Course 300 FlashCards

Question 1

Flash Card ‐ 1
___________________ are exercises in applied economic
analysis and require the use of logical, systematic methods
for the collecting, analyzing and processing of data to
produce supportive, well documented value estimates.
a. Single‐property appraisal
b. Mass appraisal
c. Both single‐property and mass appraisal
d. None of the above
2/5/2013

Answer 1

Flash Card ‐ 1
C 1 p 1‐ 3 & 4; p1‐22 # 1
C 2 p 2‐9 # 6
are exercises in applied economic analysis and require the
use of logical, systematic methods for the collecting, analyzing and processing of data to produce
supportive, well documented value estimates.

a. Single‐property appraisal b. Mass appraisal
c. Both single‐property and mass appraisal
d. None of the above
2/5/2013

                               2

Question 2

Flash Card ‐2
The scope of work rule has three parts and they are:
1. \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_
2. \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_
3 \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

Answer 2

Flash Card ‐2
C 1 p 1‐ 6, #2; p1‐22 # 14

The scope of work rule has three parts and they are:

1. Identify the problem to be solved
2. Determine and perform the scope of work necessary to develop a credible assignment
   3 Disclose the scope of work in the report

Question 3

Flash Card ‐ 3
An appraiser must do which of the following for each
appraisal:
a. Identify the problem to be solved
b. Determine and perform the scope of work necessary to
develop creditable assignment results
d. Disclose the scope of work in the report
d. All of the above

Answer 3

Flash Card – 3
An appraiser must do which of the following for each
appraisal:
a. Identify the problem to be solved
b. Determine and perform the scope of work necessary to
develop creditable assignment results
c. Disclose the scope of work in the report
d. All of the above

C 1 p1‐6 # 2 a) 2.1; P1‐22 #14

Question 4

Flash Card ‐ 4
A similarity between single property appraisal is:

a. Statistical quality control procedures b. Emphasis on standardization
c. Use of valuation schedules, tables, and formulas d. Use of the same approaches to value

Answer 4

Flash Card ‐ 4
C 1 p 1‐3 # 6 p1‐12 III B

A similarity between single property appraisal and mass appraisal is:

a. Statistical quality control procedures b. Emphasis on standardization
c. Use of valuation schedules, tables, and formulas
d. Use of the same approaches to value

Question 5

Flash Card – 5
The first step in the appraisal process is problem
identification (also know as defining the valuation problem).
Which of the following is not part of the problem
identification process:
a. Define the value to be developed
b. Competitive properties
c. Date of value
d. Identify limiting conditions or limitations

Answer 5

Flash Card – 5
The first step in the appraisal process is problem identification (also know as
defining the valuation problem). Which of the following is not part of the
problem identification process:
a. Define the value to be developed
b. Competitive properties
c. Date of value
d. Identify limiting conditions or limitation
Problem. Identification = C I V E R A S
C ‐‐ Client
I ‐‐ Intended use/intended user
V ‐‐Value – type of value
E—Effective date of appraisal
R—Relevant Characteristics
A – Assignment conditions
Ex.A/Hypo.Cond./ Limiting cond
S – Scope of Work
This question –What is not part of
Problem Identification? ‐ Competitiveiting conditions or limitations
C 1 p 1‐4 C 1; p 1‐22 # 13;