Chapter 3

Question 1

___________ is defined USPAP as worthy of belief.

Answer 1

Credible

Question 2

_________ a preference or precludes and appraisers and partiality independence or objectivity in an assignment.

Answer 2

Bias

Question 3

________ is something that is taken to be true.

Answer 3

Assumption

Question 4

_______________ ________________ An assignment, specific assumption, as of the effective date, regarding uncertain information, used in an analysis, which, if found to be false, could alter the appraisers opinions and conclusions.

Is used to assume an unknown condition is true

Answer 4

Extraordinary assumption.

Question 5

____________ __________ 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

Answer 5

Hypothetical condition

Question 6

___________ _____________Is an opinion based on supporting market data of the length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal

Answer 6

Exposure time

Question 7

_______ the actual or estimated amount required to create reproduce or replace or obtain a property. It is a fact, or an estimate of the fact.

Answer 7

Cost

Question 8

__________ the amount asked, offered, or paid for a property.

Answer 8

Price

Question 9

__________ the monetary relationship between properties in those who buy sell or use those properties expressed as an opinion of the worth of a property at a given time.

Answer 9

Value.

Question 10

_________ the party or parties who engage an appraiser by employment or contract in a specific assignment, whether directly or through an agent.

Answer 10

Client

Question 11

_____________ Evaluation service that is provided by an appraiser as a consequence of an agreement with a client. It may be an appraisal appraisal review, or some other type of assignment.

Answer 11

Assignment 

Question 12

_________ _______. Information that is either identified by the client as confidential when providing it to an appraiser classified as confidential or private, by apical law

Answer 12

Confidential information

Question 13

_________ _________A service pertaining to the aspect of property value, regardless of the type of service, and whether it is performed by an appraiser or by others

Answer 13

Valuation service

Question 14

Standards 1-10

Answer 14

Question 15

What are the four sections of the ethics rule?

Answer 15

Nondiscrimination, conduct, management, and confidentiality

Question 16

The conduct section also outlines in appraisers, fundamental ethical applications related to __________ and ___________ issues.

Answer 16

Communication and reporting

Question 17

And appraiser must retain a work file for a period of at __________ years after preparation, or at least two years after final deposition of any judicial proceeding.

Answer 17

Five