USPAP Standards Rules — Reporting Flashcards

Under USPAP Standards Rule 2-2(b), a Restricted Appraisal Report must contain a prominent use restriction stating:

Answer: The report is restricted to use by the client only and is not intended for use by other parties

SR 2-2(b) requires a Restricted Appraisal Report to prominently state that it is restricted to client use only and may not be relied upon by other parties.

Which of the following is required in the certification of a USPAP appraisal report?

Answer: A statement that the appraiser personally inspected the property (or a disclosure if not inspected)

USPAP certifications must include whether the appraiser personally inspected the subject property, or if not, a disclosure of any limiting conditions around the inspection.

Under USPAP, which of the following is the purpose of the appraiser's certification in an appraisal report?

Answer: To formally attest to the accuracy of statements and compliance with USPAP

The certification formally attests that the statements in the report are accurate and that the appraisal was performed in compliance with USPAP.

When must a supervisory appraiser co-sign a report prepared by a trainee appraiser?

Answer: Always, when the trainee has not yet obtained an independent license

When a trainee appraiser prepares a report, the supervisory appraiser must co-sign the certification to accept responsibility for the work.

Under USPAP Standards Rule 2-2, which of the following must be disclosed in an appraisal report regarding prior services?

Answer: Prior services on the subject property in the 36-month period preceding the effective date of the appraisal

USPAP requires disclosure of any prior services performed on the subject property within the 36-month period preceding the appraisal's effective date.

Under USPAP, which of the following must an appraiser include when identifying the effective date in an appraisal report?

Answer: The date the value opinion applies

The effective date is the specific date to which the value opinion applies, which may differ from both the inspection date and the report date.