Highlights Flashcards
Providing _____ appraisal services
Credible
USPAP created to promote and maintain _________
Public trust
Appraisal subcommittee is a result of what?
FIRREA
Is the appraisal subcommittee part of TAF?
No
What does the ASC oversee?
State appraisal licensing and certification agencies
The USPAP blueprint states that appraisers develop and communicate in a manner that is?
Meaningful and not misleading
What USPAP standards are we focused on?
Standards 7 & 8
Are there any active USPAP statements?
No
Advisory opinions includes?
Guidance material
Is the advisory opinions part of USPAP?
No
What does the advisory opinion illustrate about USPAP?
Applicability
What is the preference or inclination that precludes an appraiser’s impartiality, independence or objectivity?
Bias
What are assumptions?
That’s which is taken to be true
What is presumed as fact otherwise uncertain information?
Extraordinary Assumptions
What is a condition that is contrary to what is known, but is used for the purpose of analysis
Hypothetical Condition
What is the length of time that the property would have been offered to the market prior to a sale or prior to the effective appraisal date?
Exposure time
What is an opinion? Cost, price or value?
Value
What are the approaches to value?
Cost, market sales and income
Who engages and communicates directly or through an agent?
Client
What is between an appraiser and a client to provide valuation services?
Assignment
What are an appraiser’s opinion or conclusion?
Assignment results
Information that is identified by the client as confidential and not available from another source
Confidential information
A report can be written or oral?
True
What authenticates a report?
Signature of the appraiser
What documents support the appraiser’s analysis, opinions and conclusions?
Work file
What law made it so appraiser’s had to uphold confidentiality?
Gramm Leach Bliley Act
Who performs valuation services?
Appraiser’s and others
USPAP only applies to appraisal practices
True
USPAP applies compliance is required when obligated by?
Law, regulation and agreement
Appraiser conduct should perform?
Independently, impartially and objectively
An appraiser’s conduct should never include?
Misrepresent role
An appraiser’s communication should never ?
Mislead or defraud
What should the appraiser’s context be for disclosing obligations?
Current interest, services within 3 years and to not disclose appraised property
Can an appraiser sign another signature with out permission?
No
NPI?
Non public information
Is publicly available information protected?
No unless the person has made public information private
Appraiser can not disclose information other than?
The client, parties authorized by the client, state agencies and peer review committee
Assignment results are confidential and include what?
Opinions and conclusions
What is not an assignment result?
Physical characteristics
A work file includes Copy of report Summary of oral report Evidence of Compliance ?
Client identity
How long should you keep a work file?
5 years or 2 years after a final disposition. Whichever expires last
What applies to competency?
Intended use
Laws
Analytics method
How is one competent on an appraisal?
Identify the problem
Knowledge to complete
Comply with laws
What is measured in context of the intended use of a work file?
Credibility
What else is part of an assignment elements? Client Users Use Definition of value ? ? ?
Effective date
Subject and relevant characteristics
Assignment conditions
What is determined by the appraiser’s?
Clients facts
Knowledge of laws
Expertise
What is acceptable expectations that meets or exceeds?
Similar assignments
Appraiser’s peers similar actions
What must you disclose in a report?
Scope of work
For the jurisdiction exception rule what are the 4 requirements?
Identify
Comply
Disclose
Cite
Standard rule 7 terms deal with exposure time and?
Extraordinary assumptions
Hypothetical conditions
Assumptions
What are the 2 dates that USPAP requires?
Effective evaluation date
Issue date of report
What type of characteristics does standard rule 7 want identified?
Relevant
Value can be determined by appropriate market and?
Market level for type of item
What do appraiser’s need to know to understand about different values?
Distinct levels of trade and correct markets
What are the 3 approaches to value?
Cost, sales comparison and income capitalization
What do appraiser’s do when they see invoices, options and listings and sales in a reasonable time period
Analyze
How do we reconcile data
Quality and quantity
What are the 2 reports you can write?
Appraisal and restricted appraisal report
Who can you put on an appraisal report?
Intended users other than the client
Should you always have a sign certification on an oral report?
Yes
To review a work you can use what 2 parts of the report or work file?
Part or all
Reviewer must comply with?
Applicable standards
What may be different from the original appraisal?
Scope of work?
Always need to state the appropriate dates in a report?
Yes
What requires analysis of subjects with in 3 years?
Subjects history
What is the process of validating a universe of properties?
Mass appraisal
What has a mathmatical expression of how supply and demand interact tha market?
Mass appraisal model
Mass appraisal procedures and info require what?
Models
