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Notes Information:

• Material Type: Outline
• University: Virginia Polytechnic Institute And State University
• Subject: Agricultural and Applied Economics
• Term: Fall 2009
• Materials for this Subject: 95

Sample Document Text:

Chapter 3: The Formal Appraisal Process I. The Appraisal Process a. USPAP calls for four step process; i. Identify the problem ii.Identify appropriate solutions iii.Execute appropriate scope of work iv.Report findings and conclusions b. Step 1: Define the Problem: six critical elements i. Client and other intended users ii.Intended use of appraisers conclusions iii.Type and definition of value iv.Effective date of appraisers conclusions v.Subject of Assignment vi.Any assignment conditions c. Intended use suggests what type of report needs to be made; self contained, summary and restricted use reports d. Exposure Time: length of time property was assumed to be exposed to the market prior to date of value e. Assignment conditions include; i. USPAP: pertains to any transaction that is federally related. Usually involve FHA or Veterans Administration ii.Supplemental Standards: adds to requirements of USPAP iii.Jurisdictional exceptions: law or public policy that blocks a part of USPAP iv.Extraordinary assumptions...