Part 2 Flashcards
The four key words in the official definition of an Appraiser are:
Competent
Independent
Impartial
Objective
Main purpose of USPAP is to…
Promote and maintain a high level of public trust in appraisal practices
The second purpose of ________ is to establish minimum requirements for appraisers
USPAP
The ________ __________ _________ Promulgates USPAP for both appraisers and users of appraisal services
Appraisal Standards Board
The 5 property types under USPAP include:
1 Tangible
2 __________
3 Real
4 __________
5 ___________
Tangible
Intangible
Real
Personal
Business
_____________ _____________ is 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
____________ ___________ is a valuation services performed by an individual acting as an appraiser, including but not limited to appraisal or appraisal review
Appraisal Practice
The difference between an Appraisal Practice and an Appraisal Review is giving an ___________ of value
Opinion
4 requirements of appraiser
Independent
Competent
Impartial
Objective
Anytime I am participating in an Appraisal Practice I MUST comply with the _________ __________
Ethics Rule
Examples of when one might be operating under Appraisal Practice, but not Appraisal Review might include:
Teaching a course
Writing a book
Collecting data
Measuring services
Writing Appraisal related articles
Providing general sales data
The difference between an Appraisal Practice and Appraisal Review is under Appraisal Review one is giving an _____________ ___ ________
Opinion of Value
What 3 specific rules apply to Appraisal Practices?
Competency Rule
Ethics Rule
Jurisdictional Exceptional Rule
What 2 additional Rules apply to Appraisals and Appraisal Review on top of the 3 that apply to Appraisal Practices?
Scope of Work Rule
Record Keeping Rule
Examples of appraisal services
Appraisal
Appraisal Review
Other services
