FREE Appraisal Reviewer Compliance & Standards Questions and Answers
What legal consequence can result from non-compliance with appraisal standards?
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Failure to comply with appraisal standards can lead to license suspension, fines, or legal penalties.
Why is record-keeping essential in appraisal compliance?
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Maintaining accurate records ensures transparency, supports valuation accuracy, and meets regulatory requirements.
Which factor must be disclosed in an appraisal report to meet compliance standards?
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Appraisers must disclose any personal interest in the property to maintain transparency and ethical integrity.
Why is compliance with appraisal standards important?
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Adhering to appraisal standards ensures accuracy, fairness, and credibility in valuation assessments.
Which organization establishes uniform appraisal standards in the U.S.?
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The Appraisal Foundation develops and maintains the Uniform Standards of Professional Appraisal Practice (USPAP).
What is the purpose of the Uniform Standards of Professional Appraisal Practice (USPAP)?
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USPAP establishes ethical and performance standards to promote consistency and fairness in appraisals.