USPAP DEFINITIONS 2
Terms
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- ADVOCACY
- representing the cause or interest of another, even if that cause or interest does not necessarily coincide with oneÂ’s own beliefs, opinions, conclusions, or recommendations.
- APPRAISAL
- (noun) the act or process of developing an opinion of value; an opinion of value. (adjective) of or pertaining to appraising and related functions such as appraisal practice or appraisal services
- Complete Appraisal
- the act or process of developing an opinion of value or an opinion of value developed without invoking the DEPARTURE RULE.
- Limited Appraisal
- the act or process of developing an opinion of value or an opinion of value developed under and resulting from invoking the DEPARTURE RULE
- Comment
- An appraisal must be numerically expressed as a specific amount, as a range of numbers, or as a relationship (e.g., not more than, not less than) to a previous value opinion or numerical benchmark (e.g., assessed value, collateral value).
- APPRAISAL CONSULTING
- the act or process of developing an analysis, recommendation, or opinion to solve a problem, where an opinion of value is a component of the analysis leading to the assignment results
- APPRAISAL PRACTICE
- valuation services performed by an individual acting as an appraiser, including but not limited to appraisal, appraisal review, or appraisal consulting.
- APPRAISAL REVIEW
- the act or process of developing and communicating an opinion about the quality of another appraiserÂ’s work.
- APPRAISER
- one who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective.
- APPRAISERÂ’S PEERS
- other appraisers who have expertise and competency in the same or a similar type of assignment.
- ASSIGNMENT
- a valuation service provided as a consequence of an agreement between an appraiser and a client
- ASSIGNMENT RESULTS
- an appraiserÂ’s opinions and conclusions developed specific to an assignment.
- ASSUMPTION
- that which is taken to be true
- BIAS
- a preference or inclination that precludes an appraiserÂ’s impartiality, independence, or objectivity in an assignment.