McKissock Liberty University -Basic Appraisal Procedures McKissock with answers graded A+

Basic Appraisal Procedures Valuation Process - correct answer Systematic set of procedures an appraiser follows to provide answers to a clients questions about real property value Appraisal Process - correct answer 1. Define Problem 2. Determine scope of work 3. Gather Record & verify dat 4. determine highest and best use 5. estimate land value 6. est. value by all three approaches 7. Reconcile est. value into final opinion value 8. report the final opinion defining problem - correct answer 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 identification and location of the real estate - correct answer usually with a legal description (metes and bounds, rectangular survey, lot and block) identify the characteristics of the property that are relevant to the type and definition of value and intended use of the appraisal Standards rule 1-2E of USPAP - correct answer Identify the characteristics of the property that are relevant to the type and definition of value and intended use of the appraisal