Module 1 Flashcards
Select the answer that best addresses how appraisals are used by clients.
to solve problems that involve real property valuation
A property owner has asked an appraiser to work on a tax appeal assignment, but only if the tax value can be lowered. What must the appraiser consider in this situation?
The appraiser may be able to perform the service as a consultant, but not in the role of an appraiser.
An appraiser may be an advocate for
no party or issue connected to an appraisal assignment.
An appraiser performing an assignment in an unfamiliar geographic location must spend sufficient time analyzing the location to understand the _______ of the local market.
nuances
An appraiser’s familiarity with a specific type of property applies to what concept?
competency
During the course of an appraisal, you discover a complexity that is beyond your ability and experience. What should you do?
Inform the client and explain how you will become competent.
Which of the following is the best example of an appraiser that has performed an appraisal service in a careless or negligent manner?
The appraiser made a series of errors that individually might not significantly affect the results of the appraisal, but that in total affect the credibility of those results.
When developing a real property appraisal, an appraiser
must be aware of, understand, and correctly employ those recognized methods and techniques that are necessary to produce a credible appraisal.
Your client, the bank, discovers an error in your report. The error could result in a change in your conclusion. Are you allowed to change the report?
Yes, if the error is verified and a change is logical.
The manner in which a client utilizes the information and opinions contained in the appraisal report may be best identified as
the intended use.
Which of the following is one of the assignment elements that an appraiser must identify prior to acceptance?
assignment conditions
The purpose of the assignment is also referred to as
type and definition of value.
What is the strategy for solving a client’s valuation problem in which the appraiser determines the type and extent of research and analyses the assignment requires?
scope of work
Before an appraiser begins an assignment, what should the appraiser develop to ensure credible results?
the scope of work
Which of the following statements is true?
Problem identification precedes the scope of work decision
