Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Course 32 - USPAP > USPAP > Flashcards

USPAP Flashcards

1
Q

In 1989, eight major U.S. professional appraisal organizations came together and established what new organization?

A

The Appraisal Foundation (TAF)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What event in U.S. history leads to the creation and establishment of new appraisal standards?

A

The Savings and Loan crisis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What appraisal organization represented the mass appraisal industry during the creation of appraisal standards?

A

IAAO - International Association of Assessing Officers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

How did USPAP gain acceptance in the appraisal industry?

A

Federal lawmakers incorporated (FIRREA)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

With regards to the revision process, how often does USPAP see changes?

A

Once every 2 years (biennially)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is the primary purpose of the Appraisal Standards Board within The Appraisal Foundation?

A

a) establishes the rules for developing an appraisal and reporting its results
b) responsible for writing, editing, revising, and interpretation of USPAP
c) promotes the use, understanding, and enforcement of the USPAP as required by FIRREA

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

The act or process of developing an opinion of value (verb);an opinion of value. (noun)

A

Appraisal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Valuation services performed by an individual acting as an appraiser, including but not limited to appraisal and appraisal review.

A

Appraisal Practice

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

One who is expected to perform evaluation services competently and in a manner that is independent, impartial, and objective.

A

Appraiser

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Specific information needed to identify the appraisal or a appraisal review problem: client and any other intended users; intended use of appraiser’s opinion and conclusions; type and definition of value; effective date of appraiser’s opinion and conclusions; subject of the assignment and its relevant characteristics; and assignment conditions.

A

Assignment Elements

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

An appraiser’s opinion or conclusions developed specific to an assignment but not limited to value, they were developed when performing an appraisal assignment, an appraisal review assignment, or a valuation service other than an appraisal appraisal review

A

Assignment Results

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

A preference or inclination that precludes an appraiser’s impartiality, independence, or objectivity in an assignment.

A

Bias

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

The party or parties who engage, by employment or contract, an appraiser in a specific assignment whether directly or through an agent.

A

Client (usually Jurisdiction)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Information that is either: Identified by the client as confidential when providing it; or Classified as confidential or private by applicable law or regulation.

A

Confidential Information

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

The actual or estimated amount required to create, reproduce, replace, or obtain a property

A

Cost

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

The date to which an appraiser’s analysis, opinions, and conclusions apply; also referred to as date of value.

A

Effective Date (January 1st)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

An assignment specific assumption as of the effective date regarding uncertain information used in an analysis which, it found to be false, could alter the appraiser’s opinions or conclusions

A

Extraordinary Assumption

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

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.

A

Hypothetical Condition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Non-physical assets, including, but not limited to franchises, trademarks, patents, copyrights, goodwill, equities, securities, and contracts as distinguished from physical assets such as facilities and equipment.

A

Intangible Property (Intangible Assets)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

An assignment condition established by applicable law or regulation, which precludes an appraiser from complying with a part of USPAP

A

Jurisdictional Exception

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

The process of valuing a universe of properties as of a given date using standard methodology, employing common data, and allowing for statistical testing.

A

Mass Appraisal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

A mathematical expression of how supply and demand factors interact in a market.

A

Mass Appraisal Model

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Intentionally or unintentionally mis-representing, misstating, or concealing relevant facts or conclusions.

A

Misleading

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

The amount asked, offered, or paid for a property.

A

Price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

A physical observation performed to assist in identifying relevant property characteristics in a valuation service.

A

Personal Inspection

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Any tangible or intangible article that is subject to ownership and not classified as real property, including identifiable tangible objects that are considered by the general public as being “personal,” such as furnishing, artwork, antiques, gems and jewelry, collectibles, machinery and equipment; and intangible property that is created and stored electronically such as plans for installation art, choreography, emails, or designs for digital tokens.

A

Personal Property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Attributes of a property that are observable or measurable as a matter of fact, as distinguished from opinions and conclusions, which are the result of some level of analysis or judgment.

A

Physical Characteristics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Features that may affect a property’s value or markability such as legal, economic, or physical characteristics.

A

Relevant Characteristics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

The type and extent of research and analysis in an appraisal or appraisal review assignment.

A

Scope of Work

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

A service pertaining to aspects of property value, regardless of the type of service and whether it is performed by appraisers or by others.

A

Valuation Services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

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.

A

Value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Data, information, and documentation necessary to support the appraiser’s opinions and conclusions and to show compliance with USPAP

A

Work file

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

What is the purpose of USPAP?

A

To promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

The appraisal standards board has stated that USPAP is to be used by both and .

A

Appraisers and users of appraisal services

35
Q

When must appraisers comply with USPAP

A

The Appraiser must comply with USPAP when service or the appraiser is required by law, regulation, or agreement with client or intended user

36
Q

Appraisers should perform assignment with , ,and .

A

Independence, impartiality, and objectivity.

37
Q

What must an appraiser do when the appraiser determines that he or she lacks competency

A

Disclose that they are incompetent to client but prior to accepting the assignment or withdraw

38
Q

When certain laws or regulations preclude the appraiser’s ability to comply with parts of USPAP, this is known as what

A

Jurisdictional Exception Rule

39
Q

In what manner, and under which rule in USPAP, is advocacy permitted in an appraisal assignment

A

Never

40
Q

In determining the appropriate scope of work for an assignment, appraisers have ____________and ____________.

