Consulting Service Assumptions and Limiting Conditions

<p>Specific standards in the development of consulting advice</p> Signup and view all the answers

<p>To ensure that consulting reports are logically and convincingly explained</p> Signup and view all the answers

<p>Setting forth the effective date of the consulting service and the date of the report</p> Signup and view all the answers

<p>Exercise extreme caution and impartiality</p> Signup and view all the answers

<p>Logical reasoning and sound professional judgment</p> Signup and view all the answers

<p>Contain sufficient information to enable the person(s) who receive or rely on the report to understand it properly</p> Signup and view all the answers

<p>Setting forth any additional information that may be appropriate to show compliance with, or clearly identify and explain permitted departures from, the requirements to Standard 1</p> Signup and view all the answers

<p>Clearly identify and accurately set forth the consulting service in a manner that will not be misleading</p> Signup and view all the answers

<p>To ensure that the client's requirements are clearly understood and addressed</p> Signup and view all the answers

<p>It is considered a violation of the Standard Rule 2-2</p> Signup and view all the answers

<p>A certification similar in content to a specified form</p> Signup and view all the answers

<p>A misleading or fraudulent report</p> Signup and view all the answers

<p>An analysis of anticipated movement of cash into or out of an investment</p> Signup and view all the answers

<p>Desire to buy coupled with ability to pay</p> Signup and view all the answers

<p>To consider judgment arrived at after careful investigation and analysis in a consulting engagement</p> Signup and view all the answers

<p>Any question arising from a historical or prospective realty investment desire dealing with difficult decision on available alternative courses of action, project, or situation</p> Signup and view all the answers

<p>'Economically feasible' refers to projects that can produce sufficient cash flows to repay expenses and provide a competitive return</p> Signup and view all the answers

<p>'Data' can be divided into four different classes - general, specific, primary, and secondary data</p> Signup and view all the answers

<p>Part of a standards rule from which departure is not permitted</p> Signup and view all the answers

<p>A certification similar in content to a specified form</p> Signup and view all the answers

<p>The standards for achieving competency and ethics in consulting practice</p> Signup and view all the answers

<p>Fiduciary relationship with the client</p> Signup and view all the answers

<p>Selection of a consultant with sound character and professional competence</p> Signup and view all the answers

<p>Not accepting engagements beyond their competence and expertise</p> Signup and view all the answers

<p>With the written consent of his client or in response to legal process</p> Signup and view all the answers

<p>Accepting engagements that are contingent on predetermined opinions or positions</p> Signup and view all the answers

<p>It determines the value of consulting services</p> Signup and view all the answers

<p>Acceptance of responsibility for content, analyses, and conclusions in the report</p> Signup and view all the answers

<p>Independence of action and objectivity in analysis</p> Signup and view all the answers

<p>If there is a conflict of interest fully disclosed in writing</p> Signup and view all the answers

<p>Precluding or limiting fee contingent on advice given</p> Signup and view all the answers

<p>They must be covered by clear statements as preliminary opinions and not appraisals</p> Signup and view all the answers

<p>A study of a proposed economic activity’s capability of being accomplished under certain conditions and assumptions of marketing, technical, or financial aspects.</p> Signup and view all the answers

<p>The use that results in the highest present value of the land after considering all legally permissible, physically possible, and economically feasible uses.</p> Signup and view all the answers

<p>To address the ability of the property to be absorbed, sold, or leased under current and anticipated market conditions.</p> Signup and view all the answers

<p>The interest, benefits, and rights inherent in the ownership of real estate.</p> Signup and view all the answers

<p>To study the supply and demand conditions for a specific type of property in the real estate market.</p> Signup and view all the answers

<p>An analysis of the potential uses of a parcel of land with consideration for legally permissible, physically possible, and economically feasible uses.</p> Signup and view all the answers

<p>Information gathered by the consultant that is not available in a published source.</p> Signup and view all the answers

<p>A duly registered and licensed natural person who offers or renders professional advice on real estate matters for a professional fee.</p> Signup and view all the answers

<p>Refers to both real estate and real property.</p> Signup and view all the answers

<p>The time period during which an income property is expected to lease up to a level stabilized occupancy.</p> Signup and view all the answers

<p>A study that reflects the relationship between acquisition price and anticipated stream of future benefits of a real estate investment.</p> Signup and view all the answers

<p>A letter accompanying a consulting report that formally presents the report to the person who requested it.</p> Signup and view all the answers