Module 21 Problem solving

Question 1

what is the value type(or purpose) of this assignment.

Answer 1

is it market value, investment value, or some other type of value.

Question 2

The type and extent of research and analyses in an appraisal or appraisal review assignment.

Answer 2

scope of work

Question 3

Who is the client?

Answer 3

The lender

Question 4

Who are the intended users?

Answer 4

The lender and anyone it says

Question 5

What is the intended use?

Answer 5

To assist the financial institution in making a lending decision

Question 6

What is the type and definition of value and its source (that it, what is the purpose)?

Answer 6

An opinion of market value as defined in lending regulations

Question 7

What is the assignment type?

Answer 7

An appraisal

Question 8

What type of property is the subject?

Answer 8

real property

Question 9

What is the subject of the assignment and what method to value is most relevant?

Answer 9

One unit residence in fee simple interest. The sales comparison approach is the most relevant method.

Question 10

What are the assignment conditions?

Answer 10

None. The value is current and based on market trends within a
reasonable market exposure time.

Question 11

What does the problem identification process tell you about determining your scope of work for this assignment?

Answer 11

The appraiser’s scope of work would address
 The degree the appraiser needs to identify the subject property;
 The degree the appraiser observes the physical property;
 The type and extent of data investigated; and
 The type and extent of analytical processes applied to form
opinions or conclusions

Question 12

A group of complementary land uses defines a

Answer 12

neighborhood

Question 13

A fully developed neighborhood continues to experience good demand and a modest rise in property values. How would you classify the life cycle period of this area?

Answer 13

stability

Question 14

A district has a research center, high-tech companies, and a university. This describes what kind of district?

Answer 14

specialty

Question 15

In a scope of work decision, an opinion of market value and its definition are the elements that are also known as

Answer 15

purpose

Question 16

Partners Bank had questions about an appraisal, so it decided to get a second opinion from another independent appraiser. What is this second assignment called?

Answer 16

an appraisal

Question 17

What is the process called when a market area goes from agricultural to residential?

Answer 17

transition

Question 18

Trotter performed an appraisal with an “exterior-only” inspection. The degree to which a property is inspected is which part of the appraisal development process?

Answer 18

scope of work

Question 19

Moyer completed an appraisal for a bank on a property that was being refinanced. The owners of the property paid for the appraisal when they completed the application at the bank and were promised a copy of the report. In this case, what is the property owner?

Answer 19

a party who is neither the client nor an intended user.