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Valuation Process Systematic set of procedures an appraiser follows to provide answers to a clients questions about real property value Appraisal Process 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 Brainpower Read More Previous Play Next Rewind 10 seconds Move forwa...

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

Basic Appraisal Procedures Exam Questions With 100% Correct Answers 2024 T/F: The effective date of the valuation must be the date on which the appraiser inspected the subject property. - answerFalse "An interest or interest s in real estate" is the definition of: - answerReal property In highest and best use analysis, which criterion is applied LAST? physically possible legally permissible maximally productive financially feasible - answermaximally productive An appraiser is valuing...

Basic Appraisal Procedures Exam Questions With 100% Correct Answers 2024 T/F: The effective date of the valuation must be the date on which the appraiser inspected the subject property. - answerFalse "An interest or interest s in real estate" is the definition of: - answerReal property In highest and best use analysis, which criterion is applied LAST? physically possible legally permissible maximally productive financially feasible - answermaximally productive An appraiser is valuing...

Aberration abnormality; deviation from the standard access approach or admittance accord agreement adage a proverb, wise saying (i.e. "too soon old, too late smart") adversary enemy advocate one who speaks in favor of or behalf of affluence wealth or abundance, lots of something agenda list of items to be accomplished alacrity cheerful willingness or ready to response, liveliness and eagerness alias the like, assumed name...

Basic Appraisal Procedures Exam Questions With 100% Correct Answers 2024 T/F: The effective date of the valuation must be the date on which the appraiser inspected the subject property. - answerFalse "An interest or interest s in real estate" is the definition of: - answerReal property In highest and best use analysis, which criterion is applied LAST? physically possible legally permissible maximally productive financially feasible - answermaximally productive An appraiser is valuing...

Basic Appraisal Procedures - McKissock Exam Questions And Answers All Correct 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 ...

Basic Appraisal Procedures, Basic Appraisal Procedures Exam Questions and Answers 2024 8 Steps in the Valuation Process -Answer-1) Define the problem 2) Determine scope of work 3) Gather, record and verify the data 4) Determine the highest and best use 5) Estimate the land value 6) Estimate value by each of the 3 approaches (if applicable) 7) Reconcile the estimated values into the final opinion of value 8) Report the final opinion of value Defining the Problem: 6 Sub-steps within -Ans...

WHAT IS CFD (COMPUTATIONAL FLUID DYNAMICS) correct answer: To predict how a 3D model would pass through a liquid or a gas Provides architects with info on placement of pictures and general layout of a building WHAT IS SPOT LIGHTING correct answer: Does not target objects Used to simulate light fixtures Cast a focused ray of light WHAT IS AMBIENT LIGHTING correct answer: Casts soft rays in every direction Has no directionality Emits no shadow on ground When rays past through win...

Basic Appraisal Procedures – McKissock Exam 2024 Valuation process -Answer-A systematic procedure used in the valuation of real property. Client -Answer-The party or parties who engage, by employment or contract, an appraiser in a specific assignment. Steps in Defining the problem -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 specia...