USPAP Scope of Work and Reporting Requirements

Question 1

Under USPAP's Scope of Work Rule, who is responsible for determining the appropriate scope of work for an assignment?

Accepted Answer

The appraiser

Answer

The client alone

Answer

The intended user

Answer

The state appraisal board

Question 2

The Scope of Work Rule requires that the scope selected must produce results that are:

Accepted Answer

Credible given the intended use and intended users

Answer

The lowest cost to the client

Answer

Identical to every other appraisal of the same property

Answer

Approved in advance by a review appraiser

Question 3

Under STANDARD 2, which of the following report types requires the MOST content and disclosure?

Accepted Answer

Appraisal report

Answer

Restricted appraisal report

Answer

Desktop appraisal report

Answer

Summary appraisal report (pre-2014 edition)

Question 4

Which of the following must be stated in any USPAP-compliant real property appraisal report?

Accepted Answer

The identity of the client and intended users

Answer

The appraiser's education transcripts

Answer

The appraiser's fee for the assignment

Answer

The names of all competing appraisers considered

Question 5

Under the Scope of Work Rule, departing from a recognized valuation method or procedure is acceptable if:

Accepted Answer

The appraiser can demonstrate it still produces credible results

Answer

The client agrees in writing

Answer

The departure results in a lower fee

Answer

The departure is disclosed to the state licensing board

Question 6

What does USPAP mean by the term 'intended use'?

Accepted Answer

The purpose for which the appraisal or appraisal review is used

Answer

The physical use of the subject property

Answer

The appraiser's intended market for their services

Answer

The zoning designation of the property