MCKISSOCK BASIC APPRAISAL
PRINCIPLES I VALUATION
FUNDAMENTALS REVIEW 2026
QUESTIONS WITH SOLUTIONS TESTED
QUESTIONS.
Scope of work. Answer: The type and extent of research and
analyses in an assignment.
Workfile. Answer: Documentation necessary to support an
appraiser's analyses, opinions, and conclusions
Steps in the Valuation Process. Answer: 1. Define the problem 2.
Determine scope of work 3. Gather, record, and verify the data 4.
Determine the highest and best use 5. Estimate the land value 6.
Estimate value by each of the three approaches (if applicable) 7.
Reconcile the estimated values into the final opinion of value 8. Report
the final opinion of value
Highest and Best Use Criteria (in order). Answer: 1. Legally
permissible 2. Physically possible. 3. Financially feasible. 4. Maximally
productive
, General data. Answer: Items of information on value influences that
derive from social, economic, governmental, and environmental forces
and originate outside the property being appraised.
Specific data. Answer: Details about the property being appraised,
comparable sale and rental properties, and relevant local market
characteristics.
U.S. Bureau of the Census. Answer: The largest repository of
demographics
Professional or trade associations offering general data. Answer:
National Association of Homebuilders; National Association of Realtors;
Appraisal Institute
Sources of Specific Data. Answer: Deeds; Location maps; Tax maps;
Flood maps; Assessor's records; Title companies; Zoning ordinances;
Multiple listing services
Special Flood Hazard Area Designation. Answer: FEMA Zones A or
V
, Information in Deed. Answer: The legal description of the property;
The owners of record; Easements of record; Deed restrictions; Chain of
title (when the property was purchased and from whom)
Primary intended user for MLS information. Answer: Agents and
Brokers
Land. Answer: The earth's surface, both land and water, and
anything that is attached to it whether by the course of nature or human
hands; all natural resources in their original state, e.g., mineral deposits,
wildlife, timber, fish, water, coal deposits, soil.
Site. Answer: Land that is improved so that it is ready to be used for
a specific purpose.
Brownfield. Answer: An industrial or commercial site that is
abandoned or underused because it suffers from real or perceived
continuing contamination.
Site Valuation Methods. Answer: SALES COMPARISON;
EXTRACTION; ALLOCATION; SUBDIVISION DEVELOPMENT;
LAND RESIDUAL; GROUND RENT CAPITALIZATION
PRINCIPLES I VALUATION
FUNDAMENTALS REVIEW 2026
QUESTIONS WITH SOLUTIONS TESTED
QUESTIONS.
Scope of work. Answer: The type and extent of research and
analyses in an assignment.
Workfile. Answer: Documentation necessary to support an
appraiser's analyses, opinions, and conclusions
Steps in the Valuation Process. Answer: 1. Define the problem 2.
Determine scope of work 3. Gather, record, and verify the data 4.
Determine the highest and best use 5. Estimate the land value 6.
Estimate value by each of the three approaches (if applicable) 7.
Reconcile the estimated values into the final opinion of value 8. Report
the final opinion of value
Highest and Best Use Criteria (in order). Answer: 1. Legally
permissible 2. Physically possible. 3. Financially feasible. 4. Maximally
productive
, General data. Answer: Items of information on value influences that
derive from social, economic, governmental, and environmental forces
and originate outside the property being appraised.
Specific data. Answer: Details about the property being appraised,
comparable sale and rental properties, and relevant local market
characteristics.
U.S. Bureau of the Census. Answer: The largest repository of
demographics
Professional or trade associations offering general data. Answer:
National Association of Homebuilders; National Association of Realtors;
Appraisal Institute
Sources of Specific Data. Answer: Deeds; Location maps; Tax maps;
Flood maps; Assessor's records; Title companies; Zoning ordinances;
Multiple listing services
Special Flood Hazard Area Designation. Answer: FEMA Zones A or
V
, Information in Deed. Answer: The legal description of the property;
The owners of record; Easements of record; Deed restrictions; Chain of
title (when the property was purchased and from whom)
Primary intended user for MLS information. Answer: Agents and
Brokers
Land. Answer: The earth's surface, both land and water, and
anything that is attached to it whether by the course of nature or human
hands; all natural resources in their original state, e.g., mineral deposits,
wildlife, timber, fish, water, coal deposits, soil.
Site. Answer: Land that is improved so that it is ready to be used for
a specific purpose.
Brownfield. Answer: An industrial or commercial site that is
abandoned or underused because it suffers from real or perceived
continuing contamination.
Site Valuation Methods. Answer: SALES COMPARISON;
EXTRACTION; ALLOCATION; SUBDIVISION DEVELOPMENT;
LAND RESIDUAL; GROUND RENT CAPITALIZATION
