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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...
Chp.1 Basic Appraisal Principles, McKissock Question and answers verified to passChp.1 Basic Appraisal Principles, McKissock 
 
 
USPAP defines an appraiser as.... - correct answer one who performs valuation services in a manner that is independent, impartial, and objective. 
 
FIRREA stands for - correct answer Financial Institutions Reform, Recovery, and Enforcement Act of 1989 
 
What is one of the first things an appraiser must do when accepting an assignment? - correct answer Identify clien...
McKissock - Basic Appraisal Principles- GA Ch.10 Question and answers already passed McKissock - Basic Appraisal Principles- GA Ch.10 
 
 
Which of the following typically incurs the highest burden of management? 
savings account 
money market 
certificate of deposit 
real estate - correct answer real estate 
 
True or False? Stocks are considered a good investment because the return OF your investment is guaranteed. - correct answer False 
 
You are an investor who owns a parcel of real proper...
McKissock - General Report Writing and Case Studies Question and answers 100% correct McKissock - General Report Writing and Case Studies 
 
 
Appraisal - correct answer "(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 - correct answer any communication, written or oral, of an appraisal or appraisal review that is transmitted to the ...
McKissock Appraisal Procedures Question and answers rated A+ McKissock Appraisal Procedures 
 
 
A single unit residence sold for $126,000. It was rented for $1,100 per month but the market rent was $1,200. What is the GRM indicated by this sale? - correct answer 105.0 
 
A building was constructed in July 2000 for $754,200. The cost index at that time was 133.6. The current cost index is 201.8. What is the indicated cost new of the building today? - correct answer $1,138,842 
 
Property that fr...
McKissock Basic Appraisal Principles I Final Exam Quiz Questions with complete solution McKissock Basic Appraisal Principles I Final Exam Quiz 
 
 
ASC (Appraisal Subcommittee) - correct answer The _____ has oversight authority over state appraisal boards. 
 
consideration, in writing and signed, and lawful objective - correct answer Which of the below is a requirement of a valid real estate contract? 
 
capital - correct answer "The interaction of buyers and sellers who trade long-term or inte...
mckissock basic appraisal principles Questions with complete solution mckissock basic appraisal principles 
 
 
grant deed - correct answer deed containing, or having implied by law, some but not all of the usual covenants of title 
 
Appraiser - correct answer One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. 
 
report - correct answer any communication, written or oral, of an appraisal or appraisal review that is transm...
McKissock Basic Appraisal Principles Question and answers correctly solved mckissock basic appraisal principles 
 
 
grant deed - correct answer deed containing, or having implied by law, some but not all of the usual covenants of title 
 
Appraiser - correct answer One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. 
 
report - correct answer any communication, written or oral, of an appraisal or appraisal review that is ...
McKissock Learning - Basic Appraisal Principles Question and answers verified to passMcKissock Basic Appraisal Principles 
 
 
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 appr...
McKissock USPAP Chapter 1 Question and answers already passed McKissock USPAP Chapter 1 
 
 
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 trust in the services performed by professional appraisers 
 
USPAP Stands for - correct answer Uniform Standards of Professional Appraisal Pr...