Valuation Reporting Requirements Flashcards
7 cards from real SAEE practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Valuation Reporting Requirements flashcards as text
An appraisal report should identify the client because:
Answer: It sets who the appraiser owes duties to
Identifying the client establishes the party for whom the assignment is performed and to whom confidentiality is owed.
Confidential results of an assignment may be disclosed to:
Answer: The client and parties authorized by the client or law
Confidentiality limits disclosure to the client and those specifically authorized or required by law.
The reconciliation section of a report explains:
Answer: How the final value opinion was derived from the approaches
Reconciliation analyzes the results of the approaches to value and supports the final conclusion.
If an approach to value is excluded, the report should:
Answer: Explain why it was not necessary or applicable
Excluding an approach requires disclosure and an explanation that excluding it does not impair credibility.
A report's effective date and the report date can differ because:
Answer: The value opinion may apply to a date other than when the report is signed
Retrospective or prospective values can have an effective date different from the date the report is prepared.
Sufficient information in a report means the intended users can:
Answer: Understand the report properly
The standard is that intended users can understand the report, not that any reader could reproduce it.
An appraiser revising a report after delivery should:
Answer: Document the change and reasons in the workfile
Revisions must be documented so the record accurately reflects what changed and why.