Mckissock USPAP Chapter 2 fully
solved & verified for
accuracy(latest updated version)
Market Value - answer USPAP does not define a specific
definitions, but rather the components of the term market
value
There are a number of definitions of market value, each is
unique. USPAP does not endorse any specific definition.
Advocacy - answer Representing the cause or interest of
another, even if that cause or interest does not
necessarily coincide with one's own beliefs, opinions,
conclusions, or recommendations
Impartiality - answer Conveys a mental state that does not
favor one side over another at the outset of an
investigation
Bias - answer A preference or inclination that precludes an
appraiser's impartiality, independence, or objectivity in an
assignment
Assumption - answer That which is taken to be true
Extraordinary Assumption - 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.
Extraordinary assumptions presume as fact otherwise
uncertain information
Hypothetical Condition - answer A condition, directly
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.
Exposure Time - answer Estimated length of time that the
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.
Exposure time is a retrospective opinion based on an
analysis of past events assuming a competitive and open
market
Cost - answer The amount required to create, produce, or
obtain a property
Price - answer the amount asked, offered, or paid for a
property
solved & verified for
accuracy(latest updated version)
Market Value - answer USPAP does not define a specific
definitions, but rather the components of the term market
value
There are a number of definitions of market value, each is
unique. USPAP does not endorse any specific definition.
Advocacy - answer Representing the cause or interest of
another, even if that cause or interest does not
necessarily coincide with one's own beliefs, opinions,
conclusions, or recommendations
Impartiality - answer Conveys a mental state that does not
favor one side over another at the outset of an
investigation
Bias - answer A preference or inclination that precludes an
appraiser's impartiality, independence, or objectivity in an
assignment
Assumption - answer That which is taken to be true
Extraordinary Assumption - 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.
Extraordinary assumptions presume as fact otherwise
uncertain information
Hypothetical Condition - answer A condition, directly
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.
Exposure Time - answer Estimated length of time that the
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.
Exposure time is a retrospective opinion based on an
analysis of past events assuming a competitive and open
market
Cost - answer The amount required to create, produce, or
obtain a property
Price - answer the amount asked, offered, or paid for a
property
