Uspap

Front 1

Standard 1

Back 1

Development of real property appraisal

Front 2

Standard 2

Back 2

Reporting of real property appraisal

Front 3

Standard 3

Back 3

Development and reporting of an appraisal review

Front 4

Which teo standard rules were retired by the Appraisal Standards Board effective January 1, 2014?

Back 4

Standards 4 and 5

Front 5

Standard 6

Back 5

Development and reporting of mass appraisal

Front 6

Standard 7

Back 6

Development of tangible personal property appraisal

Front 7

Standard 8

Back 7

Reporting of tangible personal property appraisal

Front 8

Standard 9

Back 8

Development of a business or intangible asset appraisal

Front 9

Standard 10

Back 9

Reporting of a business or intangible asset appraisal

Front 10

TAF

Back 10

The Appraisal Foundation

Front 11

ASB

Back 11

Appraisal Standards Board

Front 12

AQB

Back 12

Appraisal Qualifications Board

Front 13

APB

Back 13

Appraisal Practices Board

Front 14

Appraisers are expected to be:

Back 14

Independent, objective and impartial

Front 15

Who exercises all authority over USPAP i.e. subject, style, content and substance?

Back 15

ASB

Front 16

What is the purpose of USPAP?

Back 16

Promote and maintain a high level of public trust.

Front 17

Example of a jurisdictional exception rule?

Back 17

Where the HBU of a Res HS is commercial but because it is a Res HS it must be appraised as so.

Front 18

When can revisions to USPAP be adopted?

Back 18

Only after public exposure

Front 19

When are exposure drafts typically issued?

Back 19

Winter and spring months

Front 20

In 1987, eight major US professional appraisal organizations established?

Back 20

The Appraisal Foundation (TAF)

Front 21

What are the 3 boards established by the TAF with exclusive authority to promulgate standards and qualifications criterion for the benefit of the public?

Back 21

ASB

APB

AQB

Front 22

What are the 4 basic components of USPAP?

Back 22

Definitions, preamble, basic rules and standard rules

Front 23

What does the appraisal standards board publish for guidance purposes?

Back 23

Advisory opinions and FAQs

Front 24

What is the effective date of the 2016/2017 edition of USPAP?

Back 24

Jan 1, 2016 - Dec 31, 2017

Front 25

The subject of standard 1 is?

Back 25

Real property appraisal development

Front 26

Assumption means?

Back 26

That which is taken to be true

Front 27

What is the subject of STANDARD 6

Back 27

Mass appraisal development and reporting

Front 28

The ASB makes changes to USPAP only after ___________ are issued for input from appraisers and the public.

Back 28

Exposure drafts

Front 29

USPAP was created with the expressed purpose of promoting and preserving ______________ and confidence in professional appraisal Practice.

Back 29

Public trust

Front 30

Who is the CAD's client?

Back 30

Taxing units

Front 31

What is the rule on work file retention period?

Back 31

5 years

Front 32

Who is responsible for maintaining the work file after the completion of the assignment?

Back 32

The burden is on the appraiser

Front 33

Competency is reflected in?

Back 33

Correct judgment and execution

Front 34

What must an appraiser disclose before accepting an assignment?

Back 34

His/her lack of competency

Front 35

The ________ establish the application of certain terminology in USPAP

Back 35

Definitions

Front 36

What appraisal services are covered by USPAP?

Back 36

1. Appraisal

2. Appraisal review

Front 37

__________ are an integral part and extension of USPAP and have the same weight as the component they address

Back 37

Comments

Front 38

List the sections of the Ethics Rule

Back 38

1. Conduct

2. Management

3. Confidentiality

Front 39

____________ is reflected in correct judgment and correct execution.

Back 39

Competency

Front 40

The appraiser's _________ decision is a judgment about what information and analysis is necessary to correctly resolve a problem.

Back 40

Scope of work

Front 41

The appraisal process involves proper ________ and proper _________

Back 41

Judgment

Execution

Front 42

The appraiser must be prepared to demonstrate that the scope of work is sufficient to produce _________ assignment results.

Back 42

Credible

Front 43

What must the scope of work meet or exceed to be acceptable?

Back 43

The expectations of parties who are regularly intended users for similar assignments AND what an appraiser's peer actions would be in performing the same or similar assignment.

Front 44

In mass appraisal, what is the "scope of work"?

Back 44

The reappraisal plan

Front 45

What are the 8 basic components that comprise USPAP?

Back 45

1. Definitions

2. Preamble

3. Ethics rule

4. Record keeping rule

5. Competency rule

6. Scope of work

7. Jurisdictional exceptional rule

8. Eight standards

Front 46

An appraisers opinions or conclusions developed specific to an assignment are what?

Back 46

Assignment results

Front 47

The type and extent of research and analyses in an appraisal or appraisal review assignment is...

Back 47

Scope of work

Front 48

What are the 8 standards and what does each cover?

