SAEE Valuation Reporting Requirements 2

Question 1

A complete appraisal report must always include which of the following?

Accepted Answer

The effective date of the value opinion

Answer

The appraiser's personal income

Answer

The lender's loan portfolio size

Answer

The borrower's credit score

Question 2

Which report option provides the most comprehensive level of detail under reporting standards?

Accepted Answer

Appraisal report

Answer

Restricted appraisal report

Answer

Oral report

Answer

Update letter

Question 3

A restricted appraisal report is appropriate when:

Accepted Answer

There is only one identified intended user

Answer

The property is residential

Answer

The lender requests it for underwriting many parties

Answer

The value exceeds a set threshold

Question 4

The intended use of an appraisal report should be:

Accepted Answer

Clearly stated by the appraiser

Answer

Left to the reader's interpretation

Answer

Decided by the borrower

Answer

Omitted to protect privacy

Question 5

Which item must be retained in the workfile even if it is not fully detailed in a restricted report?

Accepted Answer

The supporting analysis and data

Answer

The marketing budget

Answer

The buyer's agent commission

Answer

The title insurance binder

Question 6

A signed certification in an appraisal report primarily attests that:

Accepted Answer

The appraiser performed the work without bias

Answer

The value will not change

Answer

The lender approved the loan

Answer

The market will rise

Question 7

When an appraisal report references prior services on the same property, the appraiser must:

Accepted Answer

Disclose the prior service to the client

Answer

Conceal the prior work

Answer

Refuse the new assignment automatically

Answer

Charge double the fee