Valuation Reporting Requirements Flashcards

The workfile for an assignment must be retained for:

Answer: A minimum period set by applicable standards

Standards require workfiles to be kept for a minimum retention period after the assignment or related proceedings.

A credible report conclusion is one that is:

Answer: Worthy of belief and supported by the analysis

Credible means worthy of belief, based on the evidence and analysis appropriate to the assignment.

When reporting a value as a range, the appraiser must:

Answer: Explain and support the use of a range

Reporting a range is permissible when explained and supported within the report.

The certification should disclose any contingent compensation because:

Answer: It could create bias affecting credibility

Fees contingent on a value outcome create a conflict that must be disclosed to protect impartiality.

If a report will be used for litigation, the appraiser should:

Answer: Account for it in scope and reporting

Knowing the litigation use affects the appropriate scope of work and the level of reporting detail.

A report transmitted electronically must still:

Answer: Comply with the same content and certification requirements

Electronic delivery does not reduce the content, signature, or certification requirements of a report.

Disclosing the appraiser's competency relative to the assignment is important when:

Answer: The assignment involves an unfamiliar property type or market

The competency requirement may require disclosure and steps to gain competence for unfamiliar assignments.