USPAP USPAP Standards Rules — Reporting 2

Question 1

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

Accepted Answer

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

Answer

The report is for internal purposes only

Answer

The report may be used by any licensed appraiser

Answer

The report may be shared with government agencies

Question 2

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

Accepted Answer

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

Answer

The appraiser's college degree information

Answer

The effective date of the appraisal

Answer

The client's credit score

Question 3

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

Accepted Answer

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

Answer

To satisfy IRS reporting requirements

Answer

To confirm the property's title is clear

Answer

To certify the client's financial ability to purchase

Question 4

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

Accepted Answer

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

Answer

Never — trainees must sign independently

Answer

Only for commercial properties

Answer

Only when the client requests it

Question 5

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

Accepted Answer

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

Answer

All appraisals ever performed by the appraiser

Answer

Prior services performed by any appraiser at the same firm

Answer

Prior services on comparable properties

Question 6

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

Accepted Answer

The date the value opinion applies

Answer

The date the appraiser received payment

Answer

The date the report was transmitted to the client

Answer

The date the property was last sold