Scope of Work and Reporting Requirements Flashcards

Under USPAP, an 'intended user' is best defined as:

Answer: The client and any other party the appraiser identifies as relying on the results

Intended users are the client plus any other parties identified by the appraiser as users of the results in the appraisal process.

If the scope of work changes materially after an appraisal assignment begins, USPAP requires the appraiser to:

Answer: Reassess whether the changed scope still produces a credible result and update accordingly

A material change in scope requires the appraiser to evaluate whether the revised scope still meets the credibility standard and adjust the analysis as needed.

In a USPAP appraisal report, the effective date of the appraisal is:

Answer: The date to which the value opinion applies

The effective date is the point in time to which the appraiser's value opinion applies, which may differ from the report date.

When is a retrospective appraisal commonly used in real property appraisal?

Answer: To establish value at a past date, such as for estate or litigation purposes

Retrospective appraisals establish value as of a past date, commonly needed for estate settlement, tax appeals, or litigation.

Under USPAP, what must an appraiser do if the scope of work agreed upon by the client is insufficient to produce a credible result?

Answer: Decline the assignment or expand the scope to ensure credibility

If the agreed-upon scope is insufficient for a credible result, the appraiser must either expand the scope or decline the assignment.

Which statement about the certification required in a USPAP-compliant real property report is TRUE?

Answer: All appraisers who contribute significantly must sign the certification

Under STANDARD 2, each appraiser who contributes significant professional assistance must sign the certification or be identified within it.