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26 Cards in this Set
- Front
- Back
Standard 1 is for: |
Appraisal development |
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Standard 2 is for: |
Appraisal reporting |
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Standard 3 is for: |
Appraisal review and reporting |
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Standard 6 is for: |
Mass appraisals |
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Standard 1 Appraisal development process includes what steps: |
Must identify the problem to be solved, determine the scope of work necessary to solve the problem, and correctly complete research and analyses necessary to produce a credible appraisal. |
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Standard 1.1 Developing appraisal, An appraiser MUST use ____ & ___ to produce a credible appraisal. |
recognized methods & techniques |
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1.2 Developing appraisal, to determine SOW an appraiser must identify id: |
The client & other intended users Intended use Type and definition of value Effective date Characteristics relevant to appraisal Extraordinary assumptions Hypothetical condition |
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1.3 Developing appraisal, Credible market value opinion must identify and analyze the effect on ___ & ____of existing ___ and potential ____ based on regulations. Physical ___ and market area ___ effect value and opinion of the ____ |
Use & value - land use and modifications Supply and demand, adaptability and trends and HBU |
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1.4 Developing appraisal - must collect and verify ____, and ___ info necessary for credible results for what approach |
Data and analyze Comparison, cost and income approach. |
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1.5 What information s/b included in development of an appraisal: |
- cash, financial arrangements, - effective date - type of value: (market, liquidation, divorce..) - characteristics (location, legal, economic attribute) - items not included in eg., trade fixtures - easements, restrictions, encumbrances, covenants, special assessments... - interest - assumptions (extraordinary too) - hypothetical conditions |
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1.6 Developing appraisal, an appraiser MUST reconcile the __ & ___ of data available and ___ within the ___ ___. |
quality and quantity analyzed w/in the approach used. |
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Standard 2 is real property appraisal _____. |
Reporting |
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Standard 2.1 Reporting i. Each written or oral real property appraisal report must be _________ and __________ and not _____. It must contain sufficient ______ to be _____ by _____. |
i. be clear and accurate and not mislead. Information to be understood by user |
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Standard 2.2 Reporting a. The content of report must be consistent with the ____ _____ and b. State the ____ of the client or ____ users. c. State the ___ ____. (requested confidential user info, then workfile must contain that information.) |
a. intended use b. identity or intended users c. intended use economic f. interest, value and effective date |
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Standard 1.5 market value opinion appraiser must |
a analyze all agreements of sale, options, and listings of the subject property and all sales of the subject property that occurred within the three (3) years prior to the effective date of the appraisal |
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Standard 1 is real property appraisal _____. |
Development |
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Standard 2.2 Reporting iii. Summarize ____ that includes the ____, ____ property ____. iv State the real property _____ v. State the ___ and definition of ___ and cite ___ must be included in report. |
iii. Information, physical, legal, & property ___. iv. Interest v. type and value and source |
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Standard 2.2 Reporting vii. summarize the __ _ __ used. viii. state methods and ____ used ix. statet the ___ of the ___ ___ as of effective date x. HBU opinion must state opinion ___ & ___. |
vii. SOW viii. techniques ix. use of the real estate x. clearly & conspicuously |
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Standard Rule 2.3 reporting Written appraisal report must contain a ___ ___. |
signed certifiication |
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Standard Rule 2.4 To the extent possible & appropriate, an oral real property appraisal report must address the ____ in standards rule #_._ |
Substantive matters ___ in rule 2.2 |
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Standards Rule 3.3 Appraisal review is a __ __ of another appraiser's ____ using ___ & __ and is not an appraisal. |
quality review of work methods and techniques |
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Standard 1.1 Developing appraisal, Not commit a substantial errors of ___, ___ or ____ series of error that significantly affects ___ of an appraisal. |
Omission or commissionc. careless or negligent series of errors that in CREDIBILITY. |
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Standard 1.1 Developing appraisal, Not render appraisal services in a _____ manner making a series of ______ that in the aggregate affects the creditibility of those results. |
negligent manner, errors |
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Assemblage appraisal must analyze ____ and not ____ ____ . |
whole value and not add individual components of estate (eg. Car has one value, but if you sell parts of car individually the value is greater than care alone) |
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Analyzing anticipated public or private use of |
Improvementg. personal and business appraisal follows standard 7 and 9 |
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Appraisal must disclose all ___, ___ , ___ conditions & limiting condition used in the assignment |
assumptions, extraordinary assumptions, hypothetical conditions, and limiting conditions |