RPA Report Writing & Ethical Standards 4

Question 1

A 'hypothetical condition' in an appraisal differs from an extraordinary assumption in that it:

Accepted Answer

Assumes something known to be false as if it were true for the purpose of analysis

Answer

A hypothetical condition is used when the appraiser assumes something that is contrary to fact, such as analyzing a vacant lot as if it were improved.

Question 2

When reporting the results of a real property appraisal, the appraiser must:

Accepted Answer

Clearly and accurately disclose all assumptions, extraordinary assumptions, hypothetical conditions, and limiting conditions

Answer

USPAP Standard 2 requires clear and accurate disclosure of all assumptions, extraordinary assumptions, hypothetical conditions, and limiting conditions that affect the assignment results.

Question 3

Which statement about oral appraisal reports is accurate under USPAP?

Accepted Answer

Oral reports must be substantiated by work file documentation sufficient to support the conclusions

Answer

USPAP permits oral reports but requires the appraiser to maintain a work file that supports the opinions and conclusions communicated orally.

Question 4

The USPAP Record Keeping Rule requires appraisers to retain work files for a minimum of:

Accepted Answer

Five years after preparation or two years after final disposition of any judicial proceeding, whichever is later

Answer

USPAP requires work files to be retained for at least five years after preparation or two years after final judicial disposition, whichever is later.

Question 5

An appraiser signs a report as a 'supervisory appraiser.' This means the supervisory appraiser:

Accepted Answer

Accepts responsibility for the report and the work of the trainee appraiser

Answer

A supervisory appraiser's signature indicates acceptance of full responsibility for the appraisal report and the trainee's work used in it.

(RPA) Real Property Appraiser Certification Practice Test

(RPA) Real Property Appraiser Certification Practice Test

RPA Report Writing & Ethical Standards 4