SAEE - Valuation Reporting Requirements Questions and Answers Flashcards
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According to USPAP reporting standards, what must an appraiser do when a prior service was performed on the subject property within the past three years?
Answer: Disclose the prior service in the report
USPAP requires appraisers to disclose any services they performed regarding the subject property within the three years prior to the assignment.
In a valuation report, what does the term 'scope of work' specifically refer to?
Answer: The type and extent of research and analysis performed in the assignment
Scope of work defines the extent of the process of collecting, confirming, and reporting data in an appraisal assignment.
Which element is NOT typically required in the certification section of a valuation report?
Answer: The appraiser's tax identification number
The certification requires statements about the appraiser's independence, inspection, and personal responsibility, but not their tax identification number.
When reporting a hypothetical condition in a valuation report, what is the appraiser obligated to do?
Answer: Clearly identify the condition and state that it is contrary to known facts
Hypothetical conditions must be clearly identified in the report along with a statement that they are contrary to what is known to exist.
What reporting obligation does an appraiser have regarding the effective date of a valuation?
Answer: It must be clearly stated in the report and may differ from the report date
The effective date of the appraisal must always be clearly stated and represents the date to which the value opinion applies, which may differ from the report date.
If an appraiser identifies a significant departure from standard methodology in their valuation approach, what must the report include?
Answer: A clear explanation of the departure and the reasoning for why it was necessary
Any significant departure from standard methodology must be disclosed with an explanation of why it was warranted for the specific assignment.