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84 Cards in this Set
- Front
- Back
Standard 1 |
Development of real property appraisal |
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Standard 2 |
Reporting of real property appraisal |
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Standard 3 |
Development and reporting of an appraisal review |
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Which teo standard rules were retired by the Appraisal Standards Board effective January 1, 2014? |
Standards 4 and 5 |
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Standard 6 |
Development and reporting of mass appraisal |
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Standard 7 |
Development of tangible personal property appraisal |
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Standard 8 |
Reporting of tangible personal property appraisal |
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Standard 9 |
Development of a business or intangible asset appraisal |
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Standard 10 |
Reporting of a business or intangible asset appraisal |
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TAF |
The Appraisal Foundation |
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ASB |
Appraisal Standards Board |
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AQB |
Appraisal Qualifications Board |
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APB |
Appraisal Practices Board |
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Appraisers are expected to be: |
Independent, objective and impartial |
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Who exercises all authority over USPAP i.e. subject, style, content and substance? |
ASB |
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What is the purpose of USPAP? |
Promote and maintain a high level of public trust. |
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Example of a jurisdictional exception rule? |
Where the HBU of a Res HS is commercial but because it is a Res HS it must be appraised as so. |
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When can revisions to USPAP be adopted? |
Only after public exposure |
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When are exposure drafts typically issued? |
Winter and spring months |
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In 1987, eight major US professional appraisal organizations established? |
The Appraisal Foundation (TAF) |
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What are the 3 boards established by the TAF with exclusive authority to promulgate standards and qualifications criterion for the benefit of the public? |
ASB APB AQB |
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What are the 4 basic components of USPAP? |
Definitions, preamble, basic rules and standard rules |
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What does the appraisal standards board publish for guidance purposes? |
Advisory opinions and FAQs |
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What is the effective date of the 2016/2017 edition of USPAP? |
Jan 1, 2016 - Dec 31, 2017 |
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The subject of standard 1 is? |
Real property appraisal development |
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Assumption means? |
That which is taken to be true |
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What is the subject of STANDARD 6 |
Mass appraisal development and reporting |
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The ASB makes changes to USPAP only after ___________ are issued for input from appraisers and the public. |
Exposure drafts |
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USPAP was created with the expressed purpose of promoting and preserving ______________ and confidence in professional appraisal Practice. |
Public trust |
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Who is the CAD's client? |
Taxing units |
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What is the rule on work file retention period? |
5 years |
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Who is responsible for maintaining the work file after the completion of the assignment? |
The burden is on the appraiser |
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Competency is reflected in? |
Correct judgment and execution |
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What must an appraiser disclose before accepting an assignment? |
His/her lack of competency |
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The ________ establish the application of certain terminology in USPAP |
Definitions |
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What appraisal services are covered by USPAP? |
1. Appraisal 2. Appraisal review |
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__________ are an integral part and extension of USPAP and have the same weight as the component they address |
Comments |
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List the sections of the Ethics Rule |
1. Conduct 2. Management 3. Confidentiality |
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____________ is reflected in correct judgment and correct execution. |
Competency |
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The appraiser's _________ decision is a judgment about what information and analysis is necessary to correctly resolve a problem. |
Scope of work |
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The appraisal process involves proper ________ and proper _________ |
Judgment Execution |
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The appraiser must be prepared to demonstrate that the scope of work is sufficient to produce _________ assignment results. |
Credible |
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What must the scope of work meet or exceed to be acceptable? |
The expectations of parties who are regularly intended users for similar assignments AND what an appraiser's peer actions would be in performing the same or similar assignment. |
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In mass appraisal, what is the "scope of work"? |
The reappraisal plan |
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What are the 8 basic components that comprise USPAP? |
1. Definitions 2. Preamble 3. Ethics rule 4. Record keeping rule 5. Competency rule 6. Scope of work 7. Jurisdictional exceptional rule 8. Eight standards |
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An appraisers opinions or conclusions developed specific to an assignment are what? |
Assignment results |
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The type and extent of research and analyses in an appraisal or appraisal review assignment is... |
Scope of work |
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What are the 8 standards and what does each cover? |
