BASIC APPRAISAL PRINCIPLES II
COMPREHENSIVE REAL ESTATE VALUATION
STUDY GUIDE 2026
◉ Appraisal.
Answer: The act or process of developing an opinion of value; an
opinion of value of or pertaining to appraising and related functions,
such as appraisal proactive or appraisal services.
◉ Appraisal Practice.
Answer: Services performed by an individual acting as an appraiser,
including but not limited to appraisal, appraisal review, as well as
other services.
◉ Appraiser.
Answer: One who is expected to perform valuation services
competently and in a manner that is independent, impartial, and
objective.
◉ Client.
Answer: The party or parties who engage an appraiser (by
employment or contract) in a specific assignment.
,◉ Confidential Information.
Answer: Info that is either identified by the client as confidential
when providing it to an appraiser and that is not available from an
other source; or classified as confidential or private by applicable
law or regulation
◉ Credible.
Answer: Worthy of belief
◉ FIRREA (what it stands for).
Answer: Financial Institutions Reform, Recovery & Enforcement Act
◉ FIRREA (definition).
Answer: An act passed in 1989 as a comprehensive savings and loan
bailout and preventative measure against future S&L insolvency.
This Act recognizes USPAP as the industry standard for appraisals,
and identifies the Appraisal Foundation as the authority for
professional appraisal standards
◉ Intended Use.
Answer: The use or uses of an appraiser's reported appraisal,
appraisal received, or appraisal consulting assignment opinions and
conclusions, as identified by the appraiser based on communication
with the client at the time of the assignment.
, ◉ Intended User.
Answer: The client and any other party as identified, by name or
type, as users of the appraisal, appraisal review, or appraisal
consulting report by the appraiser on the basis of communication
with the client at the time of the assignment.
◉ Scope of Work.
Answer: The type and extent of research and analyses in an
assignment
◉ Valuation Services.
Answer: Services that pertain to different aspects of property
valuation, Valuation services are provided by appraisers and those
in other professions.
◉ USPAP.
Answer: Professional appraisal standards promulgated by The
Appraisal Foundation, and widely recognized throughout the US as
accepted standards of appraisal practice.
◉ Annexation.
Answer: Attaching personal property to land so the law views it as
part of real property
COMPREHENSIVE REAL ESTATE VALUATION
STUDY GUIDE 2026
◉ Appraisal.
Answer: The act or process of developing an opinion of value; an
opinion of value of or pertaining to appraising and related functions,
such as appraisal proactive or appraisal services.
◉ Appraisal Practice.
Answer: Services performed by an individual acting as an appraiser,
including but not limited to appraisal, appraisal review, as well as
other services.
◉ Appraiser.
Answer: One who is expected to perform valuation services
competently and in a manner that is independent, impartial, and
objective.
◉ Client.
Answer: The party or parties who engage an appraiser (by
employment or contract) in a specific assignment.
,◉ Confidential Information.
Answer: Info that is either identified by the client as confidential
when providing it to an appraiser and that is not available from an
other source; or classified as confidential or private by applicable
law or regulation
◉ Credible.
Answer: Worthy of belief
◉ FIRREA (what it stands for).
Answer: Financial Institutions Reform, Recovery & Enforcement Act
◉ FIRREA (definition).
Answer: An act passed in 1989 as a comprehensive savings and loan
bailout and preventative measure against future S&L insolvency.
This Act recognizes USPAP as the industry standard for appraisals,
and identifies the Appraisal Foundation as the authority for
professional appraisal standards
◉ Intended Use.
Answer: The use or uses of an appraiser's reported appraisal,
appraisal received, or appraisal consulting assignment opinions and
conclusions, as identified by the appraiser based on communication
with the client at the time of the assignment.
, ◉ Intended User.
Answer: The client and any other party as identified, by name or
type, as users of the appraisal, appraisal review, or appraisal
consulting report by the appraiser on the basis of communication
with the client at the time of the assignment.
◉ Scope of Work.
Answer: The type and extent of research and analyses in an
assignment
◉ Valuation Services.
Answer: Services that pertain to different aspects of property
valuation, Valuation services are provided by appraisers and those
in other professions.
◉ USPAP.
Answer: Professional appraisal standards promulgated by The
Appraisal Foundation, and widely recognized throughout the US as
accepted standards of appraisal practice.
◉ Annexation.
Answer: Attaching personal property to land so the law views it as
part of real property
