Basic Appraisal Procedures - McKissock with perfect answers 2024

Valuation process correct answersA systematic procedure used in the valuation of real property. Client correct answersThe party or parties who engage, by employment or contract, an appraiser in a specific assignment. Steps in Defining the problem correct answersIdentification 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 correct answersThe interests, benefits, and rights inherent in the ownership of real estate. Market Value correct answersA 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 correct answersThe 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 correct answersThe 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 correct answersThe ____________ can be a past (retrospective), current or future (prospective) date. This decision will be made in concert with the client's needs. Extraordinary assumption correct answersAn assumption, directly related to a specific assignment, as of the effective date of the assignment results, which, if found to be false, could alter the appraiser's opinions or conclusions. Hypothetical Condition correct answersA condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. Scope of work correct answersThe type and extent of research and analyses in an assignment.