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