Basic Appraisal Procedures Study Guide Assumption - Correct Answer That which is taken to be true Effective Date - Correct Answer The context for the appraiser's opinions and conclusions. Effective dates can be current, retrospective, or prospective Exposure Time - Correct Answer 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 - Correct Answer 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 - Correct Answer 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 - Correct Answer 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 - Correct Answer 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 - Correct Answer 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 - Correct Answer An assignment condition established by applicable law or regulation, which precludes an appraiser from complying with a part of USPAP Limiting conditions - Correct Answer Statements intended to protect the appraiser and inform the client and other intended users of the appraisal report of limitations placed by the appraiser.Partial interest - Correct Answer Any interest in real estate one may have other than the full bundle of rights.Multiple listing service - Correct Answer A listing service whereby local member brokers agreed to share listings and commissions on property sold jointly 1 / 2
Reconciliation - Correct Answer Analyzing the values derived from the different appraisal approaches to arrive at the final opinion of value.Scope of work - Correct Answer The type and extent of research and analysis in an appraisal or appraisal review assignment Specific data - Correct Answer Information that is relevant to the subject property. Two types of specific data are subject property data and comparable data Subject property data - Correct Answer Data that includes information on the subject property site improvements Comparative purpose data - Correct Answer Specific data that includes information about comparable sale properties, as well as income and cost information USPAP - Correct Answer Professional appraisal standards promulgated by the appraisal foundation and widely recognized throughout the United States as accepted standards of appraisal practice Workfile - Correct Answer The documentation necessary to support the appraiser's analysis, opinions, and conclusions Data Analysis - Correct Answer Market Analysis, Highest and best use analysis Appurtenant easement - Correct Answer An easement the burdens one piece of land for the benefit of another Area variance - Correct Answer An exception that allows a property owner to legally deviate from certain building codes or setback requirements Building density - Correct Answer A limit on the number of buildings that maybe constructed within a given space Balance - Correct Answer A condition that exists in the real estate market when they're slightly more homes available than buyers Business cycles - Correct Answer General swings in business, resulting in an expanded and contracting activity during different phases of the cycle Conditional - Correct Answer A land use the does not comply with the general zoning rules for the zoning which is located, but is permitted because it benefits the public. This is also called a special exception Covenant - Correct Answer 1. A Contract
- A promise.
- A Guarantee
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