Uspap property - Study guides, Class notes & Summaries

McKissock Basic Appraisal Principles Exam Questions With Correct Answers Latest 2024/2025 (Graded A+) Which entity is responsible for establishing the requirements to become an appraiser? CORRECT ANSWERS: the AQB True or False: An applicant for Certified General appraiser must possess at least an associate's degree from an accredited college or university. CORRECT ANSWERS: False The requirements for state licensed and certified appraisers had their genesis in CORRECT ANSWERS: FIRREA An ap...

the product that real estate licensees market is - information knowledge of property transfer, knowledge of market conditions, knowledge of how to market real estate or business a competent licensed real estate professional must know the economic and legal intricacies associated with transfers of - title, property taxes, financing, and local zoning ordinances to be successful, licenses must know how to - market real estate and businesses real estate brokerage - the business of bringing tog...

Appraisal Standards Board (ASB) correct answers responsible for subject, style, content and substance of USPAP. communicates appraisal standards, including Advisory Opinions and FAQ Appraisal Subcommittee correct answers provides oversight of state appraiser regulatory programs (result of FIRREA). Maintains national registry of licensed appraisers Appraisal Qualifications Board (AQB) correct answers Establishes minimum education and experience guidelines State Regulatory Agency correct ...

McKissock Basic Appraisal Principles | 519 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 re...

Real Estate Exam Review (MN and National) Rated A Attorney's Opinion of Title a written opinion by an attorney who will investigate to make sure that the seller of the property is indeed the owner, and whether there are any "clouds" on the title such as encumbrances, claims, or questionable interests. To render this opinion, the attorney will review a search of public records and examine the abstract of title, which is a written history showing transfers of ownership. exists in ...

USPAP PRACTICE TEST; Questions and Answers (A+) STANDARD 2 contains standards for: a. Real property appraisal review assignments b. Development and reporting of real property appraisals c. Reporting the results of real property appraisals * d. Development of real property appraisals Answer-Reporting the results of real property appraisals

What is appraisal? Correct Answer-The act or process of developing an opinion of value of an asset What is USPAP? Correct Answer-Uniform Standards of Professional Appraisal Practice What is real estate? Correct Answer-An identified parcel or tract of land, including imporvements, if any. The physical land and appurtenances affixed to the land What is real property? Correct Answer-The interests, benefits, and rights inherent in the ownership of real estate (land, buildings, fixtures) ...

8 Steps in the Valuation Process (Ans- 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- -Identification and location of the real estate -Identification of the propert...

Which of the following conditions is a review appraiser NOT permitted to accept in an appraisal review assignment? Requiring an effective date of value different than the effective date in the appraisal under review Reviewing an appraisal of a property in a state in which the reviewer is not currently licensed An attorney wants to use the review to assist in formatting questions to attack the appraisal in cross-examination of the appraiser Requiring the use of a highly improbable hypothetica...

Which of the following is usually defined as the most probable price a property would bring in normal market conditions? correct answers Market value The Appraisal Foundation includes which of the following independent boards? correct answers The Appraisal Standards Board Appraisals are usually required whenever property is: correct answers bought or sold. In 2010, the government's solution to the disintegration of the housing market and financial crisis was to enact the: correct answe...