USPAP Study Set with Questions and Answers

APPRAISAL (noun) act or process of developing an opinion of value; an opinion of value (adj) of or pertaining to appraising and related functions such as an appraisal practice or appraisal services APPRAISAL PRACTICE valuation services performed by an individual acting as an appraiser, including but not limited to appraisal and appraisal review ASSUMPTION that which is taken to be true Gramm-Leach-Bliley Act (Nov 1999) some public agencies have adopted privacy regulations that affect appraisers. As a result, the FTC issued a rule focued on the protection of "non-public personal information" provided by consumers to those involved in financial activities. COST the amount required to create, produce, or obtain a property EXPOSURE TIME estimated length of time that the 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 EXTRAORDINARY ASSUMPTION 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 HYPOTHETICAL CONDITION a condition, directly 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. INTENDED USER 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 JURISDICTIONAL EXCEPTION an assignment condition established by applicable law or regulation, which precludes an appraiser from complying with a part of USPAP PRICE the amount asked, offered or paid for a property VALUATION SERVICES services pertaining to aspects of property value