PA Certified Evaluator Questions & Answers Solved 100% Correct!!

Depreciation - 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 - the total depreciation from all causes taken on an asset from the time of purchase to the present External Obsolescence - loss in value as a result of impairment in utility and desirability caused by factors external to the property USPAP - Uniform Standards of Professional Appraisal Practice Intangible Property - nonphysical assets, including but not limited to franchises, trademarks, patents, copyrights. (something we can't see) Market Value - A type of value, stated as an opinion, that presumes the transfer of a property. Ethics Rule: - An appraiser must promote and preserve the public trust inherent in appraisal practice by observing the highest standards of professional ethics. An appraiser must: - perform assignments with impartiality, objectivity, and independence, and without accommodation of personal interests. How many years must an appraiser retain a work file? - a period of at least 5 years after preparation, or at least 2 years after the final disposition.An appraiser must be.... - competent to perform the assignment, acquire the necessary competency to perform the assignment, or decline or withdraw from the assignment. Apex on the street - 35% Apex in the rear - 65% An assessor is responsible for - himself, tax payer, and taxing authorities Base Year - the year in which property values are based.