Basic Appraisal Principles CH. 1 with complete solutions

Appraisal review Act or process of developing and communicating an opinion about the quality of another appraisers work Appraisal Developing an opinion of value Appraisal practice Valuation services by individual acting as an appraiser including appraisal or appraisal review Appraiser One who is expected to perform valuation services competently and in a manner that is independent impartial and objective Client The party who engages by employment or contract, an appraiser in a specific assignment. Confidential information Info that is either identified by the client as confidential when providing to appraiser and isn't available by any other source Credible Worthy of belief FIRREA Financial institutions reform, recovery and enforcement act: passed 1989 savings and loan bailout. Incorporated USPAP Intended use Use or uses of appraisers report as identified by appraiser based on communication w the client at time of assignment Intended user Client and any other party identified by appraiser on report or appraisal review on basis of communication w client at time of assignment Scope of work Type and extent of research and analysis in an appraisal or appraisal review Valuation services Services that pertain to different aspects of property valuation. Can be performed by appraisers and those in other professions USPAP Uniform Standards of Professional Appraisal Practices Fixture Man made attachment an item of personal property that has been attached to real pro