IACP Reporting Standards & Documentation Practices 4

Question 1

Which USPAP Standards Rule governs the written appraisal report for real property?

Accepted Answer

Standards Rule 2-2

Answer

Standards Rule 2-2 specifies the content requirements for each type of written real property appraisal report.

Question 2

An appraisal report that states 'The value conclusion is subject to the completion of repairs per the plans and specifications provided' is using which type of condition?

Accepted Answer

Hypothetical condition

Answer

Appraising 'as completed' per plans treats a future state as if it existed at the effective date, which is a hypothetical condition.

Question 3

The intended use of an appraisal must be stated in the report because it:

Accepted Answer

Defines the problem the appraisal is designed to solve

Answer

The intended use frames the appraisal problem and determines what type of analysis and report content is appropriate.

Question 4

In residential appraisal practice, the Uniform Appraisal Dataset (UAD) standardizes:

Accepted Answer

Field entries and condition/quality ratings on GSE forms

Answer

The UAD establishes standardized definitions and formats for specific fields on Fannie Mae and Freddie Mac appraisal forms.

Question 5

When comparables are located outside the subject's immediate neighborhood, the appraiser must:

Accepted Answer

Explain why proximate comparables were insufficient

Answer

Using distant comparables requires the appraiser to explain why adequate sales within the neighborhood were unavailable.

(IACP) Independent Appraisers Certification Program Practice Test

(IACP) Independent Appraisers Certification Program Practice Test

IACP Reporting Standards & Documentation Practices 4