Mckissoc - Study guides, Class notes & Summaries

McKissock Liberty University -McKissock Basic Appraisal Principles fully solved An appraiser paid a referral fee in conjunction with an assignment. Which statement is TRUE regarding this situation, according to USPAP? - correct answer The appraiser must disclose that a fee was paid, but does not have to disclose the amount paid. An appraiser finds out after completing an appraisal that the lender/client's loan did not close. What should the appraiser do regarding the appraisal fee? - correct...

Exam Prep (McKissock) Questions with correct Answers What does not include physical mobility, but rather the control and possession of all the rights of ownership? Purchasing Power If an appraiser is valuing real property by sales comparison, whose actions is he or she LEAST likely to consider? Government Agencies Which value characteristic implies the presence of a need or demand, which considers the monetary power to fill that need? Desire The rights and benefits inher...

McKissock Liberty University -Basic Appraisal Procedures - McKissock correctly answeredValuation process - correct answer A systematic procedure used in the valuation of real property. Client - correct answer The party or parties who engage, by employment or contract, an appraiser in a specific assignment. Steps in Defining the problem - correct answer Identification and location of the real estate; Identification of the property rights; Definition of value; Purpose and intended use of the...

Exam Prep (McKissock) Questions with Correct Answers

McKissock Liberty University -Supervisor-Trainee Course for Ohio Currently, what is the annual national registry fee per appraiser? - correct answer $40 The Dodd-Frank Act of 2010 requires the ASC to create and maintain a national registry of: - correct answer Appraisal management companies Which statement BEST describes The Appraisal Foundation? - correct answer It is a non-profit organization established for educational and scientific purposes. Which law mandated that all states must ...

McKissock Basic Appraisal Principles Exam QUESTIONS With Answers Latest 2024/2025 Graded A+. The primary purpose of USPAP is to protect CORRECT ANSWERS: public trust Normally the first step in highest and best use analysis is to research the uses that are CORRECT ANSWERS: legally permissible An appraiser is appraising a property with two structures on one tract of land. The client asks the appraiser not to mention the second structure, as it is in poor condition. Which statement is TRUE reg...

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 opinion of value; Any special limiting conditions Real property (Ans- The i...

What is USPAP? correct answers Uniform Standards of Professional Appraisal Practice Why was USPAP developed? correct answers To promote and maintain a high level of public trust as well as confidence in professional appraisal practice What are the benefits of USPAP? correct answers 1) Provides a common basis for comparison (eg are we doing the appropriate work for the type of assignment?) 2) Provides a reference source for all users of the document. 3) Provides a basis for uniform enfor...

Appraisal Procedures - Mckissock Quiz Questions with Correct Answers

Appraisal - "(noun) The act or process of developing an opinion of value. an opinion of value; (adjective) of or pertaining to appraising and related functions such as appraisal practice or appraisal services."1 Report - any communication, written or oral, of an appraisal or appraisal review that is transmitted to the client or a party authorized by the client upon completion of an assignment. 2 Client - "The party or parties who engage, by employment or contract, an appraiser in a speci...