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14 Cards in this Set

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ADVOCACY
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.
APPRAISAL
(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
Complete Appraisal
the act or process of developing an opinion of value or an opinion of value developed without invoking the DEPARTURE RULE.
Limited Appraisal
the act or process of developing an opinion of value or an opinion of value developed under and resulting from invoking the DEPARTURE RULE
Comment
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).
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
APPRAISAL PRACTICE
valuation services performed by an individual acting as an appraiser, including but not limited to appraisal, appraisal review, or appraisal consulting.
APPRAISAL REVIEW
the act or process of developing and communicating an opinion about the quality of another appraiser’s work.
APPRAISER
one who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective.
APPRAISER’S PEERS
other appraisers who have expertise and competency in the same or a similar type of assignment.
ASSIGNMENT
a valuation service provided as a consequence of an agreement between an appraiser and a client
ASSIGNMENT RESULTS
an appraiser’s opinions and conclusions developed specific to an assignment.
ASSUMPTION
that which is taken to be true
BIAS
a preference or inclination that precludes an appraiser’s impartiality, independence, or objectivity in an assignment.