CGA Appraisal Report Writing & Communication

Question 1

According to current USPAP, what are the two types of written real property appraisal reports?

Accepted Answer

Appraisal Report and Restricted Appraisal Report

Answer

Self-Contained Report and Summary Report

Answer

Complete Report and Limited Report

Answer

Narrative Report and Form Report

Question 2

A Restricted Appraisal Report under USPAP is appropriate when:

Accepted Answer

The intended users are limited to the client only

Answer

The client is a federal government agency

Answer

The intended use involves complex commercial analysis

Answer

The subject property is residential real estate

Question 3

Which of the following must be stated in every written appraisal report per USPAP?

Accepted Answer

The type and definition of value and its source

Answer

The appraiser's compensation for the assignment

Answer

A list of all comparable sales considered

Answer

The client's intended purchase price

Question 4

In an appraisal report, the scope of work disclosure must include:

Accepted Answer

A description of the research and analyses performed

Answer

The appraiser's hourly billing rate

Answer

The names of all market participants interviewed

Answer

The client's intended disposition of the property

Question 5

What is the primary purpose of 'limiting conditions' in an appraisal report?

Accepted Answer

To disclose assumptions made where actual facts were unavailable or unverified

Answer

To cap the appraiser's liability at a set dollar amount

Answer

To restrict distribution of the report to third parties

Answer

To limit the property's marketability on the open market

Question 6

Which Fannie Mae/Freddie Mac form is the standard report for single-family residential appraisals submitted to GSE lenders?

Accepted Answer

Form 1004 (Uniform Residential Appraisal Report)

Answer

Form 1073 (Individual Condominium Unit)

Answer

Form 2055 (Exterior-Only Inspection)

Answer

Form 1007 (Single Family Comparable Rent Schedule)

Question 7

When an appraiser uses an extraordinary assumption, USPAP requires them to:

Accepted Answer

State the assumption and note it could alter the value conclusion if found false

Answer

Obtain written approval from the state appraisal board before proceeding

Answer

Obtain a co-signature from a second certified appraiser

Answer

Refuse to issue a value opinion until the assumption is confirmed