1. Appraisal profession

Question 0

Price

Answer 0

Money requested or paid for a property

Question 1

Value

Answer 1

Monetary worth of property goods or services to buyers and sellers at a given time. People create value.

Question 2

Cost

Answer 2

The amount it took to build the structure

Question 3

Uniform standards of professional appraisal practice (USPAP)

Answer 3

1986- North American bases appraisal association formulated a set of written standards defining the ethical and competent behavior for appraisers.

To promote and maintain trust of public

Question 4

The appraisal foundation (TAF)

Answer 4

Founded by the North American based appraisal association too

Is a make up of 
The appraisers qualification board
The appraiser standards board
And
The appraisal practice board

Question 5

The appraisers qualification board (AQB)

Answer 5

Independent board of TAF
6 practicing appraisers who are appointed by TAF for three yr terms

Establish min education, experience, and exam requirements to become an Ap.

Question 6

Appraisal standard board (ASB)

Answer 6

6 appraisers appointed by TAF for three yr terms.

Develops, interprets, and amends the USPAP

Question 7

Appraisal practices board

Answer 7

5-7 members who can serve up to 8 yrs.

Identify and issue opinions on Recognized Valuation Methods and Techniques which may apple to all disciplines within the appraisal profession.