USPAP Flashcards
Study and Review (21 cards)
(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.
APPRAISAL
one who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective.
APPRAISER
the actual or estimated amount required to create, reproduce, replace, or obtain a property.
COST
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.
PRICE
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.
VALUE
An identified parcel or tract of land, including improvements, if any.
REAL ESTATE
The interests, benefits, and rights inherent in the ownership of real estate.
REAL PROPERTY
The type and extent of research and analyses in an appraisal or appraisal review assignment
SCOPE OF WORK
“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.”
Valuation service
“A property service “performed by an individual acting as an appraiser” (USPAP, DEFINITIONS),
Appraisal practice
“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)
Appraisal review
“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.”
Intended user
“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.”
Intended use
“A physical observation performed to assist in identifying relevant property characteristics in a valuation service.”
Personal inspection
“Assumptions, extraordinary assumptions, hypothetical conditions, laws and regulations, jurisdictional exceptions, and other conditions that affect the scope of work.”
Assignment conditions
“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.”
Extraordinary assumption
“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.”
Hypothetical condition
An appraiser has an obligation to not ________________ his or her role when performing valuation services outside of appraisal practice.
misrepresent
“Features that may affect a property’s value or marketability such as legal, economic, or physical characteristics.”
Relevant characteristics
“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.”
Physical characteristics
The date on which the appraisal or review opinion applies
Effective Date
