USPAP 15-hour Questions &
Answers(RATED A+)
Appraisal - ANSWER The act or process of developing an opinion of value
Appraisal practice - ANSWER Valuation services performed by an individual acting as
appraiser; including but not limited appraisal and appraisal review
Appraisal review - ANSWER The act or process of developing an opinion about the
quality of another's appraisers work
Appraiser - ANSWER One who is expected to perform valuation services competently in
a manner that is INDEPENDENT IMPARTIAL & OBJECTIVE
Appraisers peers - ANSWER Other appraisers who have expertise and competency in
similar assignment
Assignments - ANSWER An agreement between appraiser and client to provide
valuation service
Assignment results - ANSWER Appraisers opinions or conclusions developed on
specific assignment
Assumptions - ANSWER That which is taken to be true
Bias - ANSWER A preference that precludes appraiser from being impartial,
independent and objective
Business enterprises - ANSWER Entity pursuing an economic activity
Business equity - ANSWER Interest, benefits, rights inherent in the ownership of a
business enterprise
Client - ANSWER The party or parties who engage, by employment or contract, an
appraiser in a specific assignment.
confidential information - ANSWER Information that is either:private by law, identified by
the client and is not available by any other source
Cost - ANSWER Amount required to create, produce or obtain property
Credible - ANSWER Worthy of belief
, Exposure time - ANSWER Estimated length of time the prop interest being appraised
WOULD have been offered on the market prior to the hypothetical sale at market value
on eff date of appraisal.
Extraordinary assumption - ANSWER An assumption directly related to specific
assignment, which is found to be true could alter the appraisers opinion or conclusion
Feasibility analysis - ANSWER Study of the cost-benefit relationship of an economic
endeavor
Hypothetical condition - ANSWER Directly related to sub assignment, which is contrary
to what is known by appraiser to exist on effective date of assignment, but is used for
purpose of analysis
Intangible property - ANSWER No physical assets: franchises, trademarks, patents,
equities,
Intended use - ANSWER Use of appraisers reported appraisal or review assignment
opinion or conclusions as identified by the appraiser based on communication w client
at time of assignment
Intended user - ANSWER The client or any other party as identified by name or type as
users of the appraisal
Jurisdictional exception - ANSWER An assignment condition est by applicable law or
reg that precludes an appraiser from complying with USPAP
appraisal report. Acceptance of responsibility for content, analysis and conclusions
Valuation services - ANSWER Services pertaining to aspects of property value
Value - ANSWER Monetary relationship between property and those who buy, sell, use
property
Workfile - ANSWER Collection of documentation to support an appraisers final report
USPAP - ANSWER Developed for purpose to promote & maintain public trust and
confidence in professional appraisal.
ASC - ANSWER Appraisal Sub Committee: monitors TAF, non-profit. Supervisory role
over state agencies & regs. FFIEC made up of 7 govt agencies FRB, OCC, FDIC,
NCUA, HUD, FHFA, CFPB
APB - ANSWER Appraisal Practices Board: valuation advisory of techniques and
methods of appraisal
TAF - ANSWER The Appraisal Foundation: private/ no legal governance, non-profit
Answers(RATED A+)
Appraisal - ANSWER The act or process of developing an opinion of value
Appraisal practice - ANSWER Valuation services performed by an individual acting as
appraiser; including but not limited appraisal and appraisal review
Appraisal review - ANSWER The act or process of developing an opinion about the
quality of another's appraisers work
Appraiser - ANSWER One who is expected to perform valuation services competently in
a manner that is INDEPENDENT IMPARTIAL & OBJECTIVE
Appraisers peers - ANSWER Other appraisers who have expertise and competency in
similar assignment
Assignments - ANSWER An agreement between appraiser and client to provide
valuation service
Assignment results - ANSWER Appraisers opinions or conclusions developed on
specific assignment
Assumptions - ANSWER That which is taken to be true
Bias - ANSWER A preference that precludes appraiser from being impartial,
independent and objective
Business enterprises - ANSWER Entity pursuing an economic activity
Business equity - ANSWER Interest, benefits, rights inherent in the ownership of a
business enterprise
Client - ANSWER The party or parties who engage, by employment or contract, an
appraiser in a specific assignment.
confidential information - ANSWER Information that is either:private by law, identified by
the client and is not available by any other source
Cost - ANSWER Amount required to create, produce or obtain property
Credible - ANSWER Worthy of belief
, Exposure time - ANSWER Estimated length of time the prop interest being appraised
WOULD have been offered on the market prior to the hypothetical sale at market value
on eff date of appraisal.
Extraordinary assumption - ANSWER An assumption directly related to specific
assignment, which is found to be true could alter the appraisers opinion or conclusion
Feasibility analysis - ANSWER Study of the cost-benefit relationship of an economic
endeavor
Hypothetical condition - ANSWER Directly related to sub assignment, which is contrary
to what is known by appraiser to exist on effective date of assignment, but is used for
purpose of analysis
Intangible property - ANSWER No physical assets: franchises, trademarks, patents,
equities,
Intended use - ANSWER Use of appraisers reported appraisal or review assignment
opinion or conclusions as identified by the appraiser based on communication w client
at time of assignment
Intended user - ANSWER The client or any other party as identified by name or type as
users of the appraisal
Jurisdictional exception - ANSWER An assignment condition est by applicable law or
reg that precludes an appraiser from complying with USPAP
appraisal report. Acceptance of responsibility for content, analysis and conclusions
Valuation services - ANSWER Services pertaining to aspects of property value
Value - ANSWER Monetary relationship between property and those who buy, sell, use
property
Workfile - ANSWER Collection of documentation to support an appraisers final report
USPAP - ANSWER Developed for purpose to promote & maintain public trust and
confidence in professional appraisal.
ASC - ANSWER Appraisal Sub Committee: monitors TAF, non-profit. Supervisory role
over state agencies & regs. FFIEC made up of 7 govt agencies FRB, OCC, FDIC,
NCUA, HUD, FHFA, CFPB
APB - ANSWER Appraisal Practices Board: valuation advisory of techniques and
methods of appraisal
TAF - ANSWER The Appraisal Foundation: private/ no legal governance, non-profit
