3Ws - CH 1

Question 1

Appraisal (Definition)

Answer 1

The act or process of developing an opinion of value, an opinion of value.

Question 2

Appraisal (term)

Answer 2

Written statement independently and impartially prepared by a qualified appraiser setting forth an opinion of defined value of an adequately described property as of a specific date.

Question 3

Eminent Domain

Answer 3

the right of government to take private property for public use upon the payment of just compensation.

Question 4

Just compensation

Answer 4

the amount of loss for which a property owner is compensated when his or her property is taken…

Question 5

What key requirements should be included in an appraisal ? (4 things)

Answer 5

• the uniform act
• CA code of civil procedures
• Caltrans right of way manual ch7
• USPAP

Question 6

the uniform act

Answer 6

contains federal law and criteria for appraisals, setting min standards.

Question 7

CA code of civil procedures

Answer 7

contains state eminent domain law

Question 8

Caltrans right of way manual ch7

Answer 8

contains policy, procedure, and guidelines for completing appraisals.

Question 9

USPAP

Answer 9

contains professional appraisal standards published by appraisal standards board.