USPAP USPAP Standards Rules — Reporting 3

Question 1

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

Accepted Answer

Prior to the date the report is written

Answer

The same as the report date

Answer

After the date the report is written

Answer

Set by the client

Question 2

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

Accepted Answer

Standards Rule 2

Answer

Standards Rule 1

Answer

Standards Rule 3

Answer

Standards Rule 6

Question 3

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

Accepted Answer

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

Answer

Determines the appraiser's fee

Answer

Is required by the IRS for tax purposes

Answer

Is mandated by state licensing laws only

Question 4

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

Accepted Answer

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

Answer

The property's listing price at time of appraisal

Answer

The fee charged for the appraisal

Answer

The appraiser's state license expiration date

Question 5

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

Accepted Answer

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

Answer

Must refuse entirely

Answer

Must get state licensing board approval first

Answer

May do so only if the value conclusion changes

Question 6

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

Accepted Answer

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

Answer

A violation of USPAP

Answer

That the appraiser did not personally inspect the property

Answer

That the client changed the scope of work