About This Chapter
Uniform Standards of Professional Appraisal Practice (USPAP) - Chapter Summary
When preparing for a career in property, asset or business appraisal, it's essential that you familiarize yourself with the Uniform Standards of Professional Appraisal Practice, or USPAP. If you would like to learn about USPAP, you can read through the informative text lessons you will find included in this chapter.
These lessons will cover all of the essential elements of USPAP, including tools and rules needed to properly implement these standards. You will also learn about practical usage of USPAP tools, as well as specific terminology needed to fully understand these processes. Specific topics you will learn about include:
- The definition and rules of USPAP
- USPAP standards and applications
- Interpreting appraisal reports
- Terminology used in appraisal and inspection
When you complete a specific lesson, you can then take that lesson's practice quiz to test your understanding of that particular topic. The chapter as a whole concludes with a final exam that will assess you on the overall topic. Be sure to use your personal Dashboard to keep track of your learning progress as you complete different lessons and quizzes.
1. USPAP: Definition & Rules
In this lesson we will identify and summarize the five basic rules for real estate appraisers found in the preamble to the Uniform Standards of Professional Appraisal Practice.
2. Uniform Standards of Professional Appraisal Practice (USPAP): Standards & Applications
There are set standards in the United States for appraisers. These Uniform Standards of Professional Appraisal Practice guide appraisers with ethical and professional development and reporting in appraisal.
3. How to Interpret an Appraisal Report
In this lesson, you will learn how to interpret a uniform residential appraisal report. You will see where an appraiser assigns a value to the home, the approaches that the appraiser used to reach that value, and the key areas to focus on when you review the report.
4. Construction Terms Used in Property Appraisals & Inspections
Appraisal and inspection reports often include construction and building terms to describe improvement of a property. Real estate professionals needs to have a basic familiarity with common terms to understand these reports.
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Other chapters within the Florida AQB Certified General Appraiser Exam: Study Guide course
- The Real Estate Market
- Real Estate Investment & Analysis
- Land Use & Regulations
- Transferring Real Property
- Land Descriptions & Surveys
- Forms of Property Ownership
- Advanced Property Ownership Issues
- Land & Site Valuation
- Sales Comparison Approach to Real Estate Valuation
- Cost Approach to Real Estate Valuation
- Income Approach to Real Estate Valuation