Basic Appraisal Procedures Study Guide

Assumption - Correct Answer That which is taken to be true Effective Date - Correct Answer The context for the appraiser's opinions and conclusions. Effective dates can be current, retrospective, or prospective Exposure Time - Correct Answer Estimated length of time a 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 - Correct 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 conclusions General Data - Correct Answer Information that covers the forces that affect property values, but are not directly related to a particular piece of property. General data covers economic, governmental, social, and physical factors, and can be local or national Hypothetical Condition - Correct Answer A condition, related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis Intended Use - Correct Answer The use or uses of an appraiser's reported appraisal or appraisal review assignment opinions and conclusions, as identified by the appraiser based on communication with the client at the time of the assignment Intended User - Correct Answer The client and any other party as identified, by name or type, as users of the appraisal or appraisal review report by the appraiser on the basis of communication with the client at the time of the assignment Jurisdictional Exception - Correct Answer An assignment condition established by applicable law or regulation, which precludes an appraiser from complying with a part of USPAP Limiting conditions - Correct Answer Statements intended to protect the appraiser and inform the client and other intended users of the appraisal report of limitations placed by the appraiser. Partial interest - Correct Answer Any interest in real estate one may have other than the full bundle of rights. Multiple listing service - Correct Answer A listing service whereby local member brokers agreed to share listings and commissions on property sold jointly