Part 3 Flashcards
Does USPAP define Market Value?
No, it only provides the ingredients
What is the opposite of the true definition of an Appraiser?
Bias
A preference or inclination that precludes an appraisers impartiality, independence or objectivity in an assignment is…
Bias
An assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraisers opinions or conclusions is…
Extraordinary Assumption
Keyword for Extraordinary Assumption is:
Uncertain
A condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results but is used for the purpose of analysis is a
Hypothetical condition
If someone is applying for a construction loan for a specific home with blueprints on a certain lot, that has not been purchased or built yet is an example of a
Hypothetical condition
“What if” or “as if” scenarios are typically part of a…
Hypothetical condition
The actual or estimated amount required to create, reproduce, replace or obtain a property is the USPAP definition of
Cost
The amount asked, offered or paid for a property is the USPAP definition of
Price
The monetary relationship between properties and those who buy, sell or use those properties, expressed as an opinion of the worth of a property at a given time is the USPAP definition of
Value
Of Price, Cost and Value, which two are facts?
Price
Cost
Chase Bank goes to an appraisal management company and asks them to order an appraisal. Who is the Client who engaged the appraiser?
Chase Bank
The appraisers opinions or conclusions are…
Assignment results
43
The use of an appraisers reported appraisal or appraisal review assignment results, as identified by the appraiser based on communication with the client at the time of the assignment is
Intended Use
43
The client and any other party identified, by name or type, as users of the Appraisal or appraisal review report by the appraiser based on communication with the client at the time of assignment is the
Intended user
Information that is identified by the client as confidential when providing it to an appraiser and that is not available from any other source is
Confidential
43
The act or process of developing an opinion of value about the quality of another appraisers work is an
Appraisal Review
The type and extent of research and analyses in an Appraisal or appraisal review assignment is the
Scope of Work
The main goal of reporting in an Appraisal is to
Not mislead and to have meaningful results
