SAEE - Valuation Reporting Requirements Questions and Answers Flashcards
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Under USPAP, the retention period for appraisal workfiles is at least:
Answer: 5 years from the date of the report or 2 years after final legal resolution, whichever is later
USPAP's Record Keeping Rule requires workfiles to be retained for at least 5 years from the date of the report or 2 years after final legal resolution, whichever is later.
An appraisal review report prepared under USPAP Standard 3 must:
Answer: State whether the reviewer agrees or disagrees with the work under review
Standards Rule 3-2 requires the review appraiser to state whether they agree or disagree with the opinions, conclusions, and methodology in the work under review.
A valuation report prepared for estate tax purposes must reflect value as of:
Answer: The date of death or the alternate valuation date elected by the estate
For federal estate tax purposes, value is determined as of the decedent's date of death, or the alternate valuation date (6 months later) if elected by the estate.
Which statement about intended use is CORRECT under USPAP reporting requirements?
Answer: The intended use must be stated in the report and affects the scope of work
USPAP requires the report to state the intended use, which directly influences the appropriate scope of work and the level of detail required.
When an appraiser provides a value range rather than a point estimate of value, the report must:
Answer: Explain why a range is appropriate for the assignment
USPAP permits an opinion expressed as a range but requires the report to explain why the range is appropriate for the specific assignment.
In a retrospective appraisal (effective date in the past), market data used in the report should primarily reflect:
Answer: Data available as of the retrospective effective date
A retrospective appraisal must reflect market conditions as of the historical effective date, using data that would have been available at that time.
When an appraiser updates a previously completed appraisal, USPAP requires the update report to:
Answer: Identify the prior report, the effective date of the update, and incorporate or summarize necessary new information
An update appraisal must reference the prior report, state the new effective date, and include or summarize material changes in value-affecting factors since the original assignment.