13 Ch10 Narrative Appraisal Reports quiz - Sheet1

Question 1

STANDARD 2 says “Each written or oral real property appraisal report must clearly and accurately set forth the appraisal in a manner that will _______________.”

Answer 1

Not be misleading

Question 2

Narrative type appraisal reports can be produced on ___________.

Answer 2

any type of property

Question 3

The type and extent of research and analyses in an appraisal or appraisal review assignment is called the ______________.

Answer 3

scope of work

Question 4

An appraiser would be MOST likely to use a narrative report format on what type of appraisal assignment for a mortgage lender?

Answer 4

a commercial building

Question 5

When a property is unusual or the purpose of the appraisal isn’t for mortgage lending, which of the following is best to use?

Answer 5

residential narrative

Question 6

In the certification required under SR 2-3, an appraiser must certify that “the statements of fact contained in this report are ___________________.”

Answer 6

true and correct

Question 7

Which type of appraiser is more likely to include a resume (statement of professional qualifications) in an appraisal report?

Answer 7

general

Question 8

Which of these would be of the five major elements of a narrative appraisal report?

Answer 8

Premise, Presentation of Data, Analysis of Data and conclusions. // Most narrative appraisal reports contain these elements: Introduction, Premises, Presentation of data, Analysis of data and conclusions, Addenda. The three approaches to value is not one of the five major elements.

Question 9

The building sketch and blueprints would appear in the ______________ of a narrative appraisal report.

Answer 9

Addenda

Question 10

USPAP states that an appraisal report must contain _________ to enable the intended users to understand the report properly.

Answer 10

sufficient information

Question 11

An appraiser who includes a resume (professional qualifications) in an appraisal report is advised to make it ______ in length.

Answer 11

one page

Question 12

The URAR form states that, based on the complexity of the assignment, the appraiser may

Answer 12

expand the scope of work from what is pre-printed on the form

Question 13

The Summary of Important Conclusions would appear in the ______________ of a narrative appraisal report.

Answer 13

Introduction

Question 14

On the URAR, page 1, it says “The purpose of this summary appraisal report is to provide the ___________ with an accurate, and adequately supported, opinion of the market value of the subject property.”

Answer 14

Lender/client

Question 15

On the URAR it says “The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for ___________________.”

Answer 15

A mortgage finance transaction

Question 16

SR 2-1(c) says each written real property appraisal report must “clearly and accurately disclose all assumptions, extraordinary assumptions, hypothetical conditions, and __________________ used in the assignment.”

Answer 16

Limiting conditions

Question 17

The type of appraisal report utilized in an assignment is determined by all of these factors

Answer 17

The appraiser, The intended use of the report, The intended users of the report

Question 18

The primary difference between “misleading” and “fraudulent” is that

Answer 18

fraudulent requires intent; misleading can happen by accident

Question 19

In a written real property appraisal report, extraordinary assumptions and hypothetical conditions must be disclosed ___________.

Answer 19

clearly and accurately

Question 20

The URAR form says that modifications or deletions to the certifications are

Answer 20

Not permitted

Question 21

USPAP states that an appraisal report must contain _________ to enable the intended users to understand the report properly.

Answer 21

sufficient information

Question 22

Each written or oral property appraisal report must have which of the following?

Answer 22

clearly and accurately set forth the appraisal in a manner that will not be misleading; contain sufficient information to enable the intended users of the appraisal to understand the report properly; clearly and accurately disclose all assumptions, extraordinary assumptions, hypothetical conditions, and limiting conditions used in the assignment.

Question 23

_______ means intentionally doing something that you know is misleading.

Answer 23

Fraudulent