Basic Appraisal Procedures McKissock Exam

Basic Appraisal Procedures – McKissock Exam

Valuation process

A systematic procedure used in the valuation of real property.

Client

The party or parties who engage, by employment or contract, an appraiser in a

specific assignment.

Steps in Defining the problem

Identification and location of the real estate; Identification of the property rights;

Definition of value; Purpose and intended use of the appraisal; Effective date of

the opinion of value; Any special limiting conditions

Real property

The interests, benefits, and rights inherent in the ownership of real estate.