CRPA CRPA Corporate Relocation Policy & ERC Guidelines 1

Question 1

What organization publishes the primary industry standards and guidelines that govern relocation appraisal practices in the United States?

Accepted Answer

The Employee Relocation Council / Worldwide ERC

Answer

Worldwide ERC (formerly the Employee Relocation Council) publishes the relocation appraisal standards and guidelines most widely adopted by corporations and RMCs in the U.S.

Question 2

Under Worldwide ERC guidelines, how many independent appraisals are typically required to establish an Appraised Value Offer (AVO) for a transferee's home?

Accepted Answer

Two independent appraisals, with a third ordered if the first two diverge significantly

Answer

ERC guidelines call for two independent appraisals; if those values diverge beyond an acceptable threshold, a third appraisal is ordered to resolve the discrepancy.

Question 3

What is the primary purpose of a corporate relocation policy?

Accepted Answer

To define the scope, benefits, and reimbursements provided to employees during a company-initiated move

Answer

A corporate relocation policy documents what financial and logistical benefits the employer will provide to employees who relocate at the company's request.

Question 4

Which term describes the maximum dollar amount an employer will pay toward a transferee's relocation benefits?

Accepted Answer

Policy ceiling / policy cap

Answer

A policy cap or policy ceiling is the maximum amount the employer commits to spending on a single relocation, beyond which the transferee bears costs personally.

Question 5

In ERC relocation appraisal guidelines, what does 'anticipated marketing time' refer to?

Accepted Answer

The estimated time it should take to sell the property at its appraised value in the current market

Answer

Anticipated marketing time is the appraiser's estimate of how long it will realistically take to sell the property at the recommended list price under current market conditions.

(CRPA) Certified Relocation Professional Appraiser Practice Test

(CRPA) Certified Relocation Professional Appraiser Practice Test

CRPA CRPA Corporate Relocation Policy & ERC Guidelines 1