Term
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Definition
is NOT a government agency
consist of--- BOT,ASB,AQB |
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Term
| What does the board of trustees do? |
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Definition
| suggest people and raise $$$ |
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Term
| What does Appraisal Standards Board (ASB) do? |
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Definition
Develops, interperts and amends USPAP
Does not enforce |
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Term
| What does Appraisal Qualifications Board (AQB) do? |
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Definition
| est. education and experience criteria for licensed and certified appraisers |
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| The Appraiser Subcommittee does what? |
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Definition
State records of license and certified
foundation FIRREA |
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Definition
Definitions-
Rules-
Standards-
Standard Rules-
Statements and Comments***integral part and considered extention of Definitons and Rules |
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| A complete appraisal is when the departure rule is NOT invoked so |
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Definition
| all applicable specified requirments have been met |
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| Limited appraisal invokes |
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Definition
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| Limited appraisal report must |
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Definition
| disclose permitted departures |
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Definition
est. of market rent-
price per SF-
price per acre-
specific amt-
a range of numbers-
relationship of numbers (greater than or less than) |
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| What is appraisal consulting? |
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Definition
feasibilty study that has a value est included as long as value est. was not primary purpose
est not primary purpose |
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Term
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Definition
| includes only valuation services performed by an individual acting as an appraiser |
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| Name one thing not permitted |
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Definition
| Acting with bias or as an advocate of the client |
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| Appraiser may advocat the client's interest only when |
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Definition
| performing valuation services not as an appraiser |
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| An appraiser who represents seller as an agent |
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Definition
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| An appraiser that represents the buyer as a real estate agent may |
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Definition
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| Listing a property and suggestting a price as an agent |
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Definition
| neiter are appraisals according to USPAP |
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Term
| Submitting an estimate of the cost of construction for a proposed improvement would be |
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Definition
appraisal practice for which there are no standard rules (ethics and compentcy still apply)
teaching, providing study of supply and demand, for a client when no value est is required these also same rules |
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| Appraisal of art by persoanl propery appraiser who is art dealer or coin, gem, furniture by numismatist or gemologist is |
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Definition
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Definition
| review standards for conducting a critical analysis of another appraiser's work |
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Definition
| one who is expected to form valuation services competently and in a manner that is independant, impartial and objective |
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Definition
| act or process of developing analysis, recommendation or opinion to solve a problem, where an opinion of value is a component of the analysis leading to the assignment results |
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| A feasiblity study that includes an opinion of value is |
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Definition
| an appraisal consulting assignment |
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Term
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Definition
| person who engages appraiser |
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Definition
| all info in report is not confidential, only that which is covered by the definition-----(identified as confidential by the client and not available from other sources) |
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Term
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Definition
used in situation where appraiser is unsure about some fact
presumes as fact otherwise uncertian info
can be used if required to properly develop credible opnions and conclusions
can only be used if the appraisal has a reasonable bais |
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Term
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Definition
assumption contrary to what is known to be true
assumes something to be true that is known to be false
can only be used if required for legal purposes, purposes of reasonable analysis or for purposes of camparison |
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Definition
necessary and drives scope of work
identified based on communication with client at time of assignment |
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Definition
drives scope of the work
identified based on communication with client at time of the engagement |
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Term
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Definition
amt and type work reseached and analysis applied
must support
can't let anything limit the extent of research that would affect outcome
drived by intended use and user |
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Term
| Consider what in scope of work? |
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Definition
degree property was inspected
extent of research
type and extent of analysis
whether appraoches to value are relevant |
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Term
| Registered appraiser can appraise anything in state as long as.... |
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Definition
| not used in federally related transaction |
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Term
| What is a federally related transaction? |
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Definition
| financical real estate transaction w/ federally regualted institution and a appraisal is required |
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| Summary Report on personal property the sales prices and last sale are |
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Definition
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| Personal property you must also condiser affect of value of |
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Definition
| physical characteristics including condition |
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Term
Levels of trade are ______________
in personal property appraising. |
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Definition
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| Can you say if you lose you don't have to pay for appraisal? |
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Definition
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Term
| What is extraordinary assumption about drive bys? |
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Definition
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Term
| How many years do you look back? |
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Definition
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Term
| How many years do you look back in pesonal property? |
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Definition
| reasonable and appropriate time |
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Term
| In appraising business and intangibles consider if |
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Definition
| liquidation value is higher than operation |
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Term
In standard 1
Be aware of what in all disciplines of personal and real estate |
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Definition
employeed method
substantial errors
small blunders |
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Term
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Definition
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Term
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Definition
| appraisers and users of appraier service |
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Term
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Definition
conduct
confidentiality
managment
record keeping |
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Term
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Definition
not bias
competency, impartiality, objectivity, independence |
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Term
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Definition
disclosure of fees
phohibits unethical behavior,
fee based on conclusion, fee based on loan closing |
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Term
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Definition
prohibits revealing info or results to anyone but client, law, peer review
client-last indefinitely
client authorize use
authorization not rquired if modified through redaction or aggregation |
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Term
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Definition
work file needed for each appraisal
5 years 2 after dispostion
must have custody of files or access |
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Term
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Definition
appraisal, appraisal review and appraisal consulting
not need for teaching, author book, brokaerage |
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Term
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Definition
prior ot accepting assignment
property, geo. location, and type of analysis needed
only tell if incompetent
if incompetent and they agree:
disclose, take steps to complete, describe both in report
knowledge and experience-must be competent
confident in methodology |
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Term
| Can wave fee to testify if lose? |
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Definition
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Term
| Valuing painting with copyright |
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Definition
Painting as personal property
copy right as intangible |
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Term
| All appraisal reports must contain sufficent info |
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Definition
| for intended users to understand |
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Term
| Persoanl property-appraisal of art by personal property appraise who is art dealer is... |
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Definition
| valuation service within USPAP |
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Term
| Restricted use can not be used when |
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Definition
| somoen other than client is using |
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Term
| Who far back or how far forward? |
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Definition
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Term
