IAAO 151
Appraisal - Answer-The act or process of developing an opinion of value
Appraisal Practice - Answer-Valuation services performed by an individual acting as an appraiser,
including but not limited to appraisal and appraisal review
Appraisal Review - Answer-The act or process of developing an opinion about the quality of another
appraisers work
Appraiser - Answer-One who is expected to perform valuation services competently and in a manner
that is independent, impartial, and objective.
*Appraiser's Peers - Answer-Other appraisers who have expertise and competency in a similar type of
assignment.
Assignment - Answer-A valuation service that is provided by an appraiser As a consequence of an
agreement with a client.
Assignment conditions - Answer-Assumptions, extraordinary assumptions, hypothetical conditions, law
and regulations, jurisdictional exceptions, and other conditions that affect the scope of work.
Assignment elements - Answer-Specific information needed to identify the appraisal or appraisal review
problem: client and any other intended users; intended use of the appraisers opinion and conclusion;
type in definition of value; effective date of the appraisers opinion and conclusions; subject of the
assignment and it's relevant Characteristics; and assignment conditions.
Appraisal - Answer-The act or process of developing an opinion of value
Appraisal Practice - Answer-Valuation services performed by an individual acting as an appraiser,
including but not limited to appraisal and appraisal review
Appraisal Review - Answer-The act or process of developing an opinion about the quality of another
appraisers work
Appraiser - Answer-One who is expected to perform valuation services competently and in a manner
that is independent, impartial, and objective.
*Appraiser's Peers - Answer-Other appraisers who have expertise and competency in a similar type of
assignment.
Assignment - Answer-A valuation service that is provided by an appraiser As a consequence of an
agreement with a client.
Assignment conditions - Answer-Assumptions, extraordinary assumptions, hypothetical conditions, law
and regulations, jurisdictional exceptions, and other conditions that affect the scope of work.
Assignment elements - Answer-Specific information needed to identify the appraisal or appraisal review
problem: client and any other intended users; intended use of the appraisers opinion and conclusion;
type in definition of value; effective date of the appraisers opinion and conclusions; subject of the
assignment and it's relevant Characteristics; and assignment conditions.
