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15 Cards in this Set

  • Front
  • Back
What is an appraisal?
It is the act or process of developing an opinion.
Key factors an appraiser must have.
Ethical & competent
Appraisals are commonly used in what five assignments?
1. Transfer of Ownership
2. Financing & Credit
3. Litigation
4. Tax Matters
5. Investment Decisions
What is the most common assignment?
Transfer of Ownership
What are the two key foundations you need for an appraisal career?
Competent Practice
Ethical Principles
In order to ____ _____ ____, appraiser must carry out their services in a manner that maintains a high level of ethical and competent practice.
perserve public trust
*** Intent is the key***
Appraisers must develop and communicate their work in a manner that is
A. meaningful
B. not misleading
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
a. impartiality
b. objectivity
c. independence
d. with accommodation of person interest (not biased, not advocate)
An appraiser may be an advocate in support of her or her _____ _____.
assignment results
Before an appraiser accepts an assignment, they must first_____
identify the problem to be addressed and have the knowledge and/or experience to complete the assignment competently.
If they do not have the experience then they must:
disclose they lack the knowledge, accept and get the training, disclose issues in writing.
Sufficient Diligence
- 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.
Define scope of work
Plan or strategy for solving clients problems.
8 key elements for Scope of Work
** 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
Define Land
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