Chapter 11 Standards 5-10 Flashcards
the process of valuing a universe of properties as of a given date using standard methodology, employing common data, and allowing for statistical testing.
mass appraisal
STANDARD 5, Mass Appraisal, Development, applies to:
Real property only for the purposes of ad valorem taxation
Personal property only
Real property only
Both real and personal property
Both real and personal property
STANDARD 5 is most similar in structure to: STANDARD 1 STANDARD 4 STANDARD 2 An Advisory Opinion
Standard 1
An appraiser is engaged by her local county assessment board to complete an appraisal on an apartment building for ad valorem taxation purposes. Which USPAP STANDARD(S) apply to this assignment?
STANDARDS 1 and 2
There are no USPAP Standards for this type of valuation
STANDARDS 7 and 8
STANDARDS 5 and 6
Standards 1 and 2
In a written mass appraisal report prepared under STANDARD 6, what is the purpose of a signed certification?
It certifies that the appraiser has met his or her continuing education requirements
It serves as an appraiser’s acknowledgement of his or her ethical obligations
It serves to acknowledge that the appraiser’s opinions were developed under the requirements of STANDARD 1
A signed certification is not required in a report of a mass appraisal
It serves as an appraiser’s acknowledgment of his or her ethical obligations
Notifications sent to property owners of the results of a mass appraisal, which may be required by public policy, are considered: Notifications, and not reports Violations of the ETHICS RULE of USPAP Reports under STANDARD 2 Reports under STANDARD 6
Notifications, and not reports
In a personal property appraisal assignment that includes multiple objects as part of the same assignment:
All objects must be given the same focus regardless of their value or significance
An appraiser must be licensed or certified as a personal property appraiser in order to complete the assignment
All objects must have the same value
The objects that are more significant to the assignment results should be the focus of the analysis
The objects are more significant to the assignment results should be the focus of the analysis
When appraising personal property, the appraiser must analyze prior sales of the subject over what time period? A reasonable and applicable time Three years One year Five years
A reasonable and applicable time
An appraiser must recognize that there are distinct levels of trade in personal property, and each may have different comparable data.
False
True
True
Under STANDARD 8, a personal property appraiser has ____ written report options.
2
STANDARD 8 does not establish written report options
4
3
2
An appraiser is developing an appraisal and will be reporting it in a Restricted Appraisal Report. Because this less detailed reporting option is being used, is the appraiser permitted to use an abbreviated appraisal development process?
Yes
USPAP does not specify
No
No
Which of the following reports require a signed certification?
All reports except mass appraisal
Only real property appraisal reports
All oral and written reports covered in USPAP
Only personal property and appraisal review reports
All oral and written reports covered in USPAP
A written business appraisal report must be prepared in accordance with which of the following options?
Appraisal Report or Summary Appraisal Report
Complete Appraisal Report or Limited Appraisal Report
Narrative Appraisal Report or Form Appraisal Report
Appraisal Report or Restricted Appraisal Report
Appraisal Report or restricted appraisal report
An appraiser’s certification in a business or intangible asset appraisal report does not:
Have to be included in a Restricted Appraisal Report
State that the appraiser has prepared and reported the analysis in conformity with USPAP
State that the appraiser has no bias
Contain a reference to the inspection of the subject property
contain a reference to the inspection of the subject property
