Basic Appraisal Procedures – McKissock| 147 QUESTIONS| WITH COMPLETE SOLUTIONS

Valuation process CORRECT ANSWERS: A systematic procedure used in the valuation of real property. Client CORRECT ANSWERS: The party or parties who engage, by employment or contract, an appraiser in a specific assignment. Steps in Defining the problem CORRECT ANSWERS: 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 ANSWERS: The interests, benefits, and rights inherent in the ownership of real estate. Market Value CORRECT ANSWERS: 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 ANSWERS: 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 ANSWERS: 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 ANSWERS: 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 ANSWERS: 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. Hypothetical Condition CORRECT ANSWERS: A condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. Scope of work CORRECT ANSWERS: The type and extent of research and analyses in an assignment.