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

USPAP Standards Rule 2-2 recognizes two report options: the Appraisal Report and the Restricted Appraisal Report.

Question 2

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

Accepted Answer

The client only

Answer

A Restricted Appraisal Report restricts the use of the report to the client only and cannot be used or relied upon by other parties.

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

Standards Rule 2-1 requires reports to be presented in a manner that is not misleading and contains sufficient information for the intended use.

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

An Appraisal Report must contain enough detail to allow intended users to understand the appraiser's analysis, conclusions, and the reasoning behind them.

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

USPAP Standards Rule 2-2 requires identification of the client and intended users in every appraisal report.

USPAP Exam Practice Test

USPAP Exam Practice Test

USPAP USPAP Standards Rules — Reporting