Chapter 11 - Standards 5 - 10

Question 1

STANDARD 5, Mass Appraisal, Development, applies to:

Answer 1

Both real and personal property

Question 2

STANDARD 5 is most similar in structure to:

Answer 2

STANDARD 1

Question 3

An appraiser is engaged by her local county assessment board to complete an appraisal on an apartment building for ad valorem taxation purposes. Which USPAP STANDARD(S) apply to this assignment?

Answer 3

STANDARDS 1 and 2

Question 4

In a written mass appraisal report prepared under STANDARD 6, what is the purpose of a signed certification?

Answer 4

It serves as an appraiser’s acknowledgement of his or her ethical obligations

Question 5

Notifications sent to property owners of the results of a mass appraisal, which may be required by public policy, are considered:

Answer 5

Notifications, and not reports

Question 6

When appraising personal property, the appraiser must analyze prior sales of the subject over what time period?

Answer 6

A reasonable and applicable time

Question 7

In a personal property appraisal assignment that includes multiple objects as part of the same assignment:

Answer 7

The objects that are more significant to the assignment results should be the focus of the analysis

Question 8

An appraiser must recognize that there are distinct levels of trade in personal property, and each may have different comparable data.

Answer 8

True

Question 9

Which of the following reports require a signed certification?

• Only personal property and appraisal review reports
• All oral and written reports covered in USPAP
• All reports except mass appraisal
• Only real property appraisal reports

Answer 9

All oral and written reports covered in USPAP

Question 10

Under STANDARD 8, a personal property appraiser has ____ written report options.

Answer 10

2

Question 11

An appraiser is developing an appraisal and will be reporting it in a Restricted Appraisal Report. Because this less detailed reporting option is being used, is the appraiser permitted to use an abbreviated appraisal development process?

Answer 11

No

Question 12

An appraiser’s certification in a business or intangible asset appraisal report does not:

Answer 12

Contain a reference to the inspection of the subject property*

Question 13

A written business appraisal report must be prepared in accordance with which reporting options?

Answer 13

Appraisal report or restricted appraisal report