What is the first step in the appraisal process quizlet?

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The use(s) of an appraiser's reported appraisal or appraisal review assignment results, as identified by the appraiser based on communication with the client at the time of the assignment

1. The appraiser and the client must reach an understanding concerning the use and ownership of the appraisal report.

2. How the client intends to use the results of the assignment will guide the appraiser's decision on the type and extent of research and analyses performed, as well as the report content and the level of information it contains. Intended use affects both appraisal development and reporting.

a. An intended use to establish a value range for a preliminary decision on whether to pursue a tax appeal is significantly different from preparing an appraisal for tax court in which the appraiser will testify. The appraiser will certainly follow many of the same steps in each assignment, but the research and analyses will be more involved in the second assignment.

b. Intended use can affect the opinions and conclusions developed. Here are two contrasting scenarios:

- A lender requests an exterior-only appraisal of an owner's property to be used for collateral purposes in an equity loan.

-A month later, the owner of the same property retains an appraiser with an intended use to resolve a legal dispute in a jury trial.

c. If the intended use changes the scope of work, the opinions and conclusions developed might also change. Here is how intended use can affect the development and reporting aspects of an appraisal assignment.

1 of 10 - Using the sales comparison approach, how would an appraiser make two properties equal when the comparable property has one extra bedroom, a fireplace, one less bath, and a pool?

Subtract the extra bedroom, fireplace, and the pool from the comparable sold price, and add the extra bathroom to the comparable sold price.

Add the extra bedroom to the comparable sold price, and subtract the bathroom, fireplace, and pool from the comparable sold price.

Add the extra bedroom, fireplace, and pool to the comparable sold price, and subtract the extra bathroom from the comparable sold price.

Subtract the extra bedroom and the bathroom from the comparable sold price, and add the fireplace and pool to the comparable sold price.

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