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29 Cards in this Set
- Front
- Back
Valuation Services:
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services pertaining to property value. |
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Appraisal Process standard
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a method to apply knowledge and skills to solve valuation problems
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Appraisal Practice
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a service performed by an individual acting as a professional, but not limited to appraisal or appraisal review. |
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Assignment
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an agreement between an appraiser and a client to provide a valuation service
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Assignment Results
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Appraiser’s opinions or conclusions developed specific to an assignment.
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Assumption
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That is a general assumption which is taken to be true {For example, appraisers assume clear title}
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Bias is a:
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inclination or preference that precludes impartiality, independence, or objectivity
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Client
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A party/parties that engage for compensation an appraiser in a specific assignment
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Confidential Information
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is information that is either identified by the client as private or classified as private private by applicable law or regulation.
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Cost
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A fact or an estimate of fact (such as when an appraiser estimates the cost of improvements for a particular property).
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Exposure time is the
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"estimated length of time that the property 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
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If an appraiser did not inspect the interior of a property, assumption made to produce credible results and alert the client and intended users to the uncertainty of the assignment results.
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Hypothetical Condition
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“what if” scenarios supposed for the purposes of analysis. What if the zoning were different? What if the building was already renovated?
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Intended User
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the client(s) other identified party to receive report, as communicated by client at the time of assignment.
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Intended Use is critical to the scope of work decision and is:
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determined by the appraiser after communication with the client at the time of the assignment.
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Price becomes
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fact once it is stated. An appraiser can estimate a price that a property owner should ask, but once the owner agrees it becomes a fact
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Report
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Written or oral communication that is transmitted to the client upon completion of the Assignment.
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Scope of Work
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Identify the problem and the type and extent of research and analyses in an assignment
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Signature
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evidence that authenticates that the appraiser performed, and is responsible for, the contents, analyses, and the conclusions in the report.
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Standard
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a benchmark or a set of criteria used to measure performance
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Standards Rule
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the requirements applicable to that Standard
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Value
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an opinion and is never a fact
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Workfile
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"documents the support for the appraiser’s analyses, opinions, and conclusions."
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appraiser standards expectations of appraiser to:
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act in a manner that promotes public trust and confidence in appraisal services.
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“Ad-Hoc Committee” developed the ______, that later become___:
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professional standard, (become USPAP)
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The Appraisal Foundation (TAF) includes:
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Qualification (AQB),
Standards (ASB), Board of Trustees (BOT), Practices (APB) |
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Title XI of FIRREA of 1989 provided recognition and authorized:
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federal financial institution regulatory agencies to reference USPAP in their regulations.
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USPAP includes:
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Definitions, Preamble,
Rules, Standards, Standards Rules, Statements on Appraisal Standards. |
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FIRREA established the Appraisal Subcommittee (ASC) within the:
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Federal Financial Institutions Examination Council (FFIEC)
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