Part 1 The Valuation Process

Question 1

6 parts of Problem ID
1 Intended ________
2 Intended _____
3 Type and Definition of __________
4 Effective _________ of opinion
5 Relevant __________ of the property
6 ID any assignment _________

Answer 1

1 users
2 Use
3 Value
4 date
5 characteristics
6 conditions

1-5

Question 2

The two major assignment conditions are

Answer 2

Hypothetical condition
Extraordinary Assumption

1-12

Question 3

The SOW includes the ________ and _______ of _______ and __________

Answer 3

Type and extent of research and analyses

1-13

Question 4

The ____________ process is a systematic set of procedures an appraiser follows to provide answers to a clients questions about real property value

Answer 4

Valuation

1-6

Question 5

Problem Identification and SOW are an exercise in __________ designed to produce __________ assignment results

Answer 5

Judgment
Credible

1-6

Question 6

Steps 3-8 in the valuation process are an exercise in ____________

Answer 6

Execution

1-6

Question 7

The client is the party or parties who _______ the appraiser by employment or contract

Answer 7

Engage

1-7

Question 8

When are intended users determined?

Answer 8

At the time of assignment

1-7

Question 9

When is the intended use determined?

Answer 9

At the time of the assignment

1-7

Question 10

What is the most important step of problem identification?

Answer 10

Intended Use

1-7

Question 11

The _________ ________ in step 1 will guide the type and _________ of research and __________

Answer 11

Intended Use
Extent
Analyses

Question 12

The three types of effective dates are:
1
2
3

Answer 12

1 Current
2 Retrospective
3 Prospective

1-10

Question 13

An ____________ ___________ is an assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which if found to be false could alter the appraisers opinions or conclusions

Answer 13

Extraordinary Assumption

1-12

Question 14

A ______________ ____________ is a condition that is contrary to what exists but is supposed for the purpose of analysis

Answer 14

Hypothetical condition

1-12

Question 15

Type and extent of research and analyses is the main component of the _________ of _______

Answer 15

Scope of Work

1-13

Question 16

Step 3 of the Valuation Process is ________ Collection and Property ________

Answer 16

Data Collection and Property Description

1-15

Question 17

A _____ is a series of related changes brought about by a chain of causes and effects

Answer 17

Trend

1-15

Question 18

Two types of data under data Collection are General and ________

Answer 18

Specific

1-15

Question 19

Step 4 in the Valuation Process is Data __________

Answer 19

Analysis

1-17

Question 20

Under Highest and Best Use, the 4 considerations are
1 Legal _________
2 _________ possibility
3 __________ feasibility
4 Maximum ___________

Answer 20

1 permissibility
2 physical
3 financial
4 productivity

1-17

Question 21

Two determinations of HABU on land as though vacant would be:
1 _________
2 Leave _______

Answer 21

1 improve
2 leave vacant

1-18

Question 22

The 3 possible determinations for improved properties would be
1 _______ as is
2 _______
3 Demolish

Answer 22

1 Leave as is
2 Alter
3 Demolish

1-18