Appraisal Practice

• The standards manual - [1]
• Definitions - [2]
• Appraisal practice is provided only by appraisers, while valuation services are provided by a variety of

professionals and others.

• APPRAISAL REVIEW: (noun) the act or process of developing an opinion about the quality of another appraiser’s work
• ASSIGNMENT CONDITIONS: Assumptions, extraordinary assumptions, hypothetical conditions, laws and regulations, jurisdictional

exceptions, and other conditions that affect the scope of work.

• ASSIGNMENT ELEMENTS: Specific information needed to identify the appraisal or appraisal review problem: client and any other

intended users; intended use of the appraiser’s opinions and conclusions; type and definition of value. Are trees part of the assignment elements?

• Credible assignment results require support, by relevant evidence and logic, to the degree necessary for the

intended use.

• ASSIGNMENT: a valuation service that is provided by an appraiser as a consequence of an agreement with a client
• Form 1004 for residential appraisal
• EXPOSURE TIME: an opinion, based on supporting market data, of the length of time that the 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.

• FEASIBILITY ANALYSIS: a study of the cost-benefit relationship of an economic endeavor.
• MARKET VALUE: a type of value, stated as an opinion, that presumes the transfer of a property (i.e., a right of ownership or a

bundle of such rights), as of a certain date, under specific conditions set forth in the value definition that is identified by the appraiser as applicable in an appraisal.9