Chapter 5

Question 1

________ ________ are those where the effective date of the appraisal is?contemporaneous with the date of the report.

Answer 1

Current appraisal

Question 2

_________ __________ have an effective date of the appraisal that is prior to the date of the report

Answer 2

Retrospective appraisal

Question 3

_________ ___________ are those where the effective date of the appraisal is subsequent to the date of the report?

Answer 3

Prospective appraisal

Question 4

Appraisers have _________ and ______________ in determining the appropriate scope of work for an appraisal or appraisal review assignment.

Answer 4

Broad flexibility and significant responsibility.

Question 5

Determining the scope of work is an ____________ process in an assignment. Information or conditions discovered during the course of an assignment, might cause the appraiser to reconsider the scope of work.

Answer 5

Ongoing

Question 6

The scope of work is acceptable when it meets or exceeds both :

Answer 6

1. Expectations of parties intended users.
2. What an appraiser peers actions would be in performing the same or similar assignment.

Question 7

________________ is created when a law or regulation precludes an appraiser from complying with a part or parts of USPAP.

Provides a saving or servility clause, intended to preserve the balance of you SPAP if compliance, with one or more of its parts, is precluded by jurisdictional law or regulation

Answer 7

Jurisdictional exception.

Question 8

If a law or regulation, precludes compliance with part of USPAP, a jurisdictional exception is __________ created. It is not a matter of choice by the appraiser, whether or not to invoke the rule.

Answer 8

Automatically