CGA Appraisal Report Writing & Communication 2

Question 1

A 'hypothetical condition' in an appraisal report is defined as a condition that:

Accepted Answer

Is known to be contrary to existing fact but is assumed for purposes of analysis

Answer

Has not yet occurred but is expected to occur within 12 months

Answer

Cannot be verified due to lack of available market data

Answer

Represents an estimate of future market value

Question 2

In appraisal reporting, 'reconciliation' refers to:

Accepted Answer

Weighing the results of different valuation approaches to arrive at a final value opinion

Answer

Settling fee disputes between the client and the appraiser

Answer

Correcting mathematical errors discovered after report delivery

Answer

Verifying that the legal description matches public records

Question 3

Which element is NOT required in a USPAP-compliant appraisal report?

Accepted Answer

The client's Social Security Number or tax ID

Answer

The effective date of the appraisal

Answer

The appraiser's state certification or license number

Answer

A signed certification by the appraiser

Question 4

The 'effective date' of an appraisal is best described as:

Accepted Answer

The specific date to which the value opinion applies

Answer

The date the final report is delivered to the client

Answer

The date the appraiser physically inspected the property

Answer

The date the appraiser was engaged for the assignment

Question 5

When an appraiser signs a report as a 'supervisory appraiser,' they are:

Accepted Answer

Accepting responsibility for the work performed by a trainee under their supervision

Answer

Certifying they personally performed all research and the full inspection

Answer

Conducting a peer review on behalf of a lender or AMC

Answer

Representing the client's interests in a contested value dispute

Question 6

Which of the following best describes the 'intended use' element required in an appraisal report?

Accepted Answer

The reason the client or intended users need the appraisal

Answer

The purpose the appraiser had in selecting comparable sales

Answer

The zoning classification assigned to the subject property

Answer

The type of value approach the appraiser found most reliable

Question 7

Per USPAP, an appraiser must retain the workfile for an assignment for a minimum of:

Accepted Answer

5 years after preparation, or 2 years after final disposition of judicial proceedings, whichever is longer

Answer

3 years after preparation of the report

Answer

7 years after the effective date of the appraisal

Answer

10 years after the report is delivered to the client