Preamble Flashcards
When should an appraiser comply w/ USPAP?
Any time the individual represents that he or she is performing the service as an appraiser
USPAP establishes what type of reqs for professional appraisal practice?
Minimum.
When must an appraiser comply with USPAP?
When required by law, regulation, or agreement with the client or intended users
When an appraiser receives an assignment from a client, what should the appraiser straightaway consider?
Which sections of USPAP might apply to the assignment
“Providers of appraisal services” as identified in USPAP references what group?
appraisers
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 is called what?
Valuation service
Valuation services performed by an individual acting as an appraiser, including but not limited to appraisal and appraisal review is called what?
Appraisal practice
________ ________ is provided only by appraisers, ________ ________ are provided by a variety of professionals and others.
Appraisal practice, valuation services
A client’s expectation for an appraiser to comply with USPAP is an?
…an integral part of maintaining public trust.
What is the critical issue for Robert Agent in the ASB’s illustration of Brokerage and Appraisal in Advisory Opinion (AO) 21?
He must not mislead intended users about his role in the brokerage services.
What must an appraiser do when acting in another role in a valauation service that is outside USPAP?
Ensure that intended users are not misled as to the individual’s role.
Valuation services are performed by
Appraisers and others.
Valuation services performed by an individual acting as an appraiser are identified by USPAP as
appraisal practice.
One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective is called what?
Appraiser
Being an “appraiser” is established by exception and obligation, not by an individual’s credentials.
In the Rent survey illustration from AO 21 involving Mike Black, the service provided by Mr. Black would be identified as an appraisal if the client?
expects Mike to collect rental rate and lease term info and to analyze them to conclude the market rental terms for the Acme Building.
An individual who performs appraisal and brokerage work has been engaged by a client to list and sell his property. What professional responsibility does the individual have to the client in this assigment?
Identify the capacity in which he or she is performing.
In the Real World Application involving a feasibility study on a potential retail development, why is the feasibility analysis identified as appraisal practice?
It is a valuation service performed by an individual acting as an appraiser.
In a valuation service, how is identification as an appraiser established?
By expectations about the manner in which the individual provides valuation services
An appraiser who is also an accountant is providing counseling on the tax implications of a client’s real estate investments. If the individual is acting exclusively in the role of an accountant, what USPAP obligation exists?
None, other than to not misrepresent the individual role in the assignment.
An individual has been retained to provide consulting and be an advocate for the client’s position in a valuation dispute. This service
Cannot be performed if acting in the role of an appraiser.
An appraiser cannot be an advocate because they must be impartial.
When an individual performs a valuation service and is NOT acting in the role of an appraiser, the individual must
not misrepresent their role in the service.
The SCOPE OF WORK RULE applies to
appraisal and appraisal review assignments.
Based on the chart illustration of Valuation Services in AO 21, USPAP Compliance, an appraiser performing an appraisal or appraisal review must comply with the Standards Rules that apply to the assignment, and what else?
all USPAP Rules
In the illustration from AO 21, if Marie Vaughn provides litigation services as an advocate, then she is providing
a valuation service outside appraisal practice.
A service an appraiser might provide that is within appraisal practice, but STANDARDS 1 through 10 do NOT apply is
All of these answers
* verifying zoning issues and potential uses of a property.
* writing an article about adjustment techniques.
* measuring the grossing living area of a residence.
To promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers. It is essential that appraisers develop and communicate their analyses, opinions, and conclusions to intended users of their services in a manner that is meaningful and not misleading.
The purpose of the Uniform Standards of Professional Appraisal Practice (USPAP)
