Basic Appraisal Procedures - McKissock Study guide with complete solution

Basic Appraisal Procedures - McKissock Study guide with complete solution Valuation process - ANS A systematic procedure used in the valuation of real property. Client - ANS The party or parties who engage, by employment or contract, an appraiser in a specific assignment. Steps in Defining the problem - ANS 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 - ANS The interests, benefits, and rights inherent in the ownership of real estate. Market Value - ANS 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 - ANS 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 - ANS 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 Val