Back 48

1- development of real property appraisal

2- reporting of a real property appraisal

3- development and reporting of an appraisal review

6- development and reporting of mass appraisal

7- development of tangible personal property

8- reporting of tangible personal property

9- development of intangible personal property

10- reporting of intangible personal property

Front 49

Standards rule 6-1 (a) requires each appraiser to continuously improve his or her __________ to remain proficient in mass appraisal?

Back 49

Skills

Front 50

The _____________ determines which traditional approach or approaches are necessary to complete the assignment.

Back 50

Scope of work

Front 51

Which STANDARD RULES cover both the development and reporting of an appraisal assignment?

Back 51

Standard 3 and Standard 6

Front 52

What are the written reporting options for each of the reporting standards?

Back 52

STANDARDS 2, 8 and 10 can have written or oral reports, however they have an option between written Appraisal Report and Restricted Use Appraisal Report

STANDARD 3 only has the option for written Appraisal Review Report

STANDARD 6 can only be the Mass Appraisal report

Front 53

Who are the restricted use appraisal reports for?

Back 53

Client only - cannot be considered for loans or property tax purposes.

Front 54

What does Advisory Opinion 32 say about Mass Appraisal Models and the three approaches to value?

Back 54

Mass Appraisal Models can be developed using any or all 3 valuation methodologies.

Front 55

The process of valuing a universe of properties as of a given date using standard methodology employee common data and allowing for statistical testing

Back 55

Mass appraisal

Front 56

A mathematical expression of how supply and demand factors interact in a market.

Back 56

Mass appraisal model

Front 57

What is the one thing every Mass appraisal must contain?

Back 57

A signed certification, every appraisal report must contain a signed certification

Front 58

Where did the names of individuals that provide significant assistance belong in the report?

Back 58

In the certification

Front 59

In Mass appraisal, an appraiser must have sound reasons and support for what?

Back 59

Their scope of work

Front 60

In Mass appraisal of tangible personal property the USPAP requires you identify and analyze what?

Back 60

The effects of use and value on industry trends, value in use and trade level

Front 61

STANDARD 6 applies to _________ regardless of the purpose or the use?

Back 61

All mass appraisals, and not just tax appraisals

Front 62

What is the report called for Mass appraisal assessment?

Back 62

Mass appraisal report

Front 63

What are valuation services?

Back 63

Services pertaining to aspects of property value, for example Realtors, brokers and appraisers provide valuation services.

Front 64

Valuation Services performed by an individual acting as an appraiser including but not limited to appraisals and Appraisal review

Back 64

Appraisal practice

Front 65

When is a work file required?

Back 65

It is required for all written or oral appraisal reports

Front 66

What type of decision is an exclusion of a valuation approach that is not applicable to an assignment?

Back 66

scope of work decision

Front 67

Identification of the intended use of an Appraiser's opinion and conclusion is necessary for determining what?

Back 67

Scope of work

Front 68

What drives scope of work?

Back 68

Intended use

Front 69

The type and extent of research and Analysis in an appraisal or appraisal review assignment

Back 69

Scope of work

Front 70

what is considered confidential information

Back 70

Info the appraiser receives from the client and identified by the client as confidential

Front 71

That which is taken to be true is known as?

Back 71

an assumption

Front 72

An assumption directly related to a specific assignment which, if found to be false, could alter the appraisers opinions or conclusions is what?

Back 72

Extraordinary assumption

Front 73

A condition directly related to a specific assignment which is contrary to what is known by the appraiser to exist on the effective date of the assignment results but is used for the purpose of analysis

Back 73

A hypothetical condition

Front 74

_________ in appraisal practice is not allowed

Back 74

Bias

Front 75

In appraisal practice an appraiser acting as an______________ is not allowed

Back 75

Advocate

Front 76

Where in uspap do you find that advocacy and bias is not allowed?

Back 76

Ethics rule

Front 77

What type of written reports require certifications?

Back 77

All appraisal reports and Appraisal reviews require certifications

Front 78

One who is expected to perform valuation Services competently and in a manner that is independent, impartial, and objective

Back 78

Appraiser

Front 79

When a part of uspap is contradictory to laws or ordinances, etc. what must happen?

Back 79

You must make a jurisdictional exception

Front 80

Under the competency rule when must an appraiser disclose their lack of competency?

Back 80

Before accepting the assignment

Front 81

According to the Preamble what is the purpose of uspap?

Back 81

Are Standards for appraisers and users of Appraisal Services. Uspap's purpose is to promote and maintain a high level of public trust in Appraisal practice by establishing requirements for appraisers

Front 82

What is the number one test used in statistical testing of Mass appraisals?

Back 82

Sales ratio studies

Front 83

Where does the appraiser disclose which approaches to value were not used?

Back 83

In the scope of work

Front 84

Both written and oral appraisal reports must meet the requirements of:

Back 84

Record Keeping Rules