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USPAP 2020-2021 > Chapter 3 Definitions > Flashcards

Chapter 3 Definitions Flashcards

1
Q

USPAP definitions have __________ meanings in the context of their USPAP document use

A

different

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2
Q

a preference or precludes an appraiser’s impartiality, independence or objectivity in an assignment.

A

bias

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3
Q 
A preference or inclination that precludes an appraiser's impartiality, independence, or objectivity is:
Bias
Assumption
Appraisal practice
Market value
A

Bias

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4
Q

An appraiser is permitted to be biased when performing an appraisal, as long as the bias is properly disclosed.
True
False

A

False

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5
Q

something that is taken to be true.

A

assumption

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6
Q

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 appraiser’s opinions and conclusions.

A

Extraordianry Assumption

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7
Q

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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8
Q

If an appraiser assumes a condition to be true that does not exist for the purposes of analysis, this is an example of:

A hypothetical condition
A limiting condition
An extraordinary assumption
An assumption

A

hypothetical condition

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9
Q 
If an appraiser assumes a condition to be true, and evidence supports that belief, although that fact is not certain, this is an example of:
A hypothetical condition
An extraordinary assumption
An assignment condition
A limiting condition
A

extraordinary assumption

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10
Q

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.

A

exposure time

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11
Q

the actual or estimated amount required to create, reproduce, replace or obtain a property.

A

cost

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12
Q

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

A

price

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13
Q

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

A

value

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14
Q

An appraiser receives a copy of a signed sales agreement for an office building, which specifies the agreed-upon amount of $950,000. What does this figure represent?
Cost
Price
Value

A

Price

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15
Q 
“The monetary relationship between properties and those who buy, sell or use those properties” is the definition of:
Value
None of these
Price
Cost
A

Value

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16
Q

By using a published cost manual, an appraiser determines that the construction cost of a 2,500 square foot dwelling is $400,000. This figure represents the dwelling’s:
Value
Price
Cost

A

Cost

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17
Q

one who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective.

A

Appraiser

18
Q

the party or parties (i.e., individual, group, or entity) who engage an appraiser by employment or contract in a specific assignment, whether directly or through an agent.

A

Client

19
Q

Assumptions, extraordinary assumptions, hypothetical conditions, laws and regulations, jurisdictional exceptions, and other conditions that affect the scope of work.

A

Assignment Conditions

20
Q

A valuation service that is provided by an appraiser as a consequence of an agreement with a client.

A

Assignment

21
Q

An appraiser’s opinions or conclusions, not limited to value, that were developed when performing an appraisal assignment, an appraisal review assignment, or a valuation service other than an appraisal or appraisal review.

A

Assignment results

22
Q 
According to USPAP, the party or parties who engage an appraiser in a specific assignment defines the:
Party who pays the fee
Other intended users
Client
Appraiser's peers
A

Client

23
Q

It is permissible for an appraiser to be engaged in an assignment by an agent, who is acting on behalf of the client.
False
True

A

True

24
Q

An appraiser performs an appraisal assignment and develops an opinion of value. This value opinion is
a fact
an estimate of fact
an assignment result

A

An assignment result

25
Q

the use(s) of an appraiser’s reported appraisal or appraisal review assignment results, as identified by the appraiser based on communication with the client at the time of the assignment.

A

Intended Use

26
Q

the client and any other party as identified, by name or type, as users of the appraisal or appraisal review report by the appraiser, based on communication with the client at the time of the assignment.

A

Intended user

27
Q

An intended user is:
Anyone who uses the appraisal report
A party who is identified by the appraiser based on communication with the client at the time of the assignment
Anyone who receives the appraisal report from the client
Only the party who pays for the appraisal report

A

A party who is identified by the appraiser based on communication with the client at the time of the assignment

28
Q 
Who is responsible for making the identification of the intended use in an assignment?
The client
The Appraisal Standards Board
The appraiser
The intended users themselves
A

The appraiser

29
Q

any communication, written or oral, of an appraisal or appraisal review that is transmitted to the client or a party authorized by the client upon completion of an assignment.

A

report

30
Q

personalized evidence indicating authentication of the work performed by the appraiser and the acceptance of the responsibility for content, analyses, and the conclusions in the report.

A

Signature

31
Q

data, information, and documentation necessary to support the appraiser’s opinions and conclusions and to show compliance with USPAP.

A

Workfile

32
Q

a service pertaining to an aspect of property value, regardless of the type of service and whether it is performed by appraisers or by others.

A

Valutation Service

33
Q

valuation services performed by an individual acting as an appraiser, including but not limited to appraisal and appraisal review.

A

Appraisal Practice

34
Q

the act or process of developing an opinion of value; an opinion of value; (adjective) of or pertaining to appraising and related functions such as appraisal practice or appraisal services.

A

Appraisal

35
Q

the act or process of developing and communicating an opinion about the quality of another appraiser’s work (i.e., a report, part of a report, a workfile, or some combination of these) that was performed as part of an appraisal, appraisal review, or appraisal consulting assignment; (adjective) of or pertaining to an opinion about the quality of another appraiser’s work that was performed as part of an appraisal or appraisal review assignment.

A

Appraisal Review

36
Q

A real estate broker completes a Comparative Market Analysis (CMA) on a property that she wants to list for sale. What would this be considered?
An appraisal
A valuation service
Not an appraisal, but still part of appraisal practice
A USPAP service

A

A valuation service

37
Q

Which is the broader category of services?
Appraisal Practice
Valuation Services

A

Valuation services

38
Q

Appraisal practice includes only:
Market value appraisals
Work completed by licensed and certified appraisers
Appraisal and appraisal review
Valuation services provided by an individual acting as an appraiser

A

Valuation services provided by an individual acting as an appraiser

39
Q

the type and extent of research and analyses in an appraisal or appraisal review assignment.

A

Scope of Work

40
Q 
"The type and extent of research and analyses in an appraisal or appraisal review assignment” is the definition of \_\_\_\_\_\_\_\_\_\_\_.
Signature
Report
Intended use
Scope of work
A

Scope of Work

41
Q 
In USPAP, each Standard is composed of:
Standards Rules
Statements on Appraisal Standards
Practical advice
Voluntary guidance
A

Standards Rules

USPAP 2020-2021 (14 decks)

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