BASIC APPRAISAL PROCEDURES-STUDY GUIDE RATED A+

BASIC APPRAISAL PROCEDURES-STUDY GUIDE RATED A+ assumption that which is taken to be true. effective date the date for which value was asstablished by an appraisal. extraordinary assumption an assumption that a fact is true, directly related to a specific assignment, which could alter the appraisal's opions or conclutions if found to be faulse. general data information that covers the forces that affect property values, but are not directly related to a particular piece of property. general data covers economic, govermental, social, and physical factors, (pegs), and can be local or national. hypothetical condition that which is contray to what exsists, but is supposed for the purpose of analysis. intended use the use or uses of an appraiser's reported appraisal, appraisal review, or appraisal consulting assignment options and conclusions, as identified by the appraiser based on communication with the client at the time of the assignment. jurisdictional exception an assignment condition that voids the force of a part or parts of uspap, when complience with part or parts of uspap is contray to law or public policy appicable to the assignment. limiting conditions statement by the appraiser explanning the framework used to reach the appraisal value. multible listing services MLS a listing service whereby local members brokers agree to share listings and commisions on parties sold jointly. partial interest any interest in real property estate one may have other than the full bundle of rights. reconciliation analyzing the values derived from the different appraisal approches to arrive at the final opinion at value. scope of work the type and extent of research and analyses in an assignment. specific data information that is relevant to the subject property. two types of specific data are subject property data and comparative purpose data. subject property data is data that includes information on the subject property site and improvements. comparative purpose data is specific data that includes information about comparable sale properties, as well as income and cost information. uniform standards of professional appraisal practice (USPAP) professional appraisal standards promulagated by the appraisal foundation, and widely reconized throughout the united states as accepted standards of appraisal practice. defining the problem consists of idenifying information the appraiser uses to determine the scope of work in an assignment. use of appraisal is a key determinate of the research and analysis performed during the appraisal's development.