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15 Cards in this Set
- Front
- Back
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What is an appraisal?
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It is the act or process of developing an opinion.
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Key factors an appraiser must have.
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Ethical & competent
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Appraisals are commonly used in what five assignments?
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1. Transfer of Ownership
2. Financing & Credit 3. Litigation 4. Tax Matters 5. Investment Decisions |
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What is the most common assignment?
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Transfer of Ownership
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What are the two key foundations you need for an appraisal career?
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Competent Practice
Ethical Principles |
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In order to ____ _____ ____, appraiser must carry out their services in a manner that maintains a high level of ethical and competent practice.
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perserve public trust
*** Intent is the key*** |
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Appraisers must develop and communicate their work in a manner that is
a. b. |
A. meaningful
B. not misleading |
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When acting in the role of an appraiser, the appraiser must not engage in criminal conduct and must perform the assignments with a,b,c,& e
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a. impartiality
b. objectivity c. independence d. with accommodation of person interest (not biased, not advocate) |
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An appraiser may be an advocate in support of her or her _____ _____.
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assignment results
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Before an appraiser accepts an assignment, they must first_____
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identify the problem to be addressed and have the knowledge and/or experience to complete the assignment competently.
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If they do not have the experience then they must:
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disclose they lack the knowledge, accept and get the training, disclose issues in writing.
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Sufficient Diligence
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- Must employ recognized methods & techniques
- must not commit substantial errors or omissions - appraiser has the BURDEN OF PROOF to support the SCOPE OF WORK DECISION. |
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Define scope of work
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Plan or strategy for solving clients problems.
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8 key elements for Scope of Work
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** 1. Intended Users
** 2. Intended Use *** 3. Type & definition of value 4. Type of assignment 5. Effective date 6. Type of property interest 7. relevant characteristics 8. assignment conditions |
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Define Land
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The earth's surface, both land and water, and anything that is attached to it whether by the course of nature of human hands; all natural resources in their original state, e.g. mineral deposits, wildlife, timber
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