A

Broad flexibility and significant responsibility

41
Q

If an appraiser chooses to exclude an appraisal method/technique, that would otherwise seem necessary to the client, what must the appraiser do

A

The appraiser must have sound reasoning behind the decision and must disclose the decision in the scope of work

42
Q

Under what circumstances is the scope of work deemed acceptable

A

When it meets or exceeds: the expectations of parties who are regularly intended users of similar assignments; and what an appraiser’s peers’ action would be in performing the same or similar assignment

43
Q

Problem identification is the 1st step in developing a proper scope of work. What are 6 elements in appraisal needs to correctly identify in order to correctly understand problem identification?

A

1 client and any other intended users
2 intended use of appraiser’s opinion or conclusions
3 type and definition of value
4 effective date of the appraiser’s opinion or conclusions
5 subject of the assignment and its relevant characteristics
6 any assignment condition

44
Q

Once A-scope of work is finalized by the appraiser, can the scope of world be altered? If yes why?

A

Yes, information discovered during the course of an assignment might cause the appraiser to reconsider the scope of work

45
Q

Standard one address what type of appraisal assignment

A

The development of a real property appraisal

46
Q

According to standard 2, what 2 types of appraisal reports are allowed under USPAP

A

Appraisal reports and restricted appraisal reports

47
Q

According to standard 2, what type of report is only intended for the client and warns the report may not be understood properly without additional information

A

Restricted appraisal reports

48
Q

What standard of USPAP addresses the development of an appraisal review assignment

A

Standard 3

49
Q

Both written and oral appraisal reports must meet the requirements of which rule

A

Record keeping rule

50
Q

What do all standards rule instruct appraisers to do regarding exclusion of an appraisal methodology when developing an appraisal assignment

A

The exclusion of any of the approaches to value must be explained

51
Q

The names of individuals providing significant appraisal assistance in an assignment, must be stated, or listed, where in the report

A

The signed certification

52
Q

According to standards rule 5, calibration of mass appraisal models should be based on what

A

All 3 approaches to value when applicable

53
Q

Who has the responsibility within the appraisal foundation of providing adversory opinions

A

The appraisal standards board

54
Q

While adversory opinions are a form of guidance, and they do not establish new standards or interpret existing standards, what is the purpose of an adversory opinion

A

Adversory opinions are to illustration the applicability of USPAP in specific circumstances

55
Q

According to A02, what inspection of property is not required of USPAP, what are some alternative inspection methods is a physical inspection is not performed

A

Plans, specifications, asset records, photographs, property sketches, recorded media

56
Q

When should an individual, acting as an appraiser, comply with USPAP

A

When required by law or regulation, or the client

57
Q

According to A032, who typically is the client in an Ad Valorem property appraisal

A

The government or taxing authority

58
Q

In developing a mass appraisal, an appraiser must be aware of_________________ , and correctly employed those_______________ _____________and________________, necessary to produce and communicate credible mass appraisals

A

Understand, recognized methods and techniques

59
Q

In developing a mass appraisal, an appraiser must identify the________ and____________of____________.

A

Type and definition of value

60
Q

In developing a mass appraisal, an appraiser must employ recognized techniques for specifying____________ ___________ _____________; and employer recognized techniques ____________ ____________ ____________ ____________

A

Property valuation models and calibrating mass appraisal models

61
Q

Each written mass appraisal report must ____________ and ____________ set forth the appraisal in a manner that will not be misleading

A

Clearly and accurately

62
Q

Each written mass appraisal report must ________________ to enable the intended users of the appraisal to understand the report properly

A

Contain sufficient information

63
Q

Each written mass appraisal report must contain a

A

Signed certification

64
Q

The signing appraiser must also state the ____________ of those providing significant ____________in the certification

A

Name(s)

Mass appraisal assistance

65
Q

How did USPAP became accepted as the standard across the country

A

Title XI of FIRREA required USPAP compliance on all federally related transactions

66
Q

Mass appraisal is the process of appraising a universal properties rather than a single property. The mass appraiser utilizes methods and techniques not utilized in the other appraisal standards. In developing a mass appraisal, an appraiser must employ recognized techniques for specificifing and calibrating property valuation

A

Mass Appraisal Model

67
Q

The Appraisal Foundation (TAF) is accomplished by three independent boards:

A

1) The Board of Trustees
2) The Appraiser Qualifications Board (AQB)
3) The Appraisal Standards Board (ASB)

68
Q

Written or oral reports we must have…

A

A work file

69
Q

Which standards apply to all mass appraisals and not just to Ad Volorem

A

Standards 5 and 6

70
Q

In which standard the report must be in writing and not oral format?

A

Standard 6 - Mass Appraisal, Reporting

71
Q

Means to have correct judgment and correct execution

A

Competency

72
Q

List the Standards regarding development

A 
Standard 1
Standard 3
Standard 5
Standard 7
Standard 9
73
Q

List the Standards regarding review

A 
Standard 2
Standard 4
Standard 6
Standard 8
Standard 10
74
Q

Standard 1

A

Real Property Appraisal

75
Q

Standard 2

A

Real Property Appraisal Reporting

76
Q

Standard 3

A

Appraisal Review Development

77
Q

Standard 4

A

Appraisal Review Reporting

78
Q

Standard 5

A

Mass Appraisal Development

79
Q

Standard 6

A

Mass Appraisal Review

80
Q

Standard 7

A

Personal Property Appraisal Development

81
Q

Standard 8

A

Personal Property Appraisal Reporting

82
Q

Standard 9

A

Business Appraisal Development

83
Q

Standard 10

A

Business Appraisal Reporting

Course 32 - USPAP (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions