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29 Cards in this Set

  • Front
  • Back
Valuation Services:

services pertaining to property value.



 Appraisal Process standard
a method to apply knowledge and skills to solve valuation problems
 Appraisal Practice

a service performed by an individual acting as a professional, but not limited to appraisal or appraisal review.

 Assignment
an agreement between an appraiser and a client to provide a valuation service
 Assignment Results
Appraiser’s opinions or conclusions developed specific to an assignment.
 Assumption
That is a general assumption which is taken to be true {For example, appraisers assume clear title}
 Bias is a:
inclination or preference that precludes impartiality, independence, or objectivity
 Client
A party/parties that engage for compensation an appraiser in a specific assignment
 Confidential Information
is information that is either identified by the client as private or classified as private private by applicable law or regulation.
 Cost
A fact or an estimate of fact (such as when an appraiser estimates the cost of improvements for a particular property).
 Exposure time is the
"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.
 Extraordinary Assumption
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.
 Hypothetical Condition
“what if” scenarios supposed for the purposes of analysis. What if the zoning were different? What if the building was already renovated?
 Intended User
the client(s) other identified party to receive report, as communicated by client at the time of assignment.
 Intended Use is critical to the scope of work decision and is:
determined by the appraiser after communication with the client at the time of the assignment.
 Price becomes
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
 Report
Written or oral communication that is transmitted to the client upon completion of the Assignment.
 Scope of Work
Identify the problem and the type and extent of research and analyses in an assignment
 Signature
evidence that authenticates that the appraiser performed, and is responsible for, the contents, analyses, and the conclusions in the report.
 Standard
a benchmark or a set of criteria used to measure performance
 Standards Rule
the requirements applicable to that Standard
 Value
an opinion and is never a fact
 Workfile
"documents the support for the appraiser’s analyses, opinions, and conclusions."
appraiser standards expectations of appraiser to:
act in a manner that promotes public trust and confidence in appraisal services.
“Ad-Hoc Committee” developed the ______, that later become___:
professional standard, (become USPAP)
The Appraisal Foundation (TAF) includes:
Qualification (AQB),

Standards (ASB),


Board of Trustees (BOT),


Practices (APB)

Title XI of FIRREA of 1989 provided recognition and authorized:
federal financial institution regulatory agencies to reference USPAP in their regulations.
USPAP includes:
Definitions, Preamble,

Rules, Standards,


Standards Rules,


Statements on Appraisal Standards.

FIRREA established the Appraisal Subcommittee (ASC) within the:
Federal Financial Institutions Examination Council (FFIEC)