Key Terms Flashcards
An independent board of The Appraisal Foundation which is responsible for the subject, style, content, and substance of USPAP and other communications related to appraisal standards, including Advisory Opinions and FAQs.
Appraisal Standards Board (ASB)
Created as a result of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) to provide federal oversight of State appraiser regulatory programs and monitoring frame work for the Appraisal Foundation and the Federal Financial Institutions Regulatory Agencies in their roles to protect federal financial and public policy interests in real estate appraisals utilized in federally related transactions.
Appraisal Subcommittee
An independent board of the Appraisal Foundation which is responsible for establishing minimum education, experience, and other criteria for certification and recertification of qualified appraisers
Appraiser Qualifications Board (AQB)
An act passed in 1989 as a comprehensive savings and loan bailout and preventive measure against future S&L insolvency. This act recognizes USPAP as the industry standard for appraisals, and identifies the Appraisal Foundation as the authority for professional appraisal standards.
Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA)
Guidance or advice provided by the AQB for assistance in understanding and implementing the Criteria.
Guide Notes
Established by the Appraiser Qualifications Board (AQB) of The Appraisal Foundation, these Criteria set forth the minimum education, experience, and examination requirements for real property appraisers
Real Property Appraiser Qualification Criteria (Criteria)
A set of appraisal subject matter major heading known as “modules” which require a specified number of educational hours at each credential level.
Required Core Curriculum
A nonprofit private organization which is recognized by Congress as the authority for professional appraisal standards and appraiser qualifications.
The Appraisal Foundation (TAF)
Professional appraisal standards promulgated by The Appraisal Foundation, and widely recognized throughout the United Stated as accepted standards of appraisal practice.
Uniform Standards of Professional Appraisal Practice (USPAP)
This new organization would be named the Appraisal Foundation, which at its time of creation had 3 boards.
- Board of Trustees (BOT)
- Appraiser Qualifications Board (AQB)
- Appraisal Standards Board (ASB)
The Appraisal Foundation Boards
Is the governing body of the Appraisal Foundations. The BOT:
Appoints members to the AQB and the ASB.
Ensures financing of TAF.
Monitors performance and oversight of TAF and its boards and advisory councils.
Board of Trustees (BOT)
The AQB sets minimum standards for appraisers, which include four major components: Qualifying education, experience, continuing education and examination.
AQB’s Four Major Components
Forms prescribed by the state certification/licensing agency, which shall include:
Type of property.
Date of report.
Address of appraised property.
Description of work performed by the trainee/applicant and scope of the review and supervision of the supervising appraiser.
Number of actual work hours by the trainee/applicant on the assignment .
The signature and state certification number of the supervising appraiser if applicable.
Verification
Other appraisers who have expertise and competency in a similar type of assignment.
Appraiser’s Peers
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.
Assignment Results
Information that is either (1) Identified by the client as confidential when providing it to an appraiser and that is not available from any other source; or (2) Classified as confidential or private by applicable law or regulation.
Confidential Information
The type and extent of research and analyses in an appraisal or appraisal review assignment.
Scope of Work
Data, information, and documentation necessary to support the appraisers opinions and conclusions and to show compliance with USPAP.
Work file
Written or oral communication that is transmitted to the client or a party authorized by the client by an appraiser upon completion of an assignment.
Report
Occurs when the appraiser is representing the cause or interest of another, regardless of whether the cause or interest may be contrary to the appraiser’s beliefs, opinions, conclusions, or recommendations.
NSC Attempt to Reschedule
Advocacy
Valuation services performed by an individual acting as an appraiser, including but not limited to appraisal or appraisal review.
Appraisal practice
A preference or inclination that precludes an appraiser’s impartiality, independence, or objectivity in an assignment.
Bias
Information that is either (1) Identified by the client as confidential when providing it to an appraiser and that is not available from any other source; or (2) Classified as confidential or private by applicable law or regulation.
Confidential Information
A serious and intentional act which is often considered a criminal activity
Fraudulent Reporting
Willful, extreme or reckless behavior, beyond what would be expected from a reasonable person.
Gross Negligence
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.
Valuation service
