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14 Cards in this Set
- Front
- Back
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Appraisal |
Act or process of developing an opinion of value. Of or pertaining to appraising and related functions such as an appraisal practice or Appraisal Services |
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Appraisal Consulting |
The act or process of developing an analysis, recommendation or opinion to solve a problem, where an opinion of value is a component of the analysis leading to the assignment results. |
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Appraisal practice |
Valuation Services performed by an individual acting as an appraiser, including but not limited to appraisal, appraisal review, or appraisal Consulting |
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Assumption |
That which is taken to be true |
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Gramm-leach-bliley Act (Nov) 1999 |
Some public agencies have adopted privacy regulations that affect appraisers. As a result, the FTC issued a rule focused on the protection of non-public personal information provided by consumers to those involved in financial activities. |
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Cost |
The amount required to create, produce, or obtain a property |
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Exposure time |
Estimated length of time that the property Interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. |
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Extraordinary assumption |
An assumption, directly related to a specific assignment, as of the effective date of the assignment results, which, if found to be false, could alter the Appraiser's opinion or conclusions. |
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Hypothetical condition |
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. |
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Intended user |
The client and any other party has identified, by the name or type, as users of the appraisal, appraisal review or appraisal Consulting report by the appraiser on the basis of communication with the client at the time of the assignment. |
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Jurisdictional exception |
An assignment condition established by applicable law or regulation, which precludes an appraiser from complying with a part of USPAP. |
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Price |
The amount asked, offered or paid for a property |
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Valuation services |
Services pertaining to aspects of property value |
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Value |
The monetary relationship between properties and those who buy, sell or use those properties. |
