13 Ch10 Narrative Appraisal Reports quiz - Sheet1 Flashcards
STANDARD 2 says “Each written or oral real property appraisal report must clearly and accurately set forth the appraisal in a manner that will _______________.”
Not be misleading
Narrative type appraisal reports can be produced on ___________.
any type of property
The type and extent of research and analyses in an appraisal or appraisal review assignment is called the ______________.
scope of work
An appraiser would be MOST likely to use a narrative report format on what type of appraisal assignment for a mortgage lender?
a commercial building
When a property is unusual or the purpose of the appraisal isn’t for mortgage lending, which of the following is best to use?
residential narrative
In the certification required under SR 2-3, an appraiser must certify that “the statements of fact contained in this report are ___________________.”
true and correct
Which type of appraiser is more likely to include a resume (statement of professional qualifications) in an appraisal report?
general
Which of these would be of the five major elements of a narrative appraisal report?
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.
The building sketch and blueprints would appear in the ______________ of a narrative appraisal report.
Addenda
USPAP states that an appraisal report must contain _________ to enable the intended users to understand the report properly.
sufficient information
An appraiser who includes a resume (professional qualifications) in an appraisal report is advised to make it ______ in length.
one page
The URAR form states that, based on the complexity of the assignment, the appraiser may
expand the scope of work from what is pre-printed on the form
The Summary of Important Conclusions would appear in the ______________ of a narrative appraisal report.
Introduction
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.”
Lender/client
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 ___________________.”
A mortgage finance transaction
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.”
Limiting conditions
The type of appraisal report utilized in an assignment is determined by all of these factors
The appraiser, The intended use of the report, The intended users of the report
The primary difference between “misleading” and “fraudulent” is that
fraudulent requires intent; misleading can happen by accident
In a written real property appraisal report, extraordinary assumptions and hypothetical conditions must be disclosed ___________.
clearly and accurately
The URAR form says that modifications or deletions to the certifications are
Not permitted
USPAP states that an appraisal report must contain _________ to enable the intended users to understand the report properly.
sufficient information
Each written or oral property appraisal report must have which of the following?
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.
_______ means intentionally doing something that you know is misleading.
Fraudulent
