McKissock - General Report Writing and
Case Studies Questions and Answers 100%
Solved
Which sentences do you feel were inappropriate for inclusion within the neighborhood location
and surrounding section?
4, 5, 9, and 11
6, 7, 8, and 11
10, 11, and 12
3, 6, 11, and 12 4, 5, 9, and 11
What was the appraisal problem to be solved that was reiterated in the sample narrative (and
hopefully you elected to also include in your narrative)?
To determine the subject's value via the cost approach
To determine the market value of the subject property
To determine the feasibility of continuing to own and manage the property
To determine if the property was being competently managed and operated To determine
the market value of the subject property
,What was the source of the definition of market value used in the sample and that you should
have used in your narrative?
The 12th Edition of the Dictionary of Real Estate Appraisal
The 13th Edition of the Appraisal of Real Estate of the Appraisal Institute of 2008, Chicago, IL.
The 2010-2011 Edition of USPAP
The Handbook of Appraisal terms and definitions-2006 edition The 13th Edition of the
Appraisal of Real Estate of the Appraisal Institute of 2008, Chicago, IL. - The source of the
definition used was "The 13th Edition of the Appraisal of Real Estate" of the Appraisal Institute
of 2008, Chicago, IL. (Explaining the Process)
How did the sample narrative explain why all three approaches to value were developed?
By explaining that based on his or her many years of experience, the appraiser deemed that
application of the three approaches was appropriate.
By explaining that USPAP requires appraisers to develop all three approaches in every
assignment.
By explaining that although the client and the appraisal contract stated that he or she only needed
to develop two approaches, he or she felt that developing all three was warranted.
By explaining that, based on the appraisal problem to be solved, the relative newness of the
subject property (2+ years old), and the abundance of sales, cost, income, and expense
information available to the appraiser, he or she felt it was appropriate and justified, as well as
,reliable, to develop all three approaches to value. By explaining that, based on the
appraisal problem to be solved, the relative newness of the subject property (2+ years old), and
the abundance of sales, cost, income, and expense information available to the appraiser, he or
she felt it was appropriate and justified, as well as reliable, to develop all three approaches to
value.
Which appraisal principle was used in the sample narrative as part of the explanation of both the
Cost and Sales Comparison Approaches?
The principle of highest and best use
The principle of adjudication
The principle of substitution
The principle of increasing and decreasing returns The principle of substitution
Which of the following could you employ to describe the process of reconciliation?
Once an appraiser has developed the different values via the applicable approaches utilized, he or
she decides if the information available was reliable, reexamines the various values developed,
and applies a sophisticated capitalization process to arrive at his or her final opinion of value.
Once an appraiser has developed the different values via the applicable approaches utilized, he or
she reconsiders each, the information available, the reliability of the information and of the
, various values developed, and applies his or her judgment to reconcile the differences into either
a single number value estimate or a range of values.
Once an appraiser has developed the different values via the applicable approaches utilized, he or
she reconstructs and summarizes each, the information available, the reliability of the
information and of t Once an appraiser has developed the different values via the
applicable approaches utilized, he or she reconsiders each, the information available, the
reliability of the information and of the various values developed, and applies his or her
judgment to reconcile the differences into either a single number value estimate or a range of
values.
As often happens in the Sales Comparison Approach, you will need to make an adjustment for
changing market conditions/time to each of the sales. What is the approximate percentage
increase in the per unit price between each of the per unit prices, e.g. between sales number one
and number two, between sales number two and number three, and between sales number three
and number four? (rounded to the nearest whole percent)?
1%
2%
3%
4% 2%
Case Studies Questions and Answers 100%
Solved
Which sentences do you feel were inappropriate for inclusion within the neighborhood location
and surrounding section?
4, 5, 9, and 11
6, 7, 8, and 11
10, 11, and 12
3, 6, 11, and 12 4, 5, 9, and 11
What was the appraisal problem to be solved that was reiterated in the sample narrative (and
hopefully you elected to also include in your narrative)?
To determine the subject's value via the cost approach
To determine the market value of the subject property
To determine the feasibility of continuing to own and manage the property
To determine if the property was being competently managed and operated To determine
the market value of the subject property
,What was the source of the definition of market value used in the sample and that you should
have used in your narrative?
The 12th Edition of the Dictionary of Real Estate Appraisal
The 13th Edition of the Appraisal of Real Estate of the Appraisal Institute of 2008, Chicago, IL.
The 2010-2011 Edition of USPAP
The Handbook of Appraisal terms and definitions-2006 edition The 13th Edition of the
Appraisal of Real Estate of the Appraisal Institute of 2008, Chicago, IL. - The source of the
definition used was "The 13th Edition of the Appraisal of Real Estate" of the Appraisal Institute
of 2008, Chicago, IL. (Explaining the Process)
How did the sample narrative explain why all three approaches to value were developed?
By explaining that based on his or her many years of experience, the appraiser deemed that
application of the three approaches was appropriate.
By explaining that USPAP requires appraisers to develop all three approaches in every
assignment.
By explaining that although the client and the appraisal contract stated that he or she only needed
to develop two approaches, he or she felt that developing all three was warranted.
By explaining that, based on the appraisal problem to be solved, the relative newness of the
subject property (2+ years old), and the abundance of sales, cost, income, and expense
information available to the appraiser, he or she felt it was appropriate and justified, as well as
,reliable, to develop all three approaches to value. By explaining that, based on the
appraisal problem to be solved, the relative newness of the subject property (2+ years old), and
the abundance of sales, cost, income, and expense information available to the appraiser, he or
she felt it was appropriate and justified, as well as reliable, to develop all three approaches to
value.
Which appraisal principle was used in the sample narrative as part of the explanation of both the
Cost and Sales Comparison Approaches?
The principle of highest and best use
The principle of adjudication
The principle of substitution
The principle of increasing and decreasing returns The principle of substitution
Which of the following could you employ to describe the process of reconciliation?
Once an appraiser has developed the different values via the applicable approaches utilized, he or
she decides if the information available was reliable, reexamines the various values developed,
and applies a sophisticated capitalization process to arrive at his or her final opinion of value.
Once an appraiser has developed the different values via the applicable approaches utilized, he or
she reconsiders each, the information available, the reliability of the information and of the
, various values developed, and applies his or her judgment to reconcile the differences into either
a single number value estimate or a range of values.
Once an appraiser has developed the different values via the applicable approaches utilized, he or
she reconstructs and summarizes each, the information available, the reliability of the
information and of t Once an appraiser has developed the different values via the
applicable approaches utilized, he or she reconsiders each, the information available, the
reliability of the information and of the various values developed, and applies his or her
judgment to reconcile the differences into either a single number value estimate or a range of
values.
As often happens in the Sales Comparison Approach, you will need to make an adjustment for
changing market conditions/time to each of the sales. What is the approximate percentage
increase in the per unit price between each of the per unit prices, e.g. between sales number one
and number two, between sales number two and number three, and between sales number three
and number four? (rounded to the nearest whole percent)?
1%
2%
3%
4% 2%
