7 development of pp app focuses on opinion of value in specified mkt / specified mkt level rather than ? == h&B use which standard expresses cert in compliance with standard is not intended to disturb an elected appointed assessor work plan? == 6 6 6 primary purpose of app consulting assignment ? BE to develop appraisal / appraisal review == CAN NOT THERE are ? DEFINED appraisal consulting report options === NO WHICH term is defined by uspap as a math expression of how supply and demand factors interact in mkt == MASS APPRAISAL MODEL PARTNERSHIP interest == business equity in appraisal of intangible property According to 8 appraisal consulting report ? be communicated ORALLY == may may may can the source of value opinon used in appraisal consulting assignment come from source other than counsulting app? == YES WHICH is defined as act/ process of developing analysis recommendation opion to solve problem where an opinion of value is component of analysis leading to assignment results == appraisal consulting intangible assets CAN NOT be physically inspected == for appraisal business enterprise of intangible asset only 2 reporting Under standard 7 concept of H&B use is alternatively examined in a ? based on potential sale of prop == SPECIFIED MKT OR AT SPECIFIED MKT LEVEL When appraising pp standard 7-2 e obligate app to identify item and identify characteristics sufficient to establish the ? of the item within its use == RELATIVE QUALITY according to 10-2 reporting result of app of business enterprise of intangible asset NO DISCUSS of ? concept typically does not apply == HIGHEST AND BEST USE When appraiser determine that opinion of value should be based on liquidation of business interest, the interest being appraised must be == MARKETABLE AND/ OR ABLE TO BE liquidated ANY tangible prop not rp == p p in an appraisal of pp, prior sale of subject property must be analysed for what period of time? == reasonable and applicable time period according to 7-3b appraiser define and analyse the ? consistent with type and definition == APPROPRIATE MARKET An oral pp app rept msut address substantive matters set forth in 8-2b for ? app rept ? == summary pp app repot can be prepared using == SC / sU / RU app rept in a self-contained app rept for pp, support and rationale for app opinion of app mkt / mkt level === DESCRIBED RATHER THAN TYPE OF value that must be identified in other type of assigment 9-2 require app to identify ? of value == STANDARD BUSINESS ENTERPREISE == entity pursuing economic activity which intangible? == patents in appraisal of business / intangible asset/ past sales / capital stock or other ownership interest must be analysed when necessary for credible assignment result for what period of time? == NO SPECIFIED TIME PERIOD FOR Appraisal business enterprise of intangible asset 2 reporting options: ? report and R use app === appraisal standard 6-8j require mass app report, app must ? scope of work used to develop app === describe SPECIFIED MKT OR AT SPECIFIED MKT LEVEL in an appriaser's final reconcilation analysis, 6-7b require she employ recognised mass appraisal ? to ensure standard of accuracy are maintained == testing procedures and tech in a mass appraisal certifcation ? an elected / appointed assessor's work plans / oaths in office == is not intended to disturb in a appraisal for ad valorem taxation purpose when only 1 property is subject of app assignment == standard 1 1 1 subject of mass appraisal == CAN BE REAL / PP MASS appraisal is process of valuing ? properties == universe of which rule in uspap 6-2c take precedence and apply about legal def of mkt value === jer jurisdictional exception rule Standard rule 6-4b obligate appraiser to employ recognised technique for == specifying property valuation models standard rule 6-3 contain alalysis steps regarding mass appraisal == of rp pp standards 6-4c app emply recorgnised techniques for ? mass appraisal methods == CALIBRATING 3-1 contain lang regarding == basic requirement for competency and diligence 3-2 reviewer MUST NOT: A allow internde use / client objective to cause BIASED b ADVOCATE CLIENT objective 3-2ab review because a QC / Audit/ Qualification/ Confirmation ========== According to standard rule 4-2h if opinion of value used in real property consulting assignment is from source other than consulting appraiser, assignment may INCLUDE ? == REVIEW prepared in compliance with standard 3 MISREPRESNETING purpose of assignment performed under 4 violate ? == ETHICS THE opinion of value being used as componenet of analysis leading to app consulting assignment conclusion == could be developed by consulting appraisser / could come from another source which would NOT BE an example of appraisal consulting assignment ? == value opinon of COMPLETED DEVELOPMENT METHOD standard rule 4-2h obligates an app performing Real property app consulting assignment to ensure that any opinion of value being used as component of analysis was developed in compliance with == 1 1 1 Standard rule 4-1 requires app to NOT RENDER real property appraisal consulting services == in careless / negligent manner according to standard rule 4-2 if an opinion of value used in RP consulting assignment is from a source other than consulting app assignment may include ?? of that appraisal == review prepared in complaince with standard 3 standards rule 5-1 requires real property app consulting reports to be ? to enable Iusers to understand and follow the reasoninng through each step analysis == [not in writing] sufficiently comprehensive under standard 5, in an appraisal consulting assignment appraiser must ? each analysis, opinion and conclusion in a manner that is not misleading == communicate