions and
conclusions
extraordinary assumption - Answer✔an assignment specific assumption as of the effective date
if which found to be false could alter the appraisers opinions or conclusions
hypothetical edition - Answer✔condition 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 - Answer✔Accomplishing 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
2|Page
Basic Appraisal Procedures Mckissock.
Exam Questions And Answers |Latest 2025 |
Guaranteed Pass
Valuation Process - Answer✔Systematic set of procedures an appraiser follows to provide
answers to a clients questions about real property value
Appraisal Process - Answer✔1. 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 - 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
identification and location of the real estate - Answer✔usually 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
1|Page
, ©THESTAR 2025 ALL RIGHTS RESERVED 11:44 AM A+
Standards rule 1-2E of USPAP - Answer✔Identify the characteristics of the property that are
relevant to the type and definition of value and intended use of the appraisal
market value - Answer✔stated as an opinion that presumes the transfer of a property as of a
certain date under specific conditions
Appraisers are cautioned to - Answer✔identify 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 - Answer✔identify 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 - Answer✔objective of assignment. ex: to develop an opinion of the
defined value of a specified interest in real estate
intended user - Answer✔client and any other party as identified by name or type as users of the
appraisal review report by the appraiser
retrospective and prospective value - Answer✔Two 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 - Answer✔identify the effective date of the appraisers opinions and
conclusions
extraordinary assumption - Answer✔an assignment specific assumption as of the effective date
if which found to be false could alter the appraisers opinions or conclusions
hypothetical edition - Answer✔condition 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 - Answer✔Accomplishing 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
2|Page
