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grant deed - deed containing, or having implied by law, some but not all of the usual covenants of title 
 
Appraiser - One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. 
 
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. 
 
narrative report - A written communication of the re...
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 
 
defining problem - Identification and location of the real estate 
Identi...
People tend to purchase homes in areas with amenities and facilities, and where they feel insulated from adverse property conditions. This is an example of the principle of: 
 
Conformity 
Substitution 
Change 
Competition - Conformity 
 
Which of these can increase conformity in a neighborhood? 
 
Covenants, Conditions and Restrictions 
zoning ordinances 
ordinances specifying minimum site sizes and setbacks 
all of these - all of these 
 
With regard to the four agents of production, whi...
promote and maintain, public trust - Answer-The intent of USPAP is to ____________ a high level of __________ in professional appraisal practice. 
 
wage levels - Answer-Which of the following would NOT be considered a governmental influence on value? 
 
employment rates - Answer-Which would NOT be considered factors in supply analysis? 
 
escheat - Answer-Which of these would be considered a public restriction on real property ownership? 
 
3000 - Answer-The number of required experience hours ...
15-hour National USPAP Course - McKissock Question and answer verified to pass15-hour National USPAP Course - McKissock 
 
 
USPAP contains what 4 sections? - correct answer 1) The Preamble 
2) Definitions 
3) Rules 
4) Standards 
 
USPAP Provides... - correct answer 1. A common basis for comparison 
2. A reference source for all users of the document 
3. A basis for uniform enforcement for state regulatory agencies 
4. A reason for clients, other intended users, and the public to place their ...
Appraisal Procedures - Mckissock Quiz Questions and answers verified to passAppraisal Procedures - Mckissock Quiz Questions 
 
 
True or False: An appraiser's client must always directly engage the appraiser. - correct answer False 
 
A step-by-step procedure that can be applied to any type of appraisal assignment is - correct answer The valuation process 
 
True or False: The effective date of the valuation must be the date on which the appraiser inspected the subject property. - correct answe...
Basic Appraisal Principles Final Exam Question and answers already passed Basic Appraisal Principles Final Exam 
 
 
In a particular market, there is a demand for 500 houses per year, and there are currently 1,500 houses for sale. What does this most likely indicate? - correct answer there is a three-year supply of homes currently for sale 
 
"A business arrangement in which two or more persons jointly own a business and share in its profits and losses" is the definition of - correct answer pa...
Basic Appraisal Procedures - McKissock Question and answers 100% correct Basic Appraisal Procedures - McKissock 
 
 
Valuation 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; P...
Basic Appraisal Procedures Chapter 12 - Comprehensive Review Quiz Questions with complete solution Basic Appraisal Procedures Chapter 12 - Comprehensive Review Quiz 
 
 
A property has a cost new of $350,000. It has an effective age of 20 years and a total expected economic life of 65 years. There are curable items totaling $45,000. If they are cured, it will reduce the effective age to 15 years. What is the value of the improvements on a modified age-life basis, before including the site value?...
Basic Appraisal Procedures McKissock Question and answers correctly solved Basic Appraisal Procedures McKissock 
 
 
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...