Part 1 Flashcards
What does ASB Stand For?
Appraisal Standards Board
What does AQB stand for?
Appraiser Qualifications Board
What does BOT stand for?
Board of Trustees
What are the 3 Boards of The Appraisal Foundation?
Board Of Trustees
Appraiser Qualifications Board
Appraisal Standards Board
What does ASC stand for?
The Appraisal Subcommittee
The _________ ____________ was created by the Federal Financial Institutions Examination Council as a result of FIRREA as a government entity in response to the Savings and Loan Crisis of the 80’s
Appraisal Subcommittee
The __________ ___________ is an Ad Hoc committee formed after the Savings and Loan Crisis of the 80’s
Appraisal Foundation
This Board revises and Promulgates USPAP
Appraisal Standards Board
RAMPB stands for
Real property standards 1 and 2
Appraisal review. 3 and 4
Mass appraisal. 5 and 6
Personal property. 7 and 8
Business appraisal. 9 and 10
The ____________ _____________ main purpose is public trust
Appraisal Foundation
Under Title XI one of the ____________ ___________ core functions is to monitor the requirements established by the state regulatory agencies for certification and licensing of appraisers qualified to perform appraisals in connection with federally related transactions
Appraisal Subcommittee
The _____________ ______________ ___________ establishes minimum criteria for appraiser certification and licensing. This includes setting the minimum education and experience requirements for certification and recertification of real property appraisers and supervisors
Appraiser Qualifications Board
The __________ ____________ ___________ is responsible for the subject and content of USPAP, the USPAP GRM and other communications related to appraisal standards
Appraisal Standards Board
This Board is in charge of compiling FAQ’s
The Appraisal Standards Board
How many Standards does USPAP have?
10
The client is the person who ____________ the appraiser
Engages
In the Appraisal Process Chart, the most important part of Step 1, Definition of Value, is _____________ ______ ______________ ________
Identifying the intended use
Step 1 of the Appraisal Process is ___________ ____ _____ _________
Definition of the Problem
Step 2 of the Appraisal Process is Determine _________ ___ Work
Scope of
Step 3 of the Appraisal Process is _______ Collection and ___________
Data
Analysis
Step 2 of The Appraisal Process, Determine __________ ____ ________ is like the Game Plan
Scope of Work
Step ____, Reconciliation of Value Indications and Final Opinion of Value, is the Final step of Appraisal Development
5
Step ______ is the step that deals with ______ or the even numbered standards
6
Reporting
What are the 6 parts of Step 1: Definition of the Problem, in the Appraisal Process Chart?
Identify client and other users
Identify intended use
Identify type and definition of value
Effective date of opinion
Identify relevant characteristics of property
Assignment conditions
