McKissock - General Report Writing and Case Studies – 443 questions- with complete solutions

Appraisal CORRECT ANSWERS: "(noun) The act or process of developing an opinion of value. an opinion of value; (adjective) of or pertaining to appraising and related functions such as appraisal practice or appraisal services."1 Report CORRECT ANSWERS: any communication, written or oral, of an appraisal or appraisal review that is transmitted to the client or a party authorized by the client upon completion of an assignment. 2 Client CORRECT ANSWERS: "The party or parties who engage, by employment or contract, an appraiser in a specific assignment.Comment: The client may be an individual, group, or entity, and may engage and communicate with the appraiser directly or through an agent."3 Date of the Report CORRECT ANSWERS: The date that the appraiser completed and transmitted the appraisal report to the client. It is usually - but not always - different from the effective date of value stated in the appraisal report. Effective Date CORRECT ANSWERS: The date to which the value applies. It can be current, prospective, or retrospective. The effective date of value establishes the viewpoint from which the appraiser viewed the appraisal problem. Intended use CORRECT ANSWERS: "the use(s) of an appraiser's reported appraisal or appraisal review assignment results, as identified by the appraiser based on communication with the client at the time of the assignment."4 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, based on communication with the client at the time of the assignment."5 Personal Property CORRECT ANSWERS: "Identifiable tangible objects that are considered by the general public as being 'personal' (e.g., furnishings, artwork, antiques, gems and jewelry, collectibles, machinery and equipment; all tangible property that is not classified as real estate."6 Real Estate CORRECT ANSWERS: "An identified parcel or tract of land, including improvements, if any."7 Real Property CORRECT ANSWERS: "The interests, benefits and rights inherent in the ownership of real estate".8 This often is referred to as the "bundle of rights" associated with owning real estate. These rights include: CORRECT ANSWERS: The right to sell the property; The right to lease or rent the property; The right to use the property; The right to give the property away; The right to enter or leave the property; and