Basic Appraisal Procedures - McKissock 147 Questions with 100% Correct Answers | Verified | Updated 2024

Valuation process - ️️A systematic procedure used in the valuation of real property. Client - ️️The party or parties who engage, by employment or contract, an appraiser in a specific assignment. Steps in Defining the problem - ️️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 - ️️The interests, benefits, and rights inherent in the ownership of real estate. Market Value - ️️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 - ️️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 - ️️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 - ️️The ____________ can be a past (retrospective), current or future (prospective) date. This decision will be made in concert with the client's needs.