Basic Appraisal Procedures Mckissock
2024/2025 Exam Questions with 100%
Correct Answers | Latest Update
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
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. 1
PRIVACY STATEMENT. ALL RIGHTS RESERVED
,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
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
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. 2
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, 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
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. 3
PRIVACY STATEMENT. ALL RIGHTS RESERVED
2024/2025 Exam Questions with 100%
Correct Answers | Latest Update
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
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. 1
PRIVACY STATEMENT. ALL RIGHTS RESERVED
,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
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
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. 2
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, 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
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. 3
PRIVACY STATEMENT. ALL RIGHTS RESERVED
