SAEE - Valuation Reporting Requirements Questions and Answers Flashcards
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When preparing a summary appraisal report (now called an Appraisal Report under current USPAP), the appraiser is required to:
Answer: Summarize or state the required elements in the report
An Appraisal Report requires that required elements be summarized or stated within the report, providing enough information for the intended users to understand the appraisal.
Which of the following must be included in a real property appraisal report according to USPAP Standards Rule 2-2?
Answer: The identity of the client and any other intended users
Standards Rule 2-2 requires the report to identify the client and any other intended users by name or type.
In a valuation report, the statement of the effective date of the appraisal is important because:
Answer: The opinion of value reflects market conditions as of that specific date
The effective date anchors the value opinion to a specific point in time, as market conditions change and value is time-specific.
An appraiser completes a real property appraisal and adds a co-signer who did not inspect the property. The report must:
Answer: Identify the co-signer's role and note the inspection limitation in the certification
USPAP requires that co-signers who did not inspect the property identify their role and disclose the nature and extent of their contribution in the certification.
Which of the following correctly describes a 'general assumption' in a valuation report?
Answer: A routine assumption common to appraisal practice that may not require explicit disclosure
General assumptions are standard appraisal conventions (e.g., assuming good title) that are widely accepted in practice and typically listed as standard limiting conditions.
USPAP requires that appraisal reports state the real property interest appraised. This is important because:
Answer: Different interests (fee simple, leasehold, etc.) can result in different values
The property interest being valued (fee simple, leased fee, leasehold, etc.) directly affects the value conclusion since different interests carry different rights and limitations.
When a valuation report for a federally related transaction omits the sales comparison approach, the report must:
Answer: Explain why the approach was excluded
USPAP and FIRREA-compliant reporting require that when any standard approach is not used, the report must explain the reason for its exclusion.