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Flashcards in Appraisal - USPAP Deck (31):
1

Retrospective Appraisal

an appraisal before the fire

2

Work File

documentation necessary to support an appraiser's analysis, opinions, and conclusions

3

Update of an appraisal

new appraisal assignment

4

Standard 6
mass appraisal

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

5

Standard 3

Review appraisal - the most recent market data available as of the effective date of the work being reviewed

6

Competency rule

requires appraisers to identify the problem to be solved

7

ASB

improves USPAP

8

Jurisdictional Exception

when it applies, it must be disclosed
void part of the USPAP, not whole

9

Standard 1

all exposure time must be identified if it is a component of the definition of value in the assignment

10

An appraisal review is best described

opinion of the quality of another appraiser's work

11

Problem identification

identify assignment condition

12

Appraiser teaching appraisal

appraisal practice with no applicable standards

13

Modify scope of work

when find out property is not owner-occupied but investment property (intend use is for the use of property)

14

Violation of the Ethic rule

client instruct appraiser to report a specific property value as a condition of the assignment

15

Fee disclosures

in the certification and any transmittal letter, management section

16

An appraiser affixes his signature

certify recognition and acceptance of USPAP responsibilities

17

Acceptable fee arrangement

fee based on the volume of total business from a particular client

18

Discounting

Convert rents and other future benefits at a specific yield rate

19

Value

NOI / rate

20

Operating expenses reserves

only short-lived building component

21

Short-lived items

roofs, HVAC, water heater, parking lots,floor covering

22

Long-live items

foundation, framing (rarely schedule for replacement), kitchen cabinet

23

No Charge Appraisal

Report would need to conform to USPAP(standard 1 and 2 )

24

Appraiser A research for Appraiser B

Appraiser A:
no scope of work, record keeping, or performance standard apply
only needs to observe the competency rule

25

Work File Retention

The appraiser must have custody of the work file, or retention and retrieval arrangements with the party that does have custody

26

Ethic Rule - appraised multiple times for a property

-Disclosure can be written or oral
-Disclosure in certification
-Disclosed at the time of the assignment

27

When is the scope of work in an assignment acceptable?

When it meets or exceeds specified expectations and practices of others

28

Hypothetical Condition

is something known to be false but consider as true in the analysis

29

Extraordinary Condition

to be explain

30

ASC

maintains a national registry of licensed/certified appraisers

31

Change of client and intended users

NO once the assignment is completed