What is an example of terminology that may have a common understanding outside of appraisal but is not uniquely defined in USPAP?

The choice of "methods and techniques" as terminology that may have a common understanding outside of appraisal but is not uniquely defined in USPAP is insightful. In the context of appraisal, "methods" often refer to the broader strategies employed during the valuation process, while "techniques" can imply specific procedures or practices within those methods. However, USPAP does not provide a precise definition for these terms, leaving them relatively open to interpretation.

This contrasts with other terms like "comparable sales," which have a more specific connotation in appraisal practice, focusing on properties used to assess the value of a subject property. "Market analysis" also has a defined context in appraisal, involving the assessment of market conditions and trends relevant to property valuation.

By understanding the distinctions in terminology, professionals in the appraisal field can communicate more effectively while also recognizing that certain terms carry different implications outside of the specific context of USPAP and real estate appraisal, making "methods and techniques" a fitting choice.