Uspap Definitions

Front 1

ADVOCACY

Back 1

representing the cause or interest of another, even if that cause or interest does not necessarily coincide with one’s own beliefs, opinions, conclusions, or recommendations.

Front 2

APPRAISAL

Back 2

(noun) the act or process of developing an opinion of value; an opinion of value. (adjective) of or pertaining to appraising and related functions such as appraisal practice or appraisal services

Front 3

Complete Appraisal

Back 3

the act or process of developing an opinion of value or an opinion of value developed without invoking the DEPARTURE RULE.

Front 4

Limited Appraisal

Back 4

the act or process of developing an opinion of value or an opinion of value developed under and resulting from invoking the DEPARTURE RULE

Front 5

Comment

Back 5

An appraisal must be numerically expressed as a specific amount, as a range of numbers, or as a relationship (e.g., not more than, not less than) to a previous value opinion or numerical benchmark (e.g., assessed value, collateral value).

Front 6

APPRAISAL CONSULTING

Back 6

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

Front 7

APPRAISAL PRACTICE

Back 7

valuation services performed by an individual acting as an appraiser, including but not limited to appraisal, appraisal review, or appraisal consulting.

Front 8

APPRAISAL REVIEW

Back 8

the act or process of developing and communicating an opinion about the quality of another appraiser’s work.

Front 9

APPRAISER

Back 9

one who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective.

Front 10

APPRAISER’S PEERS

Back 10

other appraisers who have expertise and competency in the same or a similar type of assignment.

Front 11

ASSIGNMENT

Back 11

a valuation service provided as a consequence of an agreement between an appraiser and a client

Front 12

ASSIGNMENT RESULTS

Back 12

an appraiser’s opinions and conclusions developed specific to an assignment.

Front 13

ASSUMPTION

Back 13

that which is taken to be true

Front 14

BIAS

Back 14

a preference or inclination that precludes an appraiser’s impartiality, independence, or objectivity in an assignment.