Chapter 10 STANDARD 4

Question 1

an appraiser acting as a reviewer must: communicate each analysis, opinion, and conclusion in a manner that is not misleading

Answer 1

Standard 4

Question 2

STANDARD 4 addresses the

Answer 2

content and level of information required in a report that communicates the results of an appraisal review.

Question 3

A reviewer is responsible for ensuring that there is \_\_\_\_\_\_\_\_\_\_ in a review report so that it can be properly understood by \_\_\_\_\_\_\_\_\_\_.
Credible data; anyone
Current information; intended users
Sufficient information; intended users
Meaningful analysis; anyone

Answer 3

Sufficient information; intended users

Question 4

An appraisal review report
must be separate from the work under review
must be written
must be prepared using a pre-printed report form
has no minimum content requirements under USPAP

Answer 4

Must be separate from the work under review

Question 5

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?
Fill out the form and omit everything that does not fit
Withdraw from the assignment
Supplement the form with the required content items
Use a different form to report the appraisal review

Answer 5

Supplement the form with the required content items

Question 6

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?
Withdraw from the assignment
State, in the appraisal review report, that the appraiser’s identity was withheld by the client
Do not mention the issue of the appraiser’s identity in the appraisal review report
Send a request in writing for the client to provide the appraiser’s identity, because USPAP requires the client to provide it

Answer 6

State, in the appraisal review report, that the appraiser’s identity was withheld by the client

Question 7

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?
State “I disagree with the value conclusion in the work under review” and go no further
List the specific Standards Rules that were violated by the appraiser who completed the work under review
State her value opinion and reference supporting information that is retained in the reviewer’s workfile
Provide data and analysis that matches the reporting requirements for an Appraisal Report

Answer 7

Provide data and analysis that matches the reporting requirements for an appraisal report

Question 8

Is a reviewer permitted by USPAP to use information that was not available to the original appraiser to discredit the work under review?
Yes
USPAP does not address this issue
No

Answer 8

No

Question 9

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?
Zero
Three
One
Two

Answer 9

One

Question 10

If a reviewer provides an oral report of an appraisal review
the reviewer has violated USPAP
the reviewer is precluded from developing his or her own opinion of value
it is not necessary that the appraiser sign a certification
a signed certification must be inserted into the workfile

Answer 10

A signed certification must be inserted into the workfile

Question 11

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
False

Answer 11

True

Question 12

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
the appraiser must prepare a written report
this is an appraisal consulting assignment
this is a two-stage assignment
the appraiser would violate USPAP by agreeing to perform the assignment

Answer 12

This is a two-stage assignment

Question 13

Which of these examples indicates that a reviewer DID NOT develop his own opinion of value in an appraisal review assignment?
I reject the value conclusion as lacking credibility due to the errors and inconsistencies found.
I concur with the value conclusion.
In my opinion, the value conclusion is too high.
I do not agree with the value conclusion.

Answer 13

I reject the value conclusion as lacking credibility due to the errors and inconsistencies found