Module 1 Vocab

Question 1

A(n) _____ is one who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective (USPAP).

Answer 1

appraiser

Question 2

____ is the state of having the requisite or adequate ability or qualities to perform the specific assignment and produce credible assignment results

Answer 2

competency

Question 3

The following are components of____?

must not engage in criminal behavior and must perform the assignments by being:

• impartial or neutral
• objective or fair-minded
• independent or autonomous, and
• free of self-interest

Answer 3

components of ethical appraisal practice?

Question 4

The following are all components of _____?

• being able to correctly identify the problem to be solved; and
• having the training, information, and work experience to complete the assigned work in a competent manner; and
• being aware of and observing laws, regulations, and requirements relating to the appraiser or the assigned work

Answer 4

the components of competent appraisal practice

Question 5

What is the definition of an appraiser?
A) One who creates and communicates a valuation opinion
B) One who is expected to perform valuation services in a manner that is consistent with the client’s objectives
C) One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective

Answer 5

C) One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective

Question 6

Familiarity with the items below is an example of____?:

• property type and interest to be appraised
• a market and the market’s participants
• an intended use
• laws, regulations, and client requirements that may apply
• analytical methods and procedures

Answer 6

competent appraisal practice

Question 7

What are the components of Ethical appraisal practice:

Answer 7

protect public trust, develop and communicate work in a meaningful way and not misrepresent services to intended users, and not engage in criminal behavior and perform assignments by being:
Impartial or neutral
Objective or fair-minded
Independent or autonomous; and
Free of self-interest

Question 8

Problem Identification is the ____ step in the valuation process that involves ___ (number) elements.

Answer 8

the first step in the valuation process that involves 6 elements.

Question 9

Scope of work is the ____ (number) step in the valuation process. This section states the ____.

Answer 9

Scope of work is the second step in the valuation process. This section states the type of data and the extent of research and analyses

Question 10

Sufficient diligence means exercising _____ while performing valuation services for clients to ensure assignment results are ____.

Answer 10

exercising due care while performing valuation services for clients to ensure the assignment results are credible.

Question 11

The following are Requirements of ____ for a valuer developing an appraisal?

• be aware of and understand methods and techniques that are necessary to produce credible assignment results
• not commit a substantial error or omission or commission that significantly affects the assignment results
• not make a series of errors that, considered individually, may not significantly affect the assignment results but which, when considered in the aggregate, establish that the appraisal is being rendered in a careless or negligent manner

Answer 11

Standard A/Sufficient Diligence

Question 12

Appraisers have an obligation to protect ______ as they perform valuation services for their clients?

Answer 12

public trust

Question 13

Clients retain appraisers to _______.

Answer 13

Clients retain appraisers to solve valuation problems.