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First four steps of the valuation process: - ️️1) Identification of the Problem 2) Scope of work Determination 3) Data Collection and Property Description 4) Data Analysis Second four steps of the valuation process: - ️️5) Land Value Opinion 6) Application of the Approaches to Value 7) Reconciliation of Value Indications and Final Opinion of Value 8) Report Defined Value Valuation Process definition: - ️️a systematic set of procedures an appraiser follows to provide ...

The appraiser - ️️Who is responsible for identifying the intended use of an appraisal? Report the final opinion of value - ️️What is the final step in the valuation process? False - ️️There is one universal definition of market value used in real property appraisal. extraordinary assumption - ️️an assignment-specific assumption, as of the effective date, which, if found to be false, could alter the appraiser's opinions or conclusions Work file - ️️Documentation n...

The appraiser - ️️Who is responsible for identifying the intended use of an appraisal? Valuation process - ️️A step-by-step procedure that can be applied to any type of appraisal assignment. No - ️️Does an appraiser's client always have to directly engage him? False - ️️The effective date of the valuation must be the date on which the appraiser inspected the subject property. Maximally productive - ️️In highest and best use analysis, this is applied last. Work...

The amount by which contract rent exceeds the market rent at the time of the appraisal - ️️Excess rent Fanny Mae requires a single unit residential appraisal report to include photographs of - ️️The subject property and the comparable sales The factory built house constructed in compliance with the HUD code is what Home - ️️Manufactured Which would not be inappropriate legal description of the subject property - ️️A postal address When appraising a duplex an appraiser...

ch1 What is the first step in the valuation process? determine scope of work define the problem estimate land value gather, record, and verify data - ️️define the problem ch1 True or False: There is one universal definition of market value used in real property appraisal. True False - ️️false ch1 What is the final step in the valuation process? determine highest and best use estimate value by the three approaches report the final opinion of value estimate the land value...

Client - ️️The individual, group or entity who engages a valuer to perform a Service Extraordinary Assumption - ️️An 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. General Data - ️️Data that relates to the four forces that affect real property values - social, economic, governmental, and environmental forces. For ex. banks, universities,...

True or False: The effective date of the valuation must be the date on which the appraiser inspected the subject property. - ️️FALSE In many cases, the effective date is the date the appraiser inspects the subject property. But that is not always the case. The effective date can be any date, whether past, present, or future. "An interest or interests in real estate" is the definition of - ️️Real Property "An assignment-specific assumption, as of the effective date, which, if ...

"The age of property that is based on the amount of observed deterioration and obsolescence it has sustained" is the definition of ____________ age. - ️️effective In what type of heating system would you find an expansion tank? - ️️hot water Which of the following would be general data? - ️️mortgage rates, unemployment rates, property tax rates A comparable new house just sold for $440,000. You estimate the value of the site at $90,000 and the cost of the site improvements...

Site - ️️Land that is improved so that it is ready to be used for a specific purpose Separate Site Valuations - ️️Cost approach Assessments and taxation Condemnation appraisals Certain income capitalization methods Highest and best use analysis Cost Approach (summation approach) - ️️Site Value + Depreciation Depreciation - ️️Cost New SALES COMPARISON - ️️Comparison with recent sales--Most Commonly Used--Most Accurate--Must have adequate market data--adjustment...

If a cost manual is used, the result is _____________ cost. - ️️replacement What type of framing became popular in the 1800s with the advent of the steam-powered sawmill? platform frame balloon frame log frame post and beam - ️️balloon frame Details about the property being appraised, comparable sale and rental properties, and relevant local market characteristics" is the definition of - ️️specific data Keyways are employed in which type of foundation walls? stone ...