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IAAO USPAP > Study > Flashcards

Study Flashcards

1
Q

Someone who is expected to perform valuation services competently in a manner that is a partial an objective

A

Appraiser

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2
Q

Information, appraiser receipts from client and as identified by the client is confidential and he’s not available for any other source

A

Confidential information

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3
Q

The type in extent of research and analysis in an assignment

A

Scope of work

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4
Q


Necessary when the development of a value of opinion uncertain information of the effective date of an assignment results

A

Extraordinary assumption

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5
Q

Contrary what is known

A

Hypothetical condition

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6
Q

A party identified by the appraiser at the time of the assignment

A

Extended user

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7
Q

evaluation services performed by an individual person acting as an appraiser

A

Appraisal practice

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8
Q

Market rent is an example does not have to be total value of property

A

Appraisal example

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9
Q

Those appraiser to have expertise and competent in similar types of assignment

A

Appraisers peers

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10
Q

Any work completed as part of an appraisal or appraisal assignment

A

Appraisal review assignment

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11
Q

Appraisal standard board produces USPAP for

A

Users in appraisers recording to preamble

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12
Q

Valuation services

A

Real estate, brokerage, appraiser, reviews, automobile, dealerships

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13
Q

USPAP applies to an appraiser when

A

Assisting a client and setting a price for the property to sell

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14
Q

USPAP applies to all who when doing Appraisal practice

A

Appraiser

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15
Q

Only used if appraiser applies it or authorizes the use

A

Electronic signature

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16
Q

Appraiser advocating

A


Not permitted

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17
Q

Prior sales of the property should be

A

Analyze sales within a period prescribed in USPAP

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18
Q

States the appraiser must always promote and preserve public trust

A

Ethics rule

19
Q

Appraiser must do before they engage in an assignment if they lack the knowledge experience to complete

A


First thing disclose to client

20
Q

Appraiser must do before completing the assignment

A

You must always in every case, must have the necessary knowledge and experience to complete

21
Q

The extended use of the appraisal is needed to

A

 Determine the appropriate scope of work

22
Q

Who identifies a relevant characteristics of the property in an assignment?

A


Appraiser

23
Q

Appraisal report must disclose

A

 Scope of work appraiser performed in all appraise assignment

24
Q

When is scope of work appropriate?

A

Had to be credible assignment

25
Q

Appraisal report must include

A

 A disclosure scope of work that the appraiser for performed in an assignment

26
Q

Presume the balance of USPAP with compliance with a part of USPAP, Law and regulations

A

Jurisdictional, exception rule

27
Q

An Appraiser must examine what for property with a proposed improvement

A

 Documentation that is sufficient to identify the extent and character proposed improvementS

28
Q

Who Must always identify the purpose of the appraisal review

A

Reviewer

29
Q

When Reviewer offers a different value

A

 Always summarize their additional information and reasoning in the report

30
Q

What must be Summarized in mass appraisal report

A


Procedures for collecting validated and recording data

31
Q

Level of trade

A

 Personal property

32
Q

Identify all revalent and by sell an option agreement

A

Business interest

33
Q

Approaches to value

A


Must be developed for credible assignment results

34
Q

Who is responsible for the scope of work?

A


Appraiser

35
Q

When was an appraiser develop an opinion of highest and best use

A

 Necessary for credible assignment results

36
Q

Final step in Appraisal development

A

 Reconciliation

37
Q

When is An Appraiser responsibility for the assignment and results of the contents?

A

 When they sign the certified report

38
Q

appraisal report must contain

A

Sufficient information to enable intended, user to understand the report

39
Q

If appraiser excludes any approaches to value, what must they do?

A

 They must state the reason for the exclusion in the report

40
Q

The level of detail an appraisal report is always  determined by

A

Intended use an intended users

41
Q

How do identify of intended users other than the client are to be communicated in the appraisal report and restricted report

A

 Appraisal report stated by name or type

 Restricted appraisal report only by name

42
Q

Hypothetical condition

A

 You must clearly and dispicusley disclose it

43
Q

Appraisal report must summarize

A

The Methods and techniques that were employed by the appraiser

IAAO USPAP (1 decks)

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