Appraisal Practice: Difference between revisions
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=Definitions= | |||
*The standards manual - [https://www.appraisalfoundation.org/imis/TAF/Standards/Appraisal_Standards/Uniform_Standards_of_Professional_Appraisal_Practice/TAF/USPAP.aspx] | *The standards manual - [https://www.appraisalfoundation.org/imis/TAF/Standards/Appraisal_Standards/Uniform_Standards_of_Professional_Appraisal_Practice/TAF/USPAP.aspx] | ||
*Definitions - [https://www.millersamuel.com/files/2021/03/USPAP-Standards-1-4.pdf] | *Definitions - [https://www.millersamuel.com/files/2021/03/USPAP-Standards-1-4.pdf] | ||
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bundle of such rights), as of a certain date, under specific conditions set forth in the value definition that is identified by the | 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 | appraiser as applicable in an appraisal.9 | ||
=Orgs= | |||
<html><p><strong></strong></p> | |||
<p><strong><a href="https://www.appraisalinstitute.org/insights-and-resources/insights/newsroom/ai-news-releases/2024-07-11-ai-releases-third-what-i-value-video"><u><span style="color:#1155cc;background-color:#ffffff;font-size:11pt;">National Appraisal Institute</span></u></a><span style="color:#333333;background-color:#ffffff;font-size:11pt;"> - about making appraisals realistic</span></strong></p> | |||
<p></p> | |||
<p><a href="https://www.appraisalfoundation.org/imis/TAF/Standards/Appraisal_Standards/Uniform_Standards_of_Professional_Appraisal_Practice/TAF/USPAP.aspx"><strong><u><span style="color:#1155cc;background-color:#ffffff;font-size:11pt;">The Appraisal Foundation</span></u></strong></a><strong><span style="color:#333333;background-color:#ffffff;font-size:11pt;"> - USPAP</span></strong></p></html> | |||
Revision as of 14:04, 29 July 2024
Definitions
- 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
Orgs
National Appraisal Institute - about making appraisals realistic
The Appraisal Foundation - USPAP