Real Estate Appraisal Exam 1: Ch 1-6 || Well-Enlightened.

appraisal correct answers an estimate or opinion of value as of certain date appraisal report correct answers communication of a formal report appraisal standards correct answers the generally agreed upon practices for professional appraisers competency rule correct answers requires that appraisers accept only that work that they have the knowledge and experience necessary to perform (either individually or, if needed, in association with others) eminent domain correct answers the power of a government to acquire property for a public purpose by paying just or reasonable compensation ethics rule correct answers in USPAP 2012-13 the obligation of an appraiser to comply with professional practice requirements regarding conduct, management, and confidentiality formal appraisal correct answers an estimate of value that is reached by the collection and analysis of relevant data -a formal appraisal is usually reported in writing highest and best use correct answers the legally possible, reasonable, and probable use of a property that will support the highest present value of the land informal appraisal correct answers an estimate of value that is reached by using intuition, past experience, and general knowledge jurisdictional exception rule correct answers defined in USPAP as an assignment condition established by applicable law or regulation that precludes an appraiser from complying with a part of USPAP legal transactions correct answers transactions occurring in a legal setting, requiring an appraisal market transactions correct answers one of two major categories of reasons for appraisals, along with legal transactions market value correct answers the most probable price in terms of money that a property should bring in a competitive and open market, under all conditions requisite to a fair sale, with buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus property taxation correct answers a tax based on the ownership or possession of property, usually calculated as a percent of value, but sometimes per unit, per square foot, or other physical measurement