Appraisal Chapter 1 Complete Questions With Solutions | Updated

Appraisal Chapter 1 Complete Questions With Solutions |
Updated
1. APPRAISAL The act or process of developing an opinion of value

2. EFFECTIVE DATE The appraisal establishes terms, condition, and economic
circumstances up
which the value is estimated. The value actually valid for only one
day.

3. APPRAISAL
INSTI- TUTE A professional organization for appraisers

4. UNIFORM STAN-
DARDS OF Professional standards accepted and copyrighted in 1987 by the
PROFES- SIONAL
APPRAISAL Appraisal Foundation
PRACTICE
(USPAP)

5. APPRAISAL
FOUN- DATION A nonprofit organization, created by leading appraisal organizations,
which is recognized as the authority for professional appraisal
standards.
It has an
- APPRAISAL STANDARDS BOARD which develops, interprets,
amends, and publishes USPAP and other publications and
communication related to US- PAP
-APPRAISER QUALIFICATIONS BOARD that establishes the minimum
education and experience requirements for appraisers and develops
the National Uni- form Appraiser Examination.

6. FINANCIAL INSTITU- Passed in 1989 as a comprehensive savings and loan bailout and
preventive
TIONS REFORM, RE- An appraisal is a (n)
COVERY, AND EN-
FORCEMENT ACT
(FIRREA)

7. Quiz
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, Appraisal Chapter 1 Complete Questions With Solutions |
Updated
measure against future S&L
insolvency, recognizes USPAP
as the current in- dustry
standard for appraisals and
identifies the Appraisal
Foundation as the authority for
professional appraisal
standards.


a. determination of value
b. guarantee of value
c. opinion of value
d. projection of future value




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