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45 Cards in this Set

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  • Back
RESTRICTED USE APPRAISAL REPORT
a written report prepared under Standards Rule 2-2(c), 8-2(c), or 10-2(c).
REAL PROPERTY
the interests, benefits, and rights inherent in the ownership of real estate.
BIAS
a preference or inclination used in the development or communication of an appraisal, appraisal review, or appraisal consulting assignment that precludes an appraiser's impartiality.
MASS APPRAISAL MODEL
a mathematical expression of how suply and demand factors interact in a market.
ASSIGNMENT RESULTS
an appraiser's opinions and conclusions developed specific to an assignments.
PRICE
the amount asked, offered, or paid for a property.
APPRAISAL PRACTICE
valuation services, including but not limited to appraisal, appraisal review, or appraisal consulting, performed by an individual as an appraiser.
SCOPE OF WORK
the amount and type of information researched and the analysis applied in an assignment.
BINDING REQUIREMENTS
all or part of a Standards Rule of USPAP from which departure is not permitted.
(See DEPARTURE RULE)
BUSINESS ENTERPRISE (Standards 9 & 10)
an entity pursuing an economic activity
ADVOCACY
representing the cause or interest of another, even if that cause or interest does not necessarily coincide with one's own beliefs, opinions, or recommendations.
MARKET ANALYSIS
a study of market conditions for a specific type of property.
APPRAISER
one who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective.
BUSINESS EQUITY
(Standards 9 & 10)
the interests, benefits, and rights inherent in the ownership of a business enterprise or a part thereof in any form ( including, but not necessarily limited to, capital stock, partnership interests, cooperatives, sole proprietorships, options and warrants).
VALUE
the monetary relationship between properties and those who buy, sell or use those properties.
CONFIDENTIAL INFORMATION
information that is either:
-identified by the client as confidential when providing it to an appraiser and that is not available from any other source; or
-classified as confidential or private by applicable law or regulation.
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.
PERSONAL PROPERTY
identifiable tangible objects that are considerd by the general public as being "personal" for example, furnishings, artwork, antiques, gems and jewelry, collectibles, machinery and equipment; all tangible property that is not classified as real estate
VALUATION SERVICES
services pertaining to aspects of property value.
APPRAISAL REVIEW
the act or process of developing and communicating an opinion about the quality of another appraiser's work.
JURISDICTIONAL EXCEPTION
an assignment condition that voids the force of a part or parts of USPAP, when compliance with part or parts of USPAP is contrary to law or public policy applicable to the assignment.
APPRAISAL
(noun) the act or process of developing an opinion of value.
(adjective) of or pertaining to appraising and related functions such as appraisal practice or appraisal services.
FEASIBILITY ANALYSIS
a study of the cost-benefit relationsip of an economic endeavor.
APPRAISER'S PEERS
other appraisers who have expertise and competency in the same or a similar type of assignment.
REPORT
any communication, written or oral, of an appraisal, appraisal review, or appraisal consulting service that is transmitted to the client upon completion of an assignment.
ASSIGNMENT
a valuation service provided as a consequence of an agreement between an appraiser and a client.
EXTRAORDINARY ASSUMPTION
an assumption directly related to a specific assignment, which if found to be false, could alter the appraiser's opinions or conclusions.
ASSUMPTION
that which is taken to be true.
INTENDED USE
the use or uses of an appraiser's reported appraisal, appraisal review, or appraisal consulting asssignment opinions and conclusions, as identified by the appraiser based on communication with the client at the time of the assignment.
WORKFILE
documentation necessary to suppport an appraiser's analysis, opinions, and conclusions.
COST
the amount required to create, produce, or obtain a property.
Comment: COST is either a fact or an estimate of fact.
CASH FLOW ANALYSIS
a study of the anticipated movement of cash into or out of an investment.
SIGNATURE
personalized evidence indicating authentication of the work performed by the appraiser and the acceptance of the responsibility for content, analyses, and the conclusions in the report.
INTANGIBLE PROPERTY (INTANGIBLE ASSETS)
nonphysical assets, including but not limited to franchises, trademarks, patents, copyrights, goodwill, equities, mineral rights, securities, and contracts, as distinguished from physical assets such as facilities and equipment.
MASS APPRAISAL
the process of valuing a universe of properties as of a given date using standard methodology, employing common data, and allowing for statistical testing.
CLIENT
the party or parties who engage an appraiser (by employment or contract) in a specific assignment.
HYPOTHETICAL CONDITION
that which is contrary to what exists but is supposed for the purpose of analysis.
APPRAISAL REPORT
a written report prepared under Standards Rule 10-2(a).
INVESTMENT ANALYSIS
a study that reflects the relationship between acquisition price and anticipated future benefits of a real estate investment.
SELF-CONTAINED APPRAISAL REPORT
a written report prepared under Standards Rule 2-2(a)or 8-2(a).
SUMMARY APPRAISAL REPORT
a written report prepared under Standards Rule 2-2(b) or 8-2(b).
SUPPLEMENTAL STANDARDS
requirements issued by government agencies, government sponsored enterprises, or other entities that establish public policy which add to the purpose, intent and content of the requirements in USPAP, that have a material effect on the development and reporting of assignment results.
MARKET VALUE
a type of value, stated as an opinion, that presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the definition of the term identified by the appraiser as applicable in an appraisal.
SPECIFIC REQUIREMENTS
all or part of a Standards Rule of USPAP from which departure is permitted under certain limited conditions. (See DEPARTURE RULE.)
REAL ESTATE
an identified parcel or tract of land, including improvements, if any.