USPAP Standards Rules — Reporting Flashcards

Under USPAP, a 'retrospective appraisal' has an effective date that is:

Answer: Prior to the date the report is written

A retrospective appraisal has an effective date that precedes the date the report is prepared, reflecting value at a past point in time.

Which USPAP standard governs the reporting requirements for real property appraisals?

Answer: Standards Rule 2

Standards Rule 2 governs the reporting requirements for real property appraisal assignments, including report content and certification requirements.

Under USPAP, the 'intended use' of an appraisal must be stated in the report because it:

Answer: Defines the context for the assignment and limits who may rely on the report

The intended use defines the purpose of the appraisal and is essential for understanding who the intended users are and what the appraisal should accomplish.

Which of the following is a required statement in the appraiser's certification under USPAP Standards Rule 2-3?

Answer: The appraiser's analyses, opinions, and conclusions are limited only by the reported assumptions and conditions

The certification must state that the analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions.

A client asks an appraiser to change a previously issued Appraisal Report to a Restricted Appraisal Report. Under USPAP, the appraiser:

Answer: May do so if it produces credible results and the report is clearly identified as an updated assignment

An appraiser may convert the report type if the updated report clearly identifies it as a new assignment and the new scope produces credible results for the intended use.

Under USPAP, a report date that differs from the effective date of appraisal indicates:

Answer: That the value opinion applies to a date other than when the report was written

Report date and effective date may legitimately differ — the effective date is the 'as of' date for the value, while the report date is when it was prepared.