Table of Contents Table of Contents
Previous Page  15 / 77 Next Page
Information
Show Menu
Previous Page 15 / 77 Next Page
Page Background

3

USPAP 2018-2019 Edition

© The Appraisal Foundation

For the purpose of the

Uniform Standards of Professional Appraisal Practice

(USPAP), the following definitions apply:

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.

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 PRACTICE:

valuation services performed by an individual acting as an appraiser, including but not limited

to appraisal and appraisal review.

Comment:

Appraisal practice

is provided only by appraisers, while

valuation services

are provided by a

variety of professionals and others. The terms

appraisal

and

appraisal review

are intentionally generic and

are not mutually exclusive. For example, an opinion of value may be required as part of an appraisal review

assignment. The use of other nomenclature for an appraisal or appraisal review assignment (e.g., analysis,

counseling, evaluation, study, submission, or valuation) does not exempt an appraiser from adherence to the

Uniform Standards of Professional Appraisal Practice

.

1

APPRAISAL REVIEW

: (noun) the act or process of developing an opinion about the quality of another appraiser’s

work that was performed as part of an appraisal or appraisal review assignment; (adjective) of or pertaining to an

opinion about the quality of another appraiser’s work that was performed as part of an appraisal or appraisal review

assignment.

Comment: The subject of an appraisal review assignment may be all or part of a report, workfile, or a

combination of these.

APPRAISER:

one who is expected to perform valuation services competently and in a manner that is independent,

impartial, and objective.

Comment: Such expectation occurs when individuals, either by choice or by requirement placed upon them

or upon the service they provide by law, regulation, or agreement with the client or intended users, represent

that they comply.

2

APPRAISER’S PEERS:

other appraisers who have expertise and competency in a similar type of assignment.

ASSIGNMENT:

a valuation service that is provided by an appraiser as a consequence of an agreement with a client.

ASSIGNMENT CONDITIONS:

Assumptions, extraordinary assumptions, hypothetical conditions, laws and regulations,

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

Comment: Laws include constitutions, legislative and court-made law, administrative rules, and ordinances.

Regulations include rules or orders, having legal force, issued by an administrative agency.

ASSIGNMENT RESULTS:

An appraiser’s opinions or conclusions developed specific to an assignment.

3

Comment: Assignment results include an appraiser’s:

• opinions or conclusions developed in an appraisal assignment, not limited to value;

• opinions or conclusions, developed in an appraisal review assignment, not limited to an opinion about the

quality of another appraiser’s work; or

• opinions or conclusions developed when performing a valuation service other than an appraisal or

appraisal review assignment.

1

See Advisory Opinion 21,

USPAP Compliance

.

2

See PREAMBLE

and Advisory Opinion 21,

USPAP Compliance

.

3

See Confidentiality section of the ETHICS RULE.

DEFINITIONS

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

89

90

91

92

93

94

95