15 hour USPAP - Appraisal Institute Correct
100%
Exposure Time - ANSWER Is retrospective opinion based on analysis of past events
assuming a competitive open market
5 areas of Appraisal Review quality - ANSWER Completeness
Accuracy
Adequacy
Relevance
Reasonableness
Appraisal Practice - ANSWER Valuation services performed by an individual acting as
an appraiser, including but not limited to appraisal and appraisal review.
USPAP only applies to Appraisal Practice
Ethics Rule - ANSWER Sets requirements for integrity, impartiality, objectivity, etc
Conduct - no bias / advocacy
Management - don't accept assignments that contingent on pre determined results
Confidentiality- appraiser — client relationship
Advisory Opinion - ANSWER Illustrate the applicability of Appraisal standards in specific
situations. Communicated by ASB; doesn't establish new standards or interpret existing
standards.
Standard Rules - ANSWER Extension of the rules and get into specific requirements in
each discipline and property types
Rules - ANSWER Cover general practice policies and the Standard Rules relate these
policies to specific disciplines and assignment types
Comment - ANSWER Integral part of USPAP and are extensions of the Rules. Have
same weight as the component they address.
Preamble - ANSWER Declaration of the general purpose of USPAP. It includes
description of the overall structure of USPAP as well as overarching principles.
Credible - ANSWER Measured in context of the intended use of the assignment.
Requires support by evidence, logic.
100%
Exposure Time - ANSWER Is retrospective opinion based on analysis of past events
assuming a competitive open market
5 areas of Appraisal Review quality - ANSWER Completeness
Accuracy
Adequacy
Relevance
Reasonableness
Appraisal Practice - ANSWER Valuation services performed by an individual acting as
an appraiser, including but not limited to appraisal and appraisal review.
USPAP only applies to Appraisal Practice
Ethics Rule - ANSWER Sets requirements for integrity, impartiality, objectivity, etc
Conduct - no bias / advocacy
Management - don't accept assignments that contingent on pre determined results
Confidentiality- appraiser — client relationship
Advisory Opinion - ANSWER Illustrate the applicability of Appraisal standards in specific
situations. Communicated by ASB; doesn't establish new standards or interpret existing
standards.
Standard Rules - ANSWER Extension of the rules and get into specific requirements in
each discipline and property types
Rules - ANSWER Cover general practice policies and the Standard Rules relate these
policies to specific disciplines and assignment types
Comment - ANSWER Integral part of USPAP and are extensions of the Rules. Have
same weight as the component they address.
Preamble - ANSWER Declaration of the general purpose of USPAP. It includes
description of the overall structure of USPAP as well as overarching principles.
Credible - ANSWER Measured in context of the intended use of the assignment.
Requires support by evidence, logic.