standard rule 5-3 addresses an appraiser's obligation ? in a real property appraisal consulting report == to include a signed certification under standard 5-2 real property appraisal consulting report ? == combines minimum levels of stating and summarizing info according to standard rule 5-2g if consulting appraiser developed the value opinion used real property appraisal consulting assignment, info must be reported in complaince with === standards rule 2-2a b c when developing and communicating the results of a real property appraisal consulting assignment, which statement is TRUE?? === MORE THAN 1 DEVELOPMENT AND reporting standard may apply in the assignment oral app report == must address substantive matters set forth in standard rule 3-5 content of app review report must be consistent with == intended use of app review when the scope of work in app review includes the reviewer developing his own opinion / conclusion , the reviewr is NOT REQUIRED to == REPLICATE the steps reviewer must NOT SIGN the work under review unless he ?? == intend to accept responsibility as a COSIGNER of that work the subject of an ap review may be entire report, portion, workfile or == COMBINATION OF THESE According to standard rule 3-2 when identifying purpose of appraisaal, reviewer must determine if assignment include reviewer ?? == developing his own opinions / conclusion when scope of work in app review includes reviewer developing his own opinion / conclusion/ reviewer is not required to ?? == ========= CHIRSTOPHER review and sign == accept responsibility, content, ALL ELEMEMT in a review of app report, when opinion and conclusion are expressed by review that occur / disagree with opinion and coclusion in work being reviewed, those opinions and conclusion must ?? == BE DEVELOPED IN ACCORDANCE with applicaable deve standard data and analysis provide by reviewer to support diff opinion / conclusion in app review == summary app standard rule 3-4 covers the ? requirement that apply to app review assignment === GENERAL REPORT According to standard rule 3-5d under what circumstance must a reviewer identify app who perform work being reviewed App review report == ALWAYS, UNLESS IDENTITY IS WITHHELD by client standard rule 3-5 expands on the requirement of the ? == minimum report content 3-2 identify numerous assignment element for ARA which NOT?? == MINIMUM REPORT CONTENT 3 app perform app review == reviewer standard 3-1 contain lang regarding == basic requirement for competency and dilegence use an ? is required legal purposes for purpose of reasonable analysis / comparison =====HC during app review assignment, marty included an EA extraordinary assumption == there is a reasonable basis for EA extraoridnary assumption andy is begining app review. andy must apply app review method and tech necessary for credible assignment results which DOES NOT INCLUDE- == performing the review with PERFECTION SArah identify work under review NOT INCLUDE ?? == credit of app in work under review reviewer ?? CLIENT OBJECTIVE == must not JENNIFER is review and disagree some analysis == deve REASONS FOR ANY DISAGREEMENT CARLY is developing her own opinion of value app review, she must comply with the ? applicable to deve of her opinion == standard when review app is developing his own opinion or or conclusion, EFFECTIVE DATE == SAME / DIFF ========== 3-2g obligation in review assign == identify HC necessary? == only legal/ reasonable/ comparison purpose / use HC in credible analysis/ comply with disclosure req 3-2h scope of work rule == deve app review, reviewer must if should have been considered by origianl app CAN BE USE == INFO not avail to orig app in NORMAL COURSE MAY be used by reviewer BUT NOT USE IN DEVE OPINION AS TO QUALITY OF WORK 3-3 apply app review method and tech to produce credible result == review process can address ADEQUACY of analysis / adequacy of report of analysis 3-3C REquirement apply if reviewer own opinion apply : a concurr with O n C in work under review b DIFFER from O n C opinon and conclusion Scope of work / effective date / 3 SUBJECT OF REVIEW == entire report / portion of report / workfile 3 does not dictate FORM, FORMAT / STYLE OF app review report 1 6 7 9 == APPLY REVIEWER OPinion of value for property that is subject of ARA 3 == apply to reviewer opinon of quality for work that is subjecto of ARA 4 == apply to reviewer ANALYSIS, RECOMMEN / OPINION for consuliting problem standard 4 5 == requirement for development and reporting RE appraisal consulting assignment 6 == est requirement for deve and reporting MASS APPRAISAL 7 8 == PERSONAL PROPERTY 9 10 == BUSINESS / INTANGIBLE ASSET APPRAISAL 4-2 similar 1-2 ? == identify client and Iuser/ identify uses mass appraisal = process of valuing universe of properties as of given date using standard methodology, employing comon data, and allowing for statistical testing formal development of model in statement / equation == model specification calibration == process of analysing sets of property and mkt data to determine specific parameters of model eg multiple linear regress/ non linear regression / adaptive estimation VALUE site methods / tech == sale comparison / allocation meth/ abstraction meth/ cap of ground rent/ land residual tech == uspap appraiser can apprasie JEWELREY TOO FURNISHING , artwork antique, gems jewelry, collectible, machinery and equipment and all tangible property not classed as rp 7 ==1 8 SIMIAR 2 == A SELF CONTAINED APP RPT/ B SUMMARY APP RPT / C RESTRICTED USE APP REPT 10-2 ONLY 2 REPORTING OPTIONS == app report / restricted use app rept [client must be the ONLY INTENDED USER] NO REFERENCE TO PERSONAL INSPECTION == not possible to inspect intangible assets