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 effective date establishes the point in time to which the value opinion applies and is a mandatory disclosure.

Question 2

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

Accepted Answer

Appraisal report

Answer

An appraisal report contains more detail and supporting analysis than a restricted appraisal report.

Question 3

A restricted appraisal report is appropriate when:

Accepted Answer

There is only one identified intended user

Answer

Restricted reports are limited to a single client/intended user because the supporting detail is kept in the workfile.

Question 4

The intended use of an appraisal report should be:

Accepted Answer

Clearly stated by the appraiser

Answer

The appraiser must identify and state the intended use to frame the scope of work appropriately.

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

Restricted reports keep the supporting analysis in the workfile so the conclusions can be documented if needed.

SAEE Test Practice Test