Appraisal Standards and Ethics

Question 1

Where, in the report, must an appraiser disclose the scope of work performed?

Answer 1

Wherever the appraiser chooses. There is no requirement for where the disclosure should be.

Question 2

If an appraiser made unsupported assumptions regarding the neighborhood composition relating to race, ethnic background etc, which Section of the Ethic Rule of USPAP addresses this issue?

Answer 2

Conduct

Question 3

The appropriateness of the scope of work in what context?

Answer 3

Intended use

Question 4

How an appraiser determine scope of work?

Answer 4

Identify the problem

Question 5

As long as an appraiser_____________, he can accept assignment with an effective date that is before his licensing.

Answer 5

complies with the Competency Rule

Question 6

Normal Course of business for an appraiser is determined by what the appraiser’s _____ would do

Answer 6

Peers

Question 7

________ can void the force of part of parts of USPAP

Answer 7

Jurisdictional Exception

Question 8

If omitting a discussion in an appraisal report, the report’s result will be______

Answer 8

misleading

Question 9

The confidentiality agreement may be ____ or ______ to allow disclosure

Answer 9

voided, modified

Question 10

Exposure time is an ______

Answer 10

opinion

Question 11

value is an _____

Answer 11

opinion

Question 12

Appraisal Subcommittee can impose

Answer 12

licensing and certification requirements

Question 13

Accepting an predetermined-value assignment will violate which section of Ethics Rule?

Answer 13

Management Section

Question 14

Identification of relevant characteristics is a judgement made by the

Answer 14

appraiser that requires competency in that type of assignment.

Question 15

Standard Rule 1-3 an analysis of ______________ must be developed in a market value assignment

Answer 15

Highest and best use

Question 16

Exclusion of a valuation approach is a

Answer 16

scope of work decision

Question 17

When the review appraiser disagrees with the original appraiser’s value conclusions, the analyses and data provided by the review appraiser must meet the requirements for a ___________________

Answer 17

Summary Appraisal Report

Question 18

Confidential information may be disclosed to state enforcement agencies, third parties as authorized by law and _______ only

Answer 18

Client

Question 19

USPAP encompassed Statements, Comments to Standards Rules and _______

Answer 19

Preamble

Question 20

Scope of work in an assignment is acceptable when it _____ and ______ specified expectations and practices of others

Answer 20

meets, exceeds

Question 21

Oral real property appraisal report must have a work file that contains the elements necessary to produce a

Answer 21

Summary Appraisal Report

Question 22

Disclosure of fees, commissions, or things of value connected to the __________ of an assignment must appear in the certification and in any transmittal letter in which_________ are stated

Answer 22

procurement, conclusions

Question 23

Appraisal consulting assignment leading to the consulting appraiser’s final recommendation or opinion always has a component: ________

Answer 23

value opinion

Question 24

All appraisal report has to include

Answer 24

the reporting option being used

Question 25

Appraiser’s ________ documents the support for the appraiser’s analyses and conclusions in an assignment

Answer 25

workfile

Question 26

Restricted-use reporting merely ______ critical information and would not be the best avenue where a detailed narration is warranted

Answer 26

“stated”

Question 27

The scope of work in an assignment is an ________ process that MAY require______

Answer 27

ongoing, modification

Question 28

A work file in support of an oral real property appraisal report must contain a ________

Answer 28

signed certification

Question 29

Three words define the particular reporting options:

Answer 29

Describe, summarize, and state

Question 30

Credibility is measured in the context of the ______

Answer 30

intended use

Question 31

Knowledge of the client’s ______ and the client’s ______ in an assignment is fundamental to the scope of work

Answer 31

Identity, intended use

Question 32

Summary appraisal report can have more than one intended user while _______ can only have one intended user

Answer 32

Restricted-use appraisal

Question 33

If an appraiser is providing comparable sales data to another appraiser, he or she must observe the _______ Rule

Answer 33

Competency

Question 34

___________ is not required when the type of value is use value

Answer 34

Highest and Best Use

Question 35

Standard Rule 6 of USPAP pertains

Answer 35

Mass Appraisal

Question 36

Date of the report is a(n) ___________ but not necessary to be the inspection date, or signed date

Answer 36

Effect Date

Question 37

USPAP gained public acceptance through which instrument?

Answer 37

Title XI of FIERREA (Financial Institutions Reform Recovery and Enforcement Act

Question 38

If an appraiser does not have the ________ of the work file, he must has the _____, ______, and ______ arrangements with the party that has custody.

Answer 38

custody, access, retention, retrieval