USPAP Scope of Work and Reporting Requirements 1

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

USPAP places responsibility for determining the appropriate scope of work on the appraiser, who must ensure it is sufficient to produce credible results.

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

USPAP requires the scope of work to be sufficient to produce a credible appraisal given the intended use and the needs of the intended users.

Question 3

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

Accepted Answer

Appraisal report

Answer

The appraisal report (formerly called summary appraisal report) requires more disclosure than the restricted appraisal report under current USPAP.

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

STANDARD 2 requires the report to identify the client and the intended users to establish who may rely on the report.

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

An appraiser may depart from recognized methods or procedures as long as the resulting appraisal is still credible for its intended use.

USPAP Exam Practice Test

USPAP Exam Practice Test

USPAP Scope of Work and Reporting Requirements 1