15 HOUR USPAP - APPRAISAL INSTITUTE
STUDY REVIEW SOLVED UPDATE
Exposure Time - Is retrospective opinion based on analysis of past events assuming a
competitive open market
5 areas of Appraisal Review quality - Completeness
Accuracy
Adequacy
Relevance
Reasonableness
Appraisal Practice - Valuation services performed by an individual acting as an appraiser,
including but not limited to appraisal and appraisal review.
USPAP only applies to Appraisal Practice
Ethics Rule - Sets requirements for integrity, impartiality, objectivity, etc
Conduct - no bias / advocacy
Management - don't accept assignments that contingent on pre determined results
Confidentiality- appraiser — client relationship
Advisory Opinion - Illustrate the applicability of Appraisal standards in specific situations.
Communicated by ASB; doesn't establish new standards or interpret existing standards.
Standard Rules - Extension of the rules and get into specific requirements in each discipline and
property types
Rules - Cover general practice policies and the Standard Rules relate these policies to specific
disciplines and assignment types
Comment - Integral part of USPAP and are extensions of the Rules. Have same weight as the
component they address.
Preamble - Declaration of the general purpose of USPAP. It includes description of the overall
structure of USPAP as well as overarching principles.
Bias - A preference or inclination that precludes (prevents) appraisers impartiality, etc...
intended use - The results provided by the appraiser based on communication from the client
STUDY REVIEW SOLVED UPDATE
Exposure Time - Is retrospective opinion based on analysis of past events assuming a
competitive open market
5 areas of Appraisal Review quality - Completeness
Accuracy
Adequacy
Relevance
Reasonableness
Appraisal Practice - Valuation services performed by an individual acting as an appraiser,
including but not limited to appraisal and appraisal review.
USPAP only applies to Appraisal Practice
Ethics Rule - Sets requirements for integrity, impartiality, objectivity, etc
Conduct - no bias / advocacy
Management - don't accept assignments that contingent on pre determined results
Confidentiality- appraiser — client relationship
Advisory Opinion - Illustrate the applicability of Appraisal standards in specific situations.
Communicated by ASB; doesn't establish new standards or interpret existing standards.
Standard Rules - Extension of the rules and get into specific requirements in each discipline and
property types
Rules - Cover general practice policies and the Standard Rules relate these policies to specific
disciplines and assignment types
Comment - Integral part of USPAP and are extensions of the Rules. Have same weight as the
component they address.
Preamble - Declaration of the general purpose of USPAP. It includes description of the overall
structure of USPAP as well as overarching principles.
Bias - A preference or inclination that precludes (prevents) appraisers impartiality, etc...
intended use - The results provided by the appraiser based on communication from the client
