Basic Appraisal Procedures Q&A

Basic Appraisal Procedures Q&A That which is taken to be true - ANSWER Assumption The context for the appraiser's opinions and conclusions. Effective dates can be current, retrospective, or prospective - ANSWER Effective Date Estimated length of time a 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. - ANSWER Exposure Time 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 - ANSWER Extraordinary Assumption Information that covers the forces that affect property values, but are not directly related to a particular piece of property. General data covers economic, governmental, social, and physical factors, and can be local or national - ANSWER General Data A condition, 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 - ANSWER Hypothetical Condition The use or uses of an appraiser's reported appraisal or appraisal review assignment opinions and conclusions, as identified by the appraiser based on communication with the client at the time of the assignment - ANSWER Intended Use The client and any other party as identified, by name or type, as users of the appraisal or appraisal review report by the appraiser on the basis of communication with the client at the time of the assignment - ANSWER Intended User An assignment condition established by applicable law or regulation, which precludes an appraiser from complying with a part of USPAP - ANSWER Jurisdictional Exception Statements intended to protect the appraiser and inform the client and other intended users of the appraisal report of limitations placed by the appraiser. - ANSWER Limiting conditions Any interest in real estate one may have other than the full bundle of rights. - ANSWER Partial interest