CGA Appraisal Report Writing & Communication 3

Question 1

The certification required in a USPAP-compliant appraisal report must confirm that:

Accepted Answer

The analyses and conclusions are the appraiser's unbiased, personal professional opinions

Answer

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.

Question 2

What is a 'desk review' in appraisal practice?

Accepted Answer

A review of an appraisal report conducted without inspecting the subject property or comparables

Answer

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.

Question 3

Why is a narrative report preferred over a form report for complex commercial appraisals?

Accepted Answer

Narrative reports allow detailed explanation of complex analysis, market conditions, and reasoning

Answer

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.

Question 4

Which of the following is a typical element found in the 'statement of assumptions and limiting conditions' of an appraisal report?

Accepted Answer

Standard assumptions regarding good and marketable title, accurate surveys, and no undisclosed environmental contamination

Answer

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.

Question 5

When an appraiser performs a 'field review,' they are required to:

Accepted Answer

Physically inspect at minimum the exterior of the subject property and comparable sales

Answer

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.

(CGA) Certified General Appraiser Practice Test

(CGA) Certified General Appraiser Practice Test

CGA Appraisal Report Writing & Communication 3