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28 Cards in this Set

  • Front
  • Back
USPAP
Created in 1987
Uniform Standards of Professional Appraisal Practice
MAI
Member of the Appraisal Institute
App Foundation was formed in
1987
App Foundation
Non Profit, promote professionalism by helping to ensure app are qualified
FIRREA
Financial Institutions Reform and Recovery Act (known as the S&L Bail-out) also required state to certify & license
The App Standards Board (ASB)
Promotes the Acceptance of USPAP
The App Qualifications Board (AQB
concerned with the education, testing & experience requirements
FIRREA requires
that any App made in connection with a Fed related transaction be performed by a state cert of lic appraisal
Residential Certification
More limited to the two - residential properties only.
General Certification
more emphasis on the income approach & qualifies the app for all types of prop
USPAP
there are 10 standards in USPAP
Statements on Appraisal Standards
Clarify, interpret, explain or elaborate on the standards.
Advisory Opinions
illustrate the application of USPAP in particular situations (do not have a binding effect on USPAP).
Introductury Provisions of USPAP ...........how many?
seven
Provision 1 PREAMBLE
Provides an overview of USPAP
Provision 2 Ethics Rule
Appraisors ethical obligations in regard to conduct, management, confidentiality & record keeping.
Provision 3 Competency Rule
Prohibits app from accepting asignements they are not qualified for.
Provision 4 Departure Rule
Relates to certain standard rules which are specific requirements as as opposed to binding requirements
Provision 5 Jurisdictional Rule
is to limit the potential adverse effect of local laws - if a local law makes part of USPAP unenforcebale, the remaining parts are not effected
Provision 6 supplemental Standards
requirements that exceed min requirements of USPAP (issued by gov't agencies or other entities).
Provision 7 Definitions
Found at the very beginning of USPAP, users are required to accept them as defined.
Glossary
found at the end of USPAP. Not an integral part subject to interpretation.
Standards 1 & 2
relate to the development & communication of a real property appraisal.
Standard 3
Rules for reviewing an app and reporting on real estate value.
Standards 4 & 5
communications of various real estate or real estate property cunsulting fuctions by an appraisor
Provision 6
Dev & reporting of mass app for ad val tax
Provision 7 & 8
Rules for Personal Property
Provision 9&10
comm business app