USPAP Standards Rules — Reporting Flashcards

Under USPAP Standards Rule 2-2, which of the following is a recognized form of a real property appraisal report?

Answer: Appraisal Report and Restricted Appraisal Report

USPAP Standards Rule 2-2 recognizes two report options: the Appraisal Report and the Restricted Appraisal Report.

A Restricted Appraisal Report under USPAP is intended for use by:

Answer: The client only

A Restricted Appraisal Report restricts the use of the report to the client only and cannot be used or relied upon by other parties.

Under Standards Rule 2-1, an appraisal report must clearly and accurately set forth the appraisal in a manner that is:

Answer: Not misleading and sufficient for the intended use

Standards Rule 2-1 requires reports to be presented in a manner that is not misleading and contains sufficient information for the intended use.

Under USPAP, which statement about an Appraisal Report is correct?

Answer: It must contain sufficient information to enable intended users to understand the appraisal

An Appraisal Report must contain enough detail to allow intended users to understand the appraiser's analysis, conclusions, and the reasoning behind them.

Which of the following must be stated in every USPAP-compliant appraisal report?

Answer: The identity of the client and intended users

USPAP Standards Rule 2-2 requires identification of the client and intended users in every appraisal report.

Under USPAP, which element is required to be included in the certification of an appraisal report?

Answer: A statement that the appraiser's compensation is not contingent on the reported value

USPAP requires the certification to include a statement that the appraiser's compensation is not contingent on the value conclusion or direction of value.