PA Certified Evaluator Exam Study Guide.
Depreciation - answerloss in value from cost new from all causes for property having a limited
economic life.
(a) Loss due to wear and tear
(b) Presence of features that are deficient
(c) Excessive, currently undesirable
(d) External factors causing lo...
Depreciation - answer✔loss in value from cost new from all causes for property having a limited
economic life.
(a) Loss due to wear and tear
(b) Presence of features that are deficient
(c) Excessive, currently undesirable
(d) External factors causing loss in value
Accrued Depreciation - answer✔the total depreciation from all causes taken on an asset from
the time of purchase to the present
External Obsolescence - answer✔loss in value as a result of impairment in utility and
desirability caused by factors external to the property
USPAP - answer✔Uniform Standards of Professional Appraisal Practice
Intangible Property - answer✔nonphysical assets, including but not limited to franchises,
trademarks, patents, copyrights. (something we can't see)
Market Value - answer✔A type of value, stated as an opinion, that presumes the transfer of a
property.
Ethics Rule: - answer✔An appraiser must promote and preserve the public trust inherent in
appraisal practice by observing the highest standards of professional ethics.
An appraiser must: - answer✔perform assignments with impartiality, objectivity, and
independence, and without accommodation of personal interests.
How many years must an appraiser retain a work file? - answer✔a period of at least 5 years
after preparation, or at least 2 years after the final disposition.
An appraiser must be.... - answer✔competent to perform the assignment, acquire the
necessary competency to perform the assignment, or decline or withdraw from the assignment.
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