Appraisal Report Writing & Communication Flashcards
7 cards from real CGA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Appraisal Report Writing & Communication flashcards as text
The certification required in a USPAP-compliant appraisal report must confirm that:
Answer: The analyses and conclusions are the appraiser's unbiased, personal professional opinions
USPAP's mandatory certification requires the appraiser to attest that the statements and conclusions are their own impartial professional analyses, free from any bias or pressure to reach a predetermined outcome.
What is a 'desk review' in appraisal practice?
Answer: A review of an appraisal report conducted without inspecting the subject property or comparables
A desk review involves analyzing the appraisal report and its supporting data without physically inspecting the subject property or comparable sales used in the analysis.
Why is a narrative report preferred over a form report for complex commercial appraisals?
Answer: Narrative reports allow detailed explanation of complex analysis, market conditions, and reasoning
Narrative reports provide the flexibility and space needed to explain the multi-faceted analysis, market dynamics, and judgment calls inherent in complex commercial property valuations.
Which of the following is a typical element found in the 'statement of assumptions and limiting conditions' of an appraisal report?
Answer: Standard assumptions regarding good and marketable title, accurate surveys, and no undisclosed environmental contamination
Standard assumptions typically include that title is good and marketable, existing surveys are accurate, and there is no undisclosed environmental contamination that would affect value.
When an appraiser performs a 'field review,' they are required to:
Answer: Physically inspect at minimum the exterior of the subject property and comparable sales
A field review requires the reviewer to at minimum inspect the exterior of the subject property and the comparable sales to verify the accuracy and adequacy of the report under review.
The 'date of report' differs from the 'effective date' in that:
Answer: The date of report is when the report was signed/completed; the effective date is the date to which the value opinion applies
The date of the report is when the appraiser signed and completed it, whereas the effective date is the specific point in time to which the value conclusion pertains, which could be retrospective, current, or prospective.
Under USPAP's confidentiality rule, an appraiser may NOT disclose confidential information or assignment results without:
Answer: Prior client authorization or another USPAP-recognized exception
USPAP's Ethics Rule prohibits appraisers from disclosing confidential information or assignment results to anyone other than the client without the client's consent, except in authorized exceptions such as responding to a state enforcement body.