USPAP

Question 1

(noun) the act or process of developing an opinion of value; an opinion of value.(adjective) of or pertaining to appraising and related functions such as appraisal practice or appraisal services.

Answer 1

APPRAISAL

Question 2

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

Answer 2

APPRAISER

Question 3

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

Answer 3

COST

Question 4

The amount asked, offered, or paid for a property. Comment: Once stated, price is a fact, whether it is publicly disclosed or retained in private.

Answer 4

PRICE

Question 5

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.

Answer 5

VALUE

Question 6

An identified parcel or tract of land, including improvements, if any.

Answer 6

REAL ESTATE

Question 7

The interests, benefits, and rights inherent in the ownership of real estate.

Answer 7

REAL PROPERTY

Question 8

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

Answer 8

SCOPE OF WORK

Question 9

“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.”

Answer 9

Valuation service

Question 10

“A property service “performed by an individual acting as an appraiser” (USPAP, DEFINITIONS),

Answer 10

Appraisal practice

Question 11

“The act or process of developing an opinion bout the quality of another appraiser’s work (i.e., a report, part of a report, a work file, or some combination of these), that was performed as part of an appraisal or appraisal review assignment.”(USPAP, DEFINITIONS)

Answer 11

Appraisal review

Question 12

“The client and any other party as 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 the assignment.”

Answer 12

Intended user

Question 13

“The use(s) of an appraiser’s reported appraisal or appraisal review assignment results, as identified by the appraiser based on communication with the client at the time of the assignment.”

Answer 13

Intended use

Question 14

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

Answer 14

Personal inspection

Question 15

“Assumptions, extraordinary assumptions, hypothetical conditions, laws and regulations, jurisdictional exceptions, and other conditions that affect the scope of work.”

Answer 15

Assignment conditions

Question 16

“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 appraiser’s opinions or conclusions.”

Answer 16

Extraordinary assumption

Question 17

“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.”

Answer 17

Hypothetical condition

Question 18

An appraiser has an obligation to not ________________ his or her role when performing valuation services outside of appraisal practice.

Answer 18

misrepresent

Question 19

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

Answer 19

Relevant characteristics

Question 20

“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.”

Answer 20

Physical characteristics

Question 21

The date on which the appraisal or review opinion applies

Answer 21

Effective Date