Basic Appraisal Procedures Q& A Jan 2024

Assumption - That which is taken to be true Effective Date - The context for the appraiser's opinions and conclusions. Effective dates can be current, retrospective, or prospective Exposure Time - Estimated length of time a 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 General Data - Information that covers the forces that affect property values, but are not directly related to a particular piece of property. General data covers economic, governmental, social, and physical factors, and can be local or national Hypothetical Condition - A condition, 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 Use - The use or uses of an appraiser's reported appraisal or appraisal review assignment opinions and conclusions, as identified by the appraiser based on communication with the client at the time of the assignment 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 Limiting conditions - Statements intended to protect the appraiser and inform the client and other intended users of the appraisal report of limitations placed by the appraiser