Uspap Standard 1 And 2 And 3

Front 1

Standard 1 is for:

Back 1

Appraisal development

Front 2

Standard 2 is for:

Back 2

Appraisal reporting

Front 3

Standard 3 is for:

Back 3

Appraisal review and reporting

Front 4

Standard 6 is for:

Back 4

Mass appraisals

Front 5

Standard 1 Appraisal development process includes what steps:

Back 5

Must identify the problem to be solved, determine the scope of work necessary to solve the problem, and correctly complete research and analyses necessary to produce a credible appraisal.

Front 6

Standard 1.1 Developing appraisal,

An appraiser MUST use ____ & ___ to produce a credible appraisal.

Back 6

recognized methods & techniques

Front 7

1.2 Developing appraisal,

to determine SOW an appraiser must identify id:

Back 7

The client & other intended users

Intended use

Type and definition of value

Effective date

Characteristics relevant to appraisal

Extraordinary assumptions

Hypothetical condition

Front 8

1.3 Developing appraisal,

Credible market value opinion must identify and analyze the effect on ___ & ____of existing ___ and potential ____ based on regulations.

Physical ___ and market area ___ effect value and opinion of the ____

Back 8

Use & value - land use and modifications

Supply and demand,

adaptability and trends and HBU

Front 9

1.4 Developing appraisal -

must collect and verify ____, and ___ info necessary for credible results for what approach

Back 9

Data and analyze

Comparison, cost and income approach.

Front 10

1.5 What information s/b included in development of an appraisal:

Back 10

- cash, financial arrangements,

- effective date

- type of value: (market, liquidation, divorce..)

- characteristics (location, legal, economic attribute)

- items not included in eg., trade fixtures

- easements, restrictions, encumbrances, covenants, special assessments...

- interest

- assumptions (extraordinary too)

- hypothetical conditions

Front 11

1.6 Developing appraisal, an appraiser MUST reconcile the __ & ___ of data available and ___ within the ___ ___.

Back 11

quality and quantity

analyzed w/in the approach used.

Front 12

Standard 2 is real property appraisal _____.

Back 12

Reporting

Front 13

Standard 2.1 Reporting

i. Each written or oral real property appraisal report must be _________ and __________ and not _____. It must contain sufficient ______ to be _____ by _____.

Back 13

i. be clear and accurate and not mislead.

Information to be understood by user

Front 14

Standard 2.2 Reporting

a. The content of report must be consistent with the ____ _____ and

b. State the ____ of the client or ____ users.

c. State the ___ ____.

(requested confidential user info, then workfile must contain that information.)

Back 14

a. intended use

b. identity or intended users

c. intended use economic

f. interest, value and effective date

Front 15

Standard 1.5 market value opinion appraiser must

Back 15

a analyze all agreements of sale, options, and listings of the subject property and all sales of the subject property that occurred within the three (3) years prior to the effective date of the appraisal

Front 16

Standard 1 is real property appraisal _____.

Back 16

Development

Front 17

Standard 2.2 Reporting

iii. Summarize ____ that includes the ____, ____ property ____.

iv State the real property _____

v. State the ___ and definition of ___ and cite ___ must be included in report.

Back 17

iii. Information, physical, legal, & property ___.

iv. Interest

v. type and value and source

Front 18

Standard 2.2 Reporting

vii. summarize the __ _ __ used.

viii. state methods and ____ used

ix. statet the ___ of the ___ ___ as of effective date

x. HBU opinion must state opinion ___ & ___.

Back 18

vii. SOW

viii. techniques

ix. use of the real estate

x. clearly & conspicuously

Front 19

Standard Rule 2.3 reporting

Written appraisal report must contain a ___ ___.

Back 19

signed certifiication

Front 20

Standard Rule 2.4

To the extent possible & appropriate, an oral real property appraisal report must address the ____ in standards rule #_._

Back 20

Substantive matters ___ in rule 2.2

Front 21

Standards Rule 3.3

Appraisal review is a __ __ of another appraiser's ____ using ___ & __ and is not an appraisal.

Back 21

quality review of work

methods and techniques

Front 22

Standard 1.1 Developing appraisal,

Not commit a substantial errors of ___, ___ or ____ series of error that significantly affects ___ of an appraisal.

Back 22

Omission or commissionc. careless or negligent series of errors that in CREDIBILITY.

Front 23

Standard 1.1 Developing appraisal,

Not render appraisal services in a _____ manner making a series of ______ that in the aggregate affects the creditibility of those results.

Back 23

negligent manner, errors

Front 24

Assemblage appraisal must analyze ____ and not ____ ____ .

Back 24

whole value and not add individual components of estate

(eg. Car has one value, but if you sell parts of car individually the value is greater than care alone)

Front 25

Analyzing anticipated public or private use of

Back 25

Improvementg. personal and business appraisal follows standard 7 and 9

Front 26

Appraisal must disclose all ___, ___ , ___ conditions & limiting condition used in the assignment

Back 26

assumptions, extraordinary assumptions, hypothetical conditions, and limiting conditions