Workfile
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Data, information, and documentation necessary to support the appraiser's
opinions and conclusions and to show compliance with USPAP.
What are an appraiser's disclosure obligations?
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- Must disclose current or prospective interest in the property or parties
involved.
- Whether or not they have performed ANY services on the property in the
past 3 years.
- Fees or commissions paid, or things of value given, in connection with the
assignment procurement.
What are the 3 boards of The Appraisal Foundation?
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- Board of Trustees (BOT)
- Appraiser Qualifications Board (AQB)
- Appraisal Standards Board (ASB)
Jurisdictional Exception
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An assignment condition established by applicable law or regulation, which
precludes an appraiser from complying with a part of USPAP
What is the purpose of the reporting requirement?
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, 1) ensure that the client and other intended users can recognize their
relationship to the assignment and report
2) ensure that parties other than intended users will not mistakenly assume
that they are the client or an intended user.
T or F: USPAP requires an appraiser to obtain a release from a previous client before
appraising the same property for a new client.
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False. Not only is this not required, but it may violate the confidentiality of
the previous client.
STANDARD 2 sets forth requirements for
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Appraisal report content
Standards Rule 3-2, the steps necessary in the development of an appraisal review
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a. identify the client and other intended users
b. identify the intended use of the appraiser's opinions and conclusions
c. identify the purpose of the appraisal review, including whether the
reviewer's opinion of value or review opinion of the work under review is
part of the assignment;
d. identify the work under review and the characteristics of that work
relevant to the intended use and purpose of the appraisal review;
, e. identify any extraordinary assumptions necessary in the assignment;
f. identify any hypothetical conditions necessary in the assignment; and
g. determine the scope of work necessary to produce credible assignment
results.
In an Appraisal Report, the scope of work used to develop the appraisal must be
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summarized
An appraiser is engaged by her local county assessment board to complete an
appraisal on an apartment building for ad valorem taxation purposes. Which USPAP
STANDARD(S) apply to this assignment?
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Standards 1 and 2
If the subject of an ad valorem taxation appraisal assignment is a single real
property, this is an appraisal assignment which must be developed and
reported under STANDARDS 1 and 2.
The Appraisal Standards Board (ASB)
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Data, information, and documentation necessary to support the appraiser's
opinions and conclusions and to show compliance with USPAP.
What are an appraiser's disclosure obligations?
,Give this one a try later!
- Must disclose current or prospective interest in the property or parties
involved.
- Whether or not they have performed ANY services on the property in the
past 3 years.
- Fees or commissions paid, or things of value given, in connection with the
assignment procurement.
What are the 3 boards of The Appraisal Foundation?
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- Board of Trustees (BOT)
- Appraiser Qualifications Board (AQB)
- Appraisal Standards Board (ASB)
Jurisdictional Exception
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An assignment condition established by applicable law or regulation, which
precludes an appraiser from complying with a part of USPAP
What is the purpose of the reporting requirement?
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, 1) ensure that the client and other intended users can recognize their
relationship to the assignment and report
2) ensure that parties other than intended users will not mistakenly assume
that they are the client or an intended user.
T or F: USPAP requires an appraiser to obtain a release from a previous client before
appraising the same property for a new client.
Give this one a try later!
False. Not only is this not required, but it may violate the confidentiality of
the previous client.
STANDARD 2 sets forth requirements for
Give this one a try later!
Appraisal report content
Standards Rule 3-2, the steps necessary in the development of an appraisal review
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a. identify the client and other intended users
b. identify the intended use of the appraiser's opinions and conclusions
c. identify the purpose of the appraisal review, including whether the
reviewer's opinion of value or review opinion of the work under review is
part of the assignment;
d. identify the work under review and the characteristics of that work
relevant to the intended use and purpose of the appraisal review;
, e. identify any extraordinary assumptions necessary in the assignment;
f. identify any hypothetical conditions necessary in the assignment; and
g. determine the scope of work necessary to produce credible assignment
results.
In an Appraisal Report, the scope of work used to develop the appraisal must be
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summarized
An appraiser is engaged by her local county assessment board to complete an
appraisal on an apartment building for ad valorem taxation purposes. Which USPAP
STANDARD(S) apply to this assignment?
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Standards 1 and 2
If the subject of an ad valorem taxation appraisal assignment is a single real
property, this is an appraisal assignment which must be developed and
reported under STANDARDS 1 and 2.
The Appraisal Standards Board (ASB)
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