SAEE SAEE - Valuation Reporting Requirements Questions and Answers 5

Question 1

Under USPAP, the retention period for appraisal workfiles is at least:

Accepted Answer

5 years from the date of the report or 2 years after final legal resolution, whichever is later

Answer

2 years from the date of the report or 2 years after final legal resolution, whichever is later

Answer

1 year from the date of the report

Answer

7 years from the date of the report for all assignments

Question 2

An appraisal review report prepared under USPAP Standard 3 must:

Accepted Answer

State whether the reviewer agrees or disagrees with the work under review

Answer

Include the reviewer's own opinion of value in all cases

Answer

Only review reports prepared by licensed trainees

Answer

Be limited to a checklist format without narrative commentary

Question 3

A valuation report prepared for estate tax purposes must reflect value as of:

Accepted Answer

The date of death or the alternate valuation date elected by the estate

Answer

The date the report is submitted to the IRS

Answer

The date the property is listed for sale following death

Answer

The date the appraiser inspected the property

Question 4

Which statement about intended use is CORRECT under USPAP reporting requirements?

Accepted Answer

The intended use must be stated in the report and affects the scope of work

Answer

The intended use must match the client's actual use or the report is invalid

Answer

Intended use is optional disclosure for residential reports under $1 million

Answer

The intended use can be changed by the client after the report is delivered

Question 5

When an appraiser provides a value range rather than a point estimate of value, the report must:

Accepted Answer

Explain why a range is appropriate for the assignment

Answer

Convert to a Restricted Appraisal Report

Answer

Obtain written client consent for using a range

Answer

Be rejected — USPAP requires single-point value opinions only

Question 6

In a retrospective appraisal (effective date in the past), market data used in the report should primarily reflect:

Accepted Answer

Data available as of the retrospective effective date

Answer

Current market data to show the property's present relevance

Answer

A blend of historical and current data equally weighted

Answer

Only data from the 12 months preceding the report date

Question 7

When an appraiser updates a previously completed appraisal, USPAP requires the update report to:

Accepted Answer

Identify the prior report, the effective date of the update, and incorporate or summarize necessary new information

Answer

Repeat all analysis and narrative from the original report in full

Answer

Be signed only by the original appraiser of record

Answer

Limit the effective date to no more than 90 days from the original