FREE SRA Appraisal Reporting & Documentation Questions and Answers

Question 1

Which report type provides the most detail in a residential appraisal?

Accepted Answer

Narrative report

Answer

Restricted-use report

Answer

Summary report

Answer

Short-form report

Question 2

Which section of the appraisal report explains how adjustments were made to comparable sales?

Accepted Answer

Sales comparison approach analysis

Answer

Subject property description

Answer

Neighborhood overview

Answer

Addendum

Question 3

Which of the following is required in every appraisal report under USPAP?

Accepted Answer

Signed appraiser’s certification

Answer

Color photographs of the subject

Answer

Sketch of the building layout

Answer

Copy of the appraiser’s license

Question 4

What should an appraiser do if additional explanation is needed beyond standard report forms?

Accepted Answer

Include an addendum with additional detail

Answer

Leave the section blank

Answer

Use footnotes in the margins

Answer

Explain verbally to the client only

Question 5

What is the purpose of reconciliation in an appraisal report?

Accepted Answer

To finalize the value conclusion

Answer

To ensure all grammar is correct

Answer

To summarize the neighborhood data

Answer

To list the adjustments made to each comp