USPAP Questions and Answers 100%
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APPRAISAL ✔✔(noun) act or process of developing an opinion of value; an opinion of value
(adj) of or pertaining to appraising and related functions such as an appraisal practice o
...
USPAP Questions and Answers 100%
Pass
APPRAISAL ✔✔(noun) act or process of developing an opinion of value; an opinion of value
(adj) of or pertaining to appraising and related functions such as an appraisal practice or
appraisal services
APPRAISAL CONSULTING ✔✔the act or process of developing an analysis, recommendation
or opinion to solve a problem, where an opinion of value is a component of the anaylsis leading
to the assignment results.
APPRAISAL PRACTICE ✔✔valuation services performed by an individual acting as an
appraiser, including but not limited to appraisal,, appraisal review, or appraisal consulting.
ASSUMPTION ✔✔that which is taken to be true
Gramm-Leach-Bliley Act (Nov 1999) ✔✔some public agencies have adopted privacy
regulations that affect appraisers. As a result, the FTC issued a rule focued on the protection of
"non-public personal information" provided by consumers to those involved in financial
activities.
COST ✔✔the amount required to create, produce, or obtain a property
EXPOSURE TIME ✔✔estimated length of time that the property interest being appraised would
have been offered on the market prior to the hypothetical consummation of a sale at market value
on the effective date of the appraisal
EXTRAORDINARY ASSUMPTION ✔✔an assumption, directly related to a specific
assignment, as of the effective date of the assignment results, which, if found to be false, could
alter the appraiser's opinions or conclusions
HYPOTHETICAL CONDITION ✔✔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.
INTENDED USER ✔✔the client and any other party as identified, by name or type, as users of
the appraisal, appraisal review or appraisal consulting report by the appraiser on the basis of
communication with the client at the time of the assignment
JURISDICTIONAL EXCEPTION ✔✔an assignment condition established by applicable law or
regulation, which precludes an appraiser from complying with a part of USPAP
PRICE ✔✔the amount asked, offered or paid for a property
VALUATION SERVICES ✔✔services pertaining to aspects of property value
VALUE ✔✔the monetary relationship between properties and those who buy, sell or use those
properties
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