USPAP Correct Questions & Answers!!

APPRAISAL - ANSWER (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 - ANSWER 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 - ANSWER valuation services performed by an individual acting as an appraiser, including but not limited to appraisal,, appraisal review, or appraisal consulting. ASSUMPTION - ANSWER that which is taken to be true Gramm-Leach-Bliley Act (Nov 1999) - ANSWER 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 - ANSWER the amount required to create, produce, or obtain a property EXPOSURE TIME - ANSWER 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 - ANSWER 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 conclu