Basic Appraisal Procedures – McKissock Exam
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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.
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