Basic Appraisal Principles Exam Questions and Answers

Basic Appraisal Principles Exam Questions and Answers Appraisal Review -Answer -The act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal, appraisal review, or appraisal consulting assignment 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 Appropriative Rights -Answer -Water rights allocated by government permit, according to an appropriation system. It is not necessary to own property besides the body of water to apply for an appropriation permit.