Report Writing & Ethical Standards Flashcards

Under USPAP's Ethics Rule, which action constitutes a violation of the Conduct section?

Answer: Accepting an assignment with a contingent fee based on a stipulated value

Accepting compensation contingent on a stipulated value outcome is an explicit violation of USPAP's Conduct section of the Ethics Rule.

A Restricted Appraisal Report is appropriate when:

Answer: The intended use is client-use only and the client does not need supporting details in the report

A Restricted Appraisal Report is used when the client is the sole intended user and does not require detailed supporting information within the report itself.

Which USPAP Standard addresses the development and reporting of real property appraisals?

Answer: Standards 1 and 2

USPAP Standards 1 and 2 govern the development and reporting of real property appraisals, respectively.

When an appraiser discovers a prior appraisal assignment on the subject property, USPAP requires the appraiser to:

Answer: Disclose the prior service in the certification

USPAP's Ethics Rule requires disclosure of prior services on a subject property within the certification of the current report.

The term 'scope of work' in an appraisal report refers to:

Answer: The type and extent of research and analysis applied in the assignment

Scope of work describes the type and extent of research, data collection, and analysis the appraiser performs to produce credible results.

An Appraisal Review under USPAP Standard 3 requires the reviewer to:

Answer: Form an opinion about the quality of another appraiser's work

Standard 3 governs appraisal review, which involves forming an opinion about the quality, adequacy, and relevance of another appraiser's work.

Which element is REQUIRED in every written real property appraisal report per USPAP Standard 2?

Answer: A signed certification by the appraiser

USPAP Standard 2 mandates a signed certification in every written real property appraisal report.