1- development of real property appraisal 2- reporting of a real property appraisal 3- development and reporting of an appraisal review 6- development and reporting of mass appraisal 7- development of tangible personal property 8- reporting of tangible personal property 9- development of intangible personal property 10- reporting of intangible personal property |
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Standards rule 6-1 (a) requires each appraiser to continuously improve his or her __________ to remain proficient in mass appraisal? |
Skills |
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The _____________ determines which traditional approach or approaches are necessary to complete the assignment. |
Scope of work |
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Which STANDARD RULES cover both the development and reporting of an appraisal assignment? |
Standard 3 and Standard 6 |
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What are the written reporting options for each of the reporting standards? |
STANDARDS 2, 8 and 10 can have written or oral reports, however they have an option between written Appraisal Report and Restricted Use Appraisal Report
STANDARD 3 only has the option for written Appraisal Review Report
STANDARD 6 can only be the Mass Appraisal report |
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Who are the restricted use appraisal reports for? |
Client only - cannot be considered for loans or property tax purposes. |
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What does Advisory Opinion 32 say about Mass Appraisal Models and the three approaches to value? |
Mass Appraisal Models can be developed using any or all 3 valuation methodologies. |
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The process of valuing a universe of properties as of a given date using standard methodology employee common data and allowing for statistical testing |
Mass appraisal |
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A mathematical expression of how supply and demand factors interact in a market. |
Mass appraisal model |
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What is the one thing every Mass appraisal must contain? |
A signed certification, every appraisal report must contain a signed certification |
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Where did the names of individuals that provide significant assistance belong in the report? |
In the certification |
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In Mass appraisal, an appraiser must have sound reasons and support for what? |
Their scope of work |
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In Mass appraisal of tangible personal property the USPAP requires you identify and analyze what? |
The effects of use and value on industry trends, value in use and trade level |
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STANDARD 6 applies to _________ regardless of the purpose or the use? |
All mass appraisals, and not just tax appraisals |
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What is the report called for Mass appraisal assessment? |
Mass appraisal report |
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What are valuation services? |
Services pertaining to aspects of property value, for example Realtors, brokers and appraisers provide valuation services. |
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Valuation Services performed by an individual acting as an appraiser including but not limited to appraisals and Appraisal review |
Appraisal practice |
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When is a work file required? |
It is required for all written or oral appraisal reports |
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What type of decision is an exclusion of a valuation approach that is not applicable to an assignment? |
scope of work decision |
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Identification of the intended use of an Appraiser's opinion and conclusion is necessary for determining what? |
Scope of work |
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What drives scope of work? |
Intended use |
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The type and extent of research and Analysis in an appraisal or appraisal review assignment |
Scope of work |
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what is considered confidential information |
Info the appraiser receives from the client and identified by the client as confidential |
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That which is taken to be true is known as? |
an assumption |
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An assumption directly related to a specific assignment which, if found to be false, could alter the appraisers opinions or conclusions is what? |
Extraordinary assumption |
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A condition directly related to a specific assignment which is contrary to what is known by the appraiser to exist on the effective date of the assignment results but is used for the purpose of analysis |
A hypothetical condition |
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_________ in appraisal practice is not allowed |
Bias |
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In appraisal practice an appraiser acting as an______________ is not allowed |
Advocate |
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Where in uspap do you find that advocacy and bias is not allowed? |
Ethics rule |
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What type of written reports require certifications? |
All appraisal reports and Appraisal reviews require certifications |
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One who is expected to perform valuation Services competently and in a manner that is independent, impartial, and objective |
Appraiser |
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When a part of uspap is contradictory to laws or ordinances, etc. what must happen? |
You must make a jurisdictional exception |
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Under the competency rule when must an appraiser disclose their lack of competency? |
Before accepting the assignment |
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According to the Preamble what is the purpose of uspap? |
Are Standards for appraisers and users of Appraisal Services. Uspap's purpose is to promote and maintain a high level of public trust in Appraisal practice by establishing requirements for appraisers |
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What is the number one test used in statistical testing of Mass appraisals? |
Sales ratio studies |
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Where does the appraiser disclose which approaches to value were not used? |
In the scope of work |
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Both written and oral appraisal reports must meet the requirements of: |
Record Keeping Rules |