SAEE - Valuation Reporting Requirements Questions and Answers Flashcards
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Under USPAP, which section specifically addresses the reporting requirements for real property appraisals used in senior appraisal exam contexts?
Answer: Standards Rule 2-2
Standards Rule 2-2 sets forth the content requirements for real property appraisal reports.
When preparing a restricted appraisal report, which of the following is TRUE regarding the intended users?
Answer: The only intended user is the client
A restricted appraisal report limits the intended users to only the client.
What must an appraiser include in a valuation report when the property has a significant environmental issue?
Answer: A disclosure of the condition and its impact on value
Appraisers must disclose known environmental conditions and analyze their effect on the property's value.
In a valuation report, what is the primary purpose of the reconciliation section?
Answer: To explain how different approaches were weighted to arrive at the final value conclusion
The reconciliation section explains the reasoning behind the final value opinion by weighing the results of different valuation approaches.
Which type of valuation report requires the MOST detailed presentation of data and analysis?
Answer: Appraisal report with detailed format
An appraisal report in detailed format contains the most comprehensive presentation of the appraiser's data, reasoning, and conclusions.
What is required when an appraiser uses an extraordinary assumption in a valuation report?
Answer: It must be clearly disclosed and its impact on the assignment results explained
USPAP requires that extraordinary assumptions be clearly stated and that the appraiser explain how they affect the value conclusion.