Valuation Reporting Requirements Flashcards
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Read the first 7 Valuation Reporting Requirements flashcards as text
The scope of work in a report should reflect:
Answer: The type and extent of research and analysis performed
Scope of work describes the research and analysis actually performed to develop credible results.
If a value opinion relies on an extraordinary assumption, the report must:
Answer: Clearly disclose the assumption
Extraordinary assumptions must be disclosed because, if false, they could alter the conclusions.
A hypothetical condition differs from an extraordinary assumption because it:
Answer: Is known to be contrary to fact as of the effective date
A hypothetical condition is presumed contrary to known facts but used for analysis purposes.
Reporting requirements generally demand that the report be:
Answer: Not misleading and contain sufficient information
Reports must be clear, not misleading, and contain enough information for intended users to understand them.
The identification of the property rights appraised should appear:
Answer: In the report
The interest or rights being valued (e.g., fee simple, leased fee) must be stated in the report.
When multiple appraisers sign a report, each signer:
Answer: Accepts responsibility per their certification
Each appraiser who signs accepts the responsibilities described in their certification.
A report that omits the definition of value used would be considered:
Answer: Potentially misleading and deficient
Stating the applicable definition of value (e.g., market value) is required for the conclusion to be meaningful.