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USPAP 17-18 > Highlights > Flashcards

Highlights Flashcards

1
Q

Providing _____ appraisal services

A

Credible

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2
Q

USPAP created to promote and maintain _________

A

Public trust

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3
Q

Appraisal subcommittee is a result of what?

A

FIRREA

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4
Q

Is the appraisal subcommittee part of TAF?

A

No

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5
Q

What does the ASC oversee?

A

State appraisal licensing and certification agencies

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6
Q

The USPAP blueprint states that appraisers develop and communicate in a manner that is?

A

Meaningful and not misleading

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7
Q

What USPAP standards are we focused on?

A

Standards 7 & 8

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8
Q

Are there any active USPAP statements?

A

No

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9
Q

Advisory opinions includes?

A

Guidance material

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10
Q

Is the advisory opinions part of USPAP?

A

No

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11
Q

What does the advisory opinion illustrate about USPAP?

A

Applicability

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12
Q

What is the preference or inclination that precludes an appraiser’s impartiality, independence or objectivity?

A

Bias

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13
Q

What are assumptions?

A

That’s which is taken to be true

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14
Q

What is presumed as fact otherwise uncertain information?

A

Extraordinary Assumptions

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15
Q

What is a condition that is contrary to what is known, but is used for the purpose of analysis

A

Hypothetical Condition

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16
Q

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?

A

Exposure time

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17
Q

What is an opinion? Cost, price or value?

A

Value

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18
Q

What are the approaches to value?

A

Cost, market sales and income

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19
Q

Who engages and communicates directly or through an agent?

A

Client

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20
Q

What is between an appraiser and a client to provide valuation services?

A

Assignment

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21
Q

What are an appraiser’s opinion or conclusion?

A

Assignment results

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22
Q

Information that is identified by the client as confidential and not available from another source

A

Confidential information

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23
Q

A report can be written or oral?

A

True

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24
Q

What authenticates a report?

A

Signature of the appraiser

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25
Q

What documents support the appraiser’s analysis, opinions and conclusions?

A

Work file

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26
Q

What law made it so appraiser’s had to uphold confidentiality?

A

Gramm Leach Bliley Act

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27
Q

Who performs valuation services?

A

Appraiser’s and others

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28
Q

USPAP only applies to appraisal practices

A

True

29
Q

USPAP applies compliance is required when obligated by?

A

Law, regulation and agreement

30
Q

Appraiser conduct should perform?

A

Independently, impartially and objectively

31
Q

An appraiser’s conduct should never include?

A

Misrepresent role

32
Q

An appraiser’s communication should never ?

A

Mislead or defraud

33
Q

What should the appraiser’s context be for disclosing obligations?

A

Current interest, services within 3 years and to not disclose appraised property

34
Q

Can an appraiser sign another signature with out permission?

A

No

35
Q

NPI?

A

Non public information

36
Q

Is publicly available information protected?

A

No unless the person has made public information private

37
Q

Appraiser can not disclose information other than?

A

The client, parties authorized by the client, state agencies and peer review committee

38
Q

Assignment results are confidential and include what?

A

Opinions and conclusions

39
Q

What is not an assignment result?

A

Physical characteristics

40
Q 
A work file includes 
Copy of report
Summary of oral report
Evidence of Compliance
?
A

Client identity

41
Q

How long should you keep a work file?

A

5 years or 2 years after a final disposition. Whichever expires last

42
Q

What applies to competency?

A

Intended use
Laws
Analytics method

43
Q

How is one competent on an appraisal?

A

Identify the problem
Knowledge to complete
Comply with laws

44
Q

What is measured in context of the intended use of a work file?

A

Credibility

45
Q 
What else is part of an assignment elements?
Client
Users
Use
Definition of value
?
?
?
A

Effective date
Subject and relevant characteristics
Assignment conditions

46
Q

What is determined by the appraiser’s?

A

Clients facts
Knowledge of laws
Expertise

47
Q

What is acceptable expectations that meets or exceeds?

A

Similar assignments

Appraiser’s peers similar actions

48
Q

What must you disclose in a report?

A

Scope of work

49
Q

For the jurisdiction exception rule what are the 4 requirements?

A

Identify
Comply
Disclose
Cite

50
Q

Standard rule 7 terms deal with exposure time and?

A

Extraordinary assumptions
Hypothetical conditions
Assumptions

51
Q

What are the 2 dates that USPAP requires?

A

Effective evaluation date

Issue date of report

52
Q

What type of characteristics does standard rule 7 want identified?

A

Relevant

53
Q

Value can be determined by appropriate market and?

A

Market level for type of item

54
Q

What do appraiser’s need to know to understand about different values?

A

Distinct levels of trade and correct markets

55
Q

What are the 3 approaches to value?

A

Cost, sales comparison and income capitalization

56
Q

What do appraiser’s do when they see invoices, options and listings and sales in a reasonable time period

A

Analyze

57
Q

How do we reconcile data

A

Quality and quantity

58
Q

What are the 2 reports you can write?

A

Appraisal and restricted appraisal report

59
Q

Who can you put on an appraisal report?

A

Intended users other than the client

60
Q

Should you always have a sign certification on an oral report?

A

Yes

61
Q

To review a work you can use what 2 parts of the report or work file?

A

Part or all

62
Q

Reviewer must comply with?

A

Applicable standards

63
Q

What may be different from the original appraisal?

A

Scope of work?

64
Q

Always need to state the appropriate dates in a report?

A

Yes

65
Q

What requires analysis of subjects with in 3 years?

A

Subjects history

66
Q

What is the process of validating a universe of properties?

A

Mass appraisal

67
Q

What has a mathmatical expression of how supply and demand interact tha market?

A

Mass appraisal model

68
Q

Mass appraisal procedures and info require what?

A

Models

USPAP 17-18 (2 decks)

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