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

USPAP's Record Keeping Rule requires workfiles to be retained for at least 5 years from the date of the report or 2 years after final legal resolution, whichever is later.

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

Standards Rule 3-2 requires the review appraiser to state whether they agree or disagree with the opinions, conclusions, and methodology in the work under review.

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

For federal estate tax purposes, value is determined as of the decedent's date of death, or the alternate valuation date (6 months later) if elected by the estate.

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

USPAP requires the report to state the intended use, which directly influences the appropriate scope of work and the level of detail required.

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

USPAP permits an opinion expressed as a range but requires the report to explain why the range is appropriate for the specific assignment.

SAEE Test Practice Test

SAEE Test Practice Test

SAEE SAEE - Valuation Reporting Requirements Questions and Answers 5