AND 100% CORRECT ANSWERS|LATEST
Appraisal - ANSWER is an opinion of value
Value - ANSWER the worth, usefulness, or utility of an object to someone for some
purpose
Market Value - ANSWER most probable selling price of a property in a competitive
and open market
Informal Appraisal - ANSWER best described as the "market analysis" made by
brokers and salespeople when listing or selling a given property
Formal Appraisals - ANSWER a means of reaching an opinion of value by the
methodical collection and analysis of relevant market data most often reported in writing
Market Transactions - ANSWER Purchase, sale or exchange; financing; leasing;
management; insurance coverage; remodeling and development; feasibility and highest and
best use studies; and exercise of purchase and lease options.
Legal Transactions - ANSWER Eminent domain - condemnor and condemnee;
Property tax assessment and tax appeals case; estate, inheritance, and gift taxes; income tax
casualty loss, deprecation basis and capital gains reporting; personal and corporate legal
actions; environmental impact reports; fire or title insurance claims; marital and partnership
dissolutions; landlord-tenant and property damage lawsuits; loan foreclosures; company
liquidation or merger; bankruptcy; security for bail bonds.
1
, USPAP - ANSWER Uniform Standards of Professional Appraisal Practice
Uniform Standards of Professional Appraisal Practice - ANSWER places ethical
obligations on the appraiser and minimum appraisal standards that must be adhered to by
all professional appraisers.
4 Ethics Rules of USPAP: Conduct - ANSWER impartiality, objectivity, and
independence
4 Ethics Rules of USPAP: Management - ANSWER no undisclosed fees, no contingent
values
4 Ethics Rules of USPAP: Confidentiality - ANSWER report only to: client and
authorized users, state licensing agencies and third parties authorized by law, a duly
authorized professional peer review committee
4 Ethics Rules of USPAP: Record Keeping - ANSWER keep work file for 5 years, keep
work file for 2 years after final disposition of any judicial proceeding where testimony was
given.
Competency Rule - ANSWER need to be competent to appraise the property by the
time you complete the appraisal report
Scope of Work Rule - ANSWER the appraiser must: identify the problem, determine
and perform correct Scope of Work to produce Credible Assignment Results, Disclose in
Report the Scope of Work
Jurisdictional Exception Rule - ANSWER use when any part of USPAP is contrary to
the law or public policy of any jurisdiction
2
Appraisal - ANSWER is an opinion of value
Value - ANSWER the worth, usefulness, or utility of an object to someone for some
purpose
Market Value - ANSWER most probable selling price of a property in a competitive
and open market
Informal Appraisal - ANSWER best described as the "market analysis" made by
brokers and salespeople when listing or selling a given property
Formal Appraisals - ANSWER a means of reaching an opinion of value by the
methodical collection and analysis of relevant market data most often reported in writing
Market Transactions - ANSWER Purchase, sale or exchange; financing; leasing;
management; insurance coverage; remodeling and development; feasibility and highest and
best use studies; and exercise of purchase and lease options.
Legal Transactions - ANSWER Eminent domain - condemnor and condemnee;
Property tax assessment and tax appeals case; estate, inheritance, and gift taxes; income tax
casualty loss, deprecation basis and capital gains reporting; personal and corporate legal
actions; environmental impact reports; fire or title insurance claims; marital and partnership
dissolutions; landlord-tenant and property damage lawsuits; loan foreclosures; company
liquidation or merger; bankruptcy; security for bail bonds.
1
, USPAP - ANSWER Uniform Standards of Professional Appraisal Practice
Uniform Standards of Professional Appraisal Practice - ANSWER places ethical
obligations on the appraiser and minimum appraisal standards that must be adhered to by
all professional appraisers.
4 Ethics Rules of USPAP: Conduct - ANSWER impartiality, objectivity, and
independence
4 Ethics Rules of USPAP: Management - ANSWER no undisclosed fees, no contingent
values
4 Ethics Rules of USPAP: Confidentiality - ANSWER report only to: client and
authorized users, state licensing agencies and third parties authorized by law, a duly
authorized professional peer review committee
4 Ethics Rules of USPAP: Record Keeping - ANSWER keep work file for 5 years, keep
work file for 2 years after final disposition of any judicial proceeding where testimony was
given.
Competency Rule - ANSWER need to be competent to appraise the property by the
time you complete the appraisal report
Scope of Work Rule - ANSWER the appraiser must: identify the problem, determine
and perform correct Scope of Work to produce Credible Assignment Results, Disclose in
Report the Scope of Work
Jurisdictional Exception Rule - ANSWER use when any part of USPAP is contrary to
the law or public policy of any jurisdiction
2
