USPAP USPAP Standards Rules — Reporting

Question 1

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

Accepted Answer

Appraisal Report and Restricted Appraisal Report

Answer

Summary report and narrative report

Answer

Limited report and complete report

Answer

Self-contained report and restricted report

Question 2

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

Accepted Answer

The client only

Answer

Any lender or public agency

Answer

All identified intended users

Answer

Any court of law

Question 3

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

Accepted Answer

Not misleading and sufficient for the intended use

Answer

Consistent with all prior appraisals

Answer

Approved by the state licensing board

Answer

In the standard form required by the lender

Question 4

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

Accepted Answer

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

Answer

It must always include three approaches to value

Answer

It can only be used for residential properties

Answer

It is less detailed than a Restricted Appraisal Report

Question 5

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

Accepted Answer

The identity of the client and intended users

Answer

The appraiser's fee for the assignment

Answer

The property's tax assessed value

Answer

The seller's motivation for the sale

Question 6

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

Accepted Answer

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

Answer

The appraiser's tax identification number

Answer

The property owner's signature

Answer

The lender's approval of the scope of work