Basic Appraisal Procedures

All tests

The most difficult aspect of preforming an appraisal is:

Specific data collection

Hypothetical conditions

are used for the purpose of analysis

The fundamentals associated with the appraisal process have remained unchanged for over 70 years.

false

The Uniform Standards of Professional Appraisal Practice (USPAP) required that the ________ of the appraisal be identified in the appraisal report.

intended user(s)

The primary role of the appraiser is to provide ____________ to support the decision-making process of the client

An unbiased opinion of value

The daily collection and probably description portion of the valuation process is best described as including

Market area data and subject property data

What is Freddie mac?

A government agency created as the federal Home Loan mortgage Corporation

Characteristics of the site include all of the following except: legal description, assessment and taxes, type of ownership, value of the air rights

Value of the air rights

An appraisal of real property is not directly evaluation of physical land and improvements; it is a valuation of the __________

Rights of ownership

Into which of the following categories my appraiser break down General data? Regional section, State section, Community section, all of the above

All of the above

The appraiser should complete the highest and best use analysis prior to accepting an assignment

False

Once all of the components associated with defining the appraisal problem have been identified the appraisal is able to define the appropriate __________.

Scope of work

Comparable property data is required for

The sales comparison approach, the cost approach, and the income approach to value

Background data deals with the locational and economic forces;

Outside of the subject property that influences its value

All of the following are illustrative of the income approach except: overall rate times Factor equals value, income capitalization, income divided by rate equals value, income times Factor equals value

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