Chapter 10 - Standard 4 Flashcards
An appraisal review report
must be separate from the work under review
A reviewer is responsible for ensuring that there is __________ in a review report so that it can be properly understood by __________.
Sufficient information; intended users
A reviewer is preparing an appraisal review report using a pre-printed form that was created by the client. The form does not have space for all of the minimum report content requirements of USPAP. What should the reviewer do?
Supplement the form with the required content items
A reviewer is preparing an appraisal review report. The identity of the appraiser who completed the work under review was not provided by the reviewer’s client. What should the reviewer do?
State, in the appraisal review report, that the appraiser’s identity was withheld by the client
A reviewer is reviewing a real property appraisal and has developed her own value opinion that differed from the value opinion in the work under review. When reporting her value opinion in the appraisal review report, what must the reviewer do?
Provide data and analysis that matches the reporting requirements for an Appraisal Report
As part of an appraisal review assignment, a reviewer develops his own opinion of value that differs from the original appraiser’s value opinion. How many certifications does USPAP require in the appraisal review report for this assignment?
One
Is a reviewer permitted by USPAP to use information that was not available to the original appraiser to discredit the work under review?
No
If a reviewer provides an oral report of an appraisal review
a signed certification must be inserted into the workfile
A reviewer performing an appraisal review must not sign the work under review unless he or she intends to accept the responsibility as a co-signer of the work.
True
If an appraiser is asked to develop an opinion of the quality of another appraiser’s work and to agree or disagree with the value conclusion
this is a two-stage assignment
Which of these examples indicates that a reviewer DID NOT develop his own opinion of value in an appraisal review assignment?
- I do not agree with the value conclusion.
- In my opinion, the value conclusion is too high.
- I reject the value conclusion as lacking credibility due to the errors and inconsistencies found.
- I concur with the value conclusion.
I reject the value conclusion as lacking credibility due to the errors and inconsistencies found. (Does not reference value)
