BASIC APPRAISAL PRINCIPLES BUNDLED EXAMS

Appraisal Review The act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal, appraisal review, or appraisal consulting assignment Appraisal The act or process of developing an opinion of value; an o...

True or False? When developing an opinion of site value of an improved property, an appraiser needs to consider the highest and best use of the property as though vacant. TRUE When developing an opinion of highest and best use, what is the final criteria that is applied? maximally productiv...

In a particular market, there is a demand for 500 houses per year, and there are currently 1,500 houses for sale. What does this most likely indicate? there is a three-year supply of homes currently for sale "A business arrangement in which two or more persons jointly own a business and sha...

When are appraisers needed? to set asking/offering prices, settle estates, refinance, divorce, taxes, rental rates, valuation, condemnation & foreclosure Appraiser One who is expected to perform valuation services competently & in a manner that is independent, impartial & objective. ...

What is one of the obligations an appraiser must ensure in order to ethically perform an appraisal assignment? An appraiser must ensure independence. An appraiser's familiarity with a specific type of property applies to what concept? competency. A competency issue best applies to w...

Appraiser One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. Uniform Standards of Professional Appraisal Practice (USPAP) These are the nationally-recognized ethical and performance standards that we have to live up t...

grant deed deed containing, or having implied by law, some but not all of the usual covenants of title Appraiser One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. report any communication, written or oral, of...

Appraiser must perform by being: (4) Impartial or neutral, objective or fair minded, independent or autonomous, free of self interest Uncompetent Steps Inform the client about the identified issues before accepting assignment, complete steps to understand issues, disclose what actions were ...

Appraiser One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. An appraiser must be: independent, impartial, objective, unbiased appraisal report The written or oral communication of an appraisal narrativ...

Appraisal (ch.1) the act or process of developing an opinion of value What types of assignments use appraisals? (ch.1) Transfer of ownership Financing and credit Litigation Tax matters Investment Decisions The valuation process (ch.1) a systematic procedure that an appraiser emp...

Appraisal review Act or process of developing and communicating an opinion about the quality of another appraisers work Appraisal Developing an opinion of value Appraisal practice Valuation services by individual acting as an appraiser including appraisal or appraisal review ...

appraiser one who estimates officially the worth or value or quality of things appraisal practice a valuation service performed by an individual acting as an appraiser competency having adequate ability to perform an assignment and produce credible results identification of t...

ASC (Appraisal Subcommittee) The _____ has oversight authority over state appraisal boards. consideration, in writing and signed, and lawful objective Which of the below is a requirement of a valid real estate contract? capital "The interaction of buyers and sellers who trade long-...