SAEE SAEE - Valuation Reporting Requirements Questions and Answers 3

Question 1

Under USPAP, which element is REQUIRED to be included in the certification of a real property appraisal report?

Accepted Answer

A statement that the appraiser's compensation is not contingent on a predetermined value

Answer

USPAP Standards Rule 2-3 requires the certification to state that compensation is not contingent on a predetermined value or direction in value.

Question 2

When a valuation report contains an extraordinary assumption, the appraiser must:

Accepted Answer

Clearly state the assumption and note it could affect the assignment results

Answer

USPAP requires that extraordinary assumptions be clearly stated and that the report indicate they could affect assignment results.

Question 3

The Scope of Work in a valuation report must describe:

Accepted Answer

The extent of research and analyses applied in the assignment

Answer

USPAP's Scope of Work Rule requires disclosure of the extent of research (data collected, sources consulted) and analyses applied.

Question 4

A Restricted Appraisal Report differs from an Appraisal Report primarily in that it:

Accepted Answer

Contains less content but may reference the workfile for detail

Answer

A Restricted Appraisal Report contains fewer content requirements and relies on the workfile for supporting details, with use restricted to the client only.

Question 5

Under USPAP, which of the following is an acceptable basis for departing from a SPECIFIC REQUIREMENT of a standard?

Accepted Answer

The scope of work makes the requirement unnecessary for credible results

Answer

Under USPAP, departures from specific requirements are permitted only when the scope of work makes compliance unnecessary for credible results.

SAEE Test Practice Test

SAEE Test Practice Test

SAEE SAEE - Valuation Reporting Requirements Questions and Answers 3