Basic Appraisal Procedures Mckissock
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Practice questions for this set
Learn 1 /7 Study with Learn
Systematic set of procedures an appraiser follows to
Valuation Process provide answers to a clients questions about real
property value
1. Define Problem
2. Determine scope of work
3. Gather Record & verify dat
4. determine highest and best use
Appraisal Process
5. estimate land value
6. est. value by all three approaches
7. Reconcile est. value into final opinion value
8. report the final opinion
, Identification and location of the real estate
Identification of the property rights
Definition of value
defining problem
Purpose and intended use of the appraisal
Effective date of the opinion of value
Any special limiting conditions
usually with a legal description (metes and bounds,
rectangular survey, lot and block) identify the
identification and location
characteristics of the property that are relevant to the
of the real estate
type and definition of value and intended use of the
appraisal
Identify the characteristics of the property that are
Standards rule 1-2E of
relevant to the type and definition of value and
USPAP
intended use of the appraisal
stated as an opinion that presumes the transfer of a
market value property as of a certain date under specific
conditions
identify the exact definition of market value and its
Appraisers are cautioned
authority applicable in each appraisal completed for
to
the purpose of market value
identify type of value, if opinion to be developed
market value, ascertain whether the value is to be the
Standards 1-2c of USPAP most probable price: terms of cash; terms of financial
arrangements equ. to cahs; other terms; if not market
value must be clearly identified
objective of assignment. ex: to develop an opinion of
purpose of the assignment
the defined value of a specified interest in real estate
client and any other party as identified by name or
intended user type as users of the appraisal review report by the
appraiser
Save
Practice questions for this set
Learn 1 /7 Study with Learn
Systematic set of procedures an appraiser follows to
Valuation Process provide answers to a clients questions about real
property value
1. Define Problem
2. Determine scope of work
3. Gather Record & verify dat
4. determine highest and best use
Appraisal Process
5. estimate land value
6. est. value by all three approaches
7. Reconcile est. value into final opinion value
8. report the final opinion
, Identification and location of the real estate
Identification of the property rights
Definition of value
defining problem
Purpose and intended use of the appraisal
Effective date of the opinion of value
Any special limiting conditions
usually with a legal description (metes and bounds,
rectangular survey, lot and block) identify the
identification and location
characteristics of the property that are relevant to the
of the real estate
type and definition of value and intended use of the
appraisal
Identify the characteristics of the property that are
Standards rule 1-2E of
relevant to the type and definition of value and
USPAP
intended use of the appraisal
stated as an opinion that presumes the transfer of a
market value property as of a certain date under specific
conditions
identify the exact definition of market value and its
Appraisers are cautioned
authority applicable in each appraisal completed for
to
the purpose of market value
identify type of value, if opinion to be developed
market value, ascertain whether the value is to be the
Standards 1-2c of USPAP most probable price: terms of cash; terms of financial
arrangements equ. to cahs; other terms; if not market
value must be clearly identified
objective of assignment. ex: to develop an opinion of
purpose of the assignment
the defined value of a specified interest in real estate
client and any other party as identified by name or
intended user type as users of the appraisal review report by the
appraiser
