departure provision

departure provision
A specific provision in the USPAP rules for real estate appraisals. The departure provision states that: "An appraiser may enter into an agreement to perform an assignment that calls for something less than, or different from, the work that would otherwise be required by the specific guidelines." An appraisal conducted under the departure provision is called a limited appraisal.

Financial and business terms. 2012.

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  • limited appraisal — One of two types of appraisals defined by the Uniform Standards of Professional Appraisal Practice ( USPAP). Under USPAP, a limited appraisal may be performed when the appraiser invokes a USPAP provision that it calls the departure provision.… …   Financial and business terms

  • complete appraisal — A term used in the Uniform Standards of Professional Appraisal Practice ( USPAP) requirements for real estate appraisals. Synonymous with an appraisal as defined by the Federal appraisal regulations for real estate pledged to secure loans. A… …   Financial and business terms

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  • United Kingdom — a kingdom in NW Europe, consisting of Great Britain and Northern Ireland: formerly comprising Great Britain and Ireland 1801 1922. 58,610,182; 94,242 sq. mi. (244,100 sq. km). Cap.: London. Abbr.: U.K. Official name, United Kingdom of Great… …   Universalium

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