| Is physical inspection of house or business required? |
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Definition
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| What are 2 options for business? |
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Definition
| Appraisal report and restrict use |
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Term
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Definition
| always past, current and future |
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Term
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Definition
all property and services
includes brokers activities,appraisals appraisal revie, auto appraisal, art app.construction draw inspections, feasility study, teaching appraisal... |
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| Extraordinary Assumption and Hypotheical Condition must be?? |
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Definition
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Definition
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| Broker's services work file? |
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Definition
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Term
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Definition
| certification and transmittal letter |
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Term
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Definition
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| Do standards apply to opinion |
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Definition
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Term
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Definition
| what departed from and why |
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Term
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Definition
permits exceptions to specific requirements
must be applicable but not necessary
if client ask you to omit something and it is necessary tell them USPAP requires it |
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Definition
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| Jurisdictional Exception Rule |
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Definition
local law apply
acts a severability clause |
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| Supplemental standards rule |
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Definition
govt agency, govtStandard sponsor enterprise, est public policy
permits USPAP to be argumentive but never abridged
only add not curtail |
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Term
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Definition
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| Standard 1 requires te appraiser to analyze the effect of public and private improvemnts such as |
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Definition
| sewer, water, paved streets,street lights and sidewalks |
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Definition
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| Type of report has_______to do with crediblity |
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Definition
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Term
| What section prohibts false misleading advertising? |
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Definition
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Term
| Which section requires disclosure of fees? |
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Definition
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Term
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Definition
| est time for subject to be exposed to market prior to hypothetical consummtion of sale at market value on effective date |
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Term
| Can appraiser enter into an agreement to perform services for less than different required for a specific requirment? |
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Definition
yes under departure rule
*process not limited to effect results
*advices client report will id departure
*client agrees to limited |
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Term
| Key words associated with Conduct |
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Definition
impartial
objective
independence
w/o accommodation of personal interest |
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Term
| What conditions exist for extrordinary? |
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Definition
| asumption directly related and found to be false-could alter appraisers conclusion (soil is not comtaminated) |
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Term
| If you don't depart it is |
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Definition
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Term
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Definition
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Term
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Definition
self contained
summary
restricted use |
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Term
| According to preamble what compels us to follow USPAP |
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Definition
maintain high level of professional practice
comply by choice or requirement
law regulation agreement with user |
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Term
| If client ask for condition of an appraisl that has been fulfilled they are asking for |
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Definition
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Term
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Definition
| knowledge and experience of type property, market, geographic area, analytical method |
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Term
| What is the difference between update and recertification? |
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Definition
update changes the effective date
recertification require app. to confirm jobs have been finished on property as expected and used when inital app taken |
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Term
| What is confidential info? |
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Definition
id by client as confid and not available by other sources
classified confid by law |
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Term
| what are 9 key points in certif statements |
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Definition
1. facts are true
2. analysis opinions and conclusions based upon my opinion
3. no bias
4.was not contingent on results
5. was not contingent on pay
6.was not contingent on anything unethical
7.report conforms with uspap
8.have or have not made inspection
9.no or id who provided signifcant property appraisal assist |
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Term
| When can you use extraordinary? |
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Definition
| presumed to be true at moment |
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Term
| does eliminatiing one appraoch always lead to limited? |
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Definition
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Term
| Does USPAP require written or oral |
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Definition
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Term
| is departure role invoke when specific is not applicable? |
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Definition
| no departure is applicable but not necessary |
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Term
| what must do in appraisal process (standard 1) |
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Definition
employ recognized methods and technique to produce credible report
no substantial error of ommision or commission
not be carless |
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Term
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Definition
id proprty
scope of work
correctly research |
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Term
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Definition
| client use purpose date prop char scope extra hypo |
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| reasonable expose pd is a function of |
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Definition
price time and use
NOT opinion of time alone |
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Definition
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| You do not have to evoke departure rule when elect not to perform |
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Definition
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Term
| You ________be advocate of your clients interest |
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Definition
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Term
| Prior to accepting assignment-------- have to inform of competency |
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Definition
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Term
| work with all applicable specific requirments |
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Definition
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Term
| you --------disclose confidential info in the report |
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Definition
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Term
| uspap lets you pay referal fee to someone who is not an appraiser? |
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Definition
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Term
| do you include effect of value of personal property in appraisal |
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Definition
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Term
| do you ever use departure rule in complete |
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Definition
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Term
| limited appraisals result from |
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Definition
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Term
| Make sure it says INTENDED users and not possible |
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Definition
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Term
| Which standard talks about misleading |
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Definition
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Term
| Disclosing comptency is ethics rule not a standard |
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Definition
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| Standard 1-5 USPAP requires------------for 4-family residental |
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Definition
| analysis current agreement of purchase |
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Term
| Which ethics rule requires impartiality |
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Definition
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Term
| Departure is permitted when |
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Definition
| applicable not not necessary |
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Term
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Definition
develop opinion of site
est replacement cost
accr. depreciation |
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Term
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Definition
| client author discloseure |
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| depart rule can't be used with |
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Definition
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Term
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Definition
| assumptions by client must be included and highest and best use |
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Term
| is anticipated value aprt of standard 1 |
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Definition
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Term
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Definition
id client by name or type
which type report self contained summary or restricted use
complete or standard
signed certifications
effective date.... |
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