ARA Report Writing & Ethical Standards 5

Question 1

Under USPAP, an 'intended user' is defined as:

Accepted Answer

The client and any other party identified by the appraiser as a user of the report

Answer

Intended users include the client and any additional parties the appraiser identifies as users at the time of the assignment.

Question 2

A rural appraisal report that includes a personal property contribution (e.g., grain bins) must:

Accepted Answer

Separately identify and, if included in value, allocate the personal property component

Answer

When personal property is included in the value estimate, the appraiser must separately identify and allocate its contributory value to avoid misleading the reader.

Question 3

An appraiser performing a review appraisal of a rural property report must, at a minimum:

Accepted Answer

Form an opinion about the quality of the work under review

Answer

Standards Rule 3 requires the review appraiser to form an opinion about the quality and completeness of the work being reviewed.

Question 4

When a rural appraisal report is used in an eminent domain proceeding, the appraiser must be aware that:

Accepted Answer

Jurisdictional law may define compensation differently than USPAP market value

Answer

Eminent domain proceedings are governed by jurisdictional law, which may define just compensation differently from USPAP's market value definition.

Question 5

Which practice is consistent with USPAP's Ethics Rule regarding advertising?

Accepted Answer

Accurately stating credentials, services offered, and geographic competency

Answer

The Ethics Rule requires that advertising be accurate, not misleading, and not make unsupported claims about services or results.

(ARA) Accredited Rural Appraiser Practice Test

(ARA) Accredited Rural Appraiser Practice Test

ARA Report Writing & Ethical Standards 5