mckissock basic appraisal principles study guide with complete solution
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Mckissock Basic Appraisal Principles
mckissock basic appraisal principles study guide with complete solution
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Appraiser
One who is expected to perform valuation services competently and in a manner that is independent, impartial...
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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 an appraisal or appraisal review that is
transmitted to the client or a party authorized by the client upon completion of an
assignment.
narrative report
A written communication of the results of a valuation or review assignment presented to
the client in narrative style rather than on a form or orally.
The AQB
charged with establishing the qualifications that all the states must meet in licensing,
certification and re-certification of appraisers.
january 8th, 2008
Major changes to the Criteria went into effect
May 1, 2018
Additional revisions were made effective
four components of the Real Property Appraiser Qualification Criteria
qualifying ed, education, examinations, continuing ed
The Appraisal Foundation
not-for-profit organization, established exclusively for educational and scientific
purposes.
After The Appraisal Foundation was formed, the Uniform Standards of
Professional Appraisal Practice
was formally adopted by the Appraisal Standards Board (ASB) in January 1989.
The Appraisal Foundation has three principal boards:
Board of Trustees (BOT)
Appraisal Standards Board (ASB)
Appraiser Qualifications Board (AQB)
The BOT
acts as an executive board for the Foundation.
The ASB
responsible for creating standards for ethics and performance of appraisers.
Uniform Standards of Professional Appraisal Practice (USPAP)
was developed by the Ad Hoc Committee in 1986 and 1987 and was copyrighted in
1987 by The Appraisal Foundation.
At its first meeting in 1989, the Appraisal Standards Board (ASB)
adopted USPAP as the governing document.
USPAP may be
, amended, interpreted, supplemented, or retired only by the ASB.
Congress recognized USPAP
as the generally recognized standards of practice in the appraisal profession in Title XI
of the Financial Institutions Reform
the Appraisal Subcommittee (ASC)
is a federal entity with oversight authority over the state licensing and certification
agencies
AMCs
appraisal management companies
The Board of Trustees
omposed of 21 individuals responsible for funding The Appraisal Foundation and
appointing the members to The Appraisal Foundation's other boards - the Appraisal
Standards Board and the Appraiser Qualifications Board.
TAFAC
Appraisal Foundation Advisory Council
iac
Industry Advisory Council
Appraisal Standards Board
exercises all authority and power over the subject, style, content, and substance of
USPAP
Appraisal Practices Board (APB)
its purpose was to create guidance to assist appraisers in issues relating to recognized
valuation methods and techniques.
Even though the APB no longer exists
The Appraisal Foundation plans to continue to issue these Valuation Advisories as it
deems necessary.
Appraisal Subcommittee was created
under Section 1103 of Title XI of FIRREA
HUD
Department of Housing and Urban Development, only act on complaint with fair lending
The Savings and Loan Crisis happened in the
early 60's
the appraisal foundation was established in
1987
The _________ monitors and reviews the practices, procedures, activities and
organizational structure of The Appraisal Foundation.
ASC
the professional society that specializes in appraising personal property
American Society of appraisers
ECOA applies to all the following types of loans except
Vacant land
The ________ maintains a national registry of licensed and certified appraisors
ASC
ethics
relating to what is good or bad: having to do with moral duty and obligation
moral
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