NCh3 The Appraisal Process

Question 1

First step in the appraisal process is to

Answer 1

State the purpose of the appraisal

Question 2

The second step of the appraisal process is to

Answer 2

Collect and verify information about the property

Question 3

The third step of the appraisal process is to

Answer 3

Estimate value using all three approaches, or as many approaches as needed to get the best result

Question 4

The fourth step of the appraisal process is to

Answer 4

Reconcile the estimate by determining the weighted averages

Question 5

What act was passed to regulate the appraisal, industry nationwide, requiring the use of state licensed or state certified appraisers to perform any appraisal used in connection with federally related transactions, a property value at above the statutory limit?

Answer 5

FIRREA - the financial institutions reform recovery and enforcement act

Question 6

What must all appraisers adhere to outlining how appraisals are developed and communicated?

Answer 6

USPAP - uniform standards, professional appraisal practice