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USPAP > Deck #1 > Flashcards

Deck #1 Flashcards

1
Q

Scope of Work

A

the type and extent of research and analysis in an assignment

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2
Q

Can an appraiser’s scope of work change after you disclose it?

A

Yes, determining the scope of work is an ongoing process during the assignment

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3
Q

Which valuation services does the scope of work rule apply to?

A

only to appraisal and appraisal review services

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4
Q

What must an appraiser do prior to determining the scope of work for the assignment?

A

identify the problem

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5
Q

The “purpose” of the assignment is an element of problem identification that was replaced with what phrase that is in current use today?

A

type and definition of value

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6
Q

Two rules for “acceptability for an assignment”

A
  1. the expectations of parties who are regularly intended users for similar assignments, 2. what an appraiser’s peers’ actions would be in performing the same assignment
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7
Q

When is the appraiser’s scope of work acceptable?

A

When it leads to credible assignment results for the intended user

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8
Q

The requirement to disclose the scope of work in an appraisal report applies to ____

A

appraisal and appraisal review assignments

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9
Q

The scope of work in an assignment must actually be the scope of work_____

A

noted in the report

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10
Q

jurisdictional exception

A

an assignment condition established by applicable law or regulation, which precludes an appraiser from complying with a part of USPAP

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11
Q

What assignment element in the appraisal process is a jurisdictional exception identified under?

A

assignment conditions

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12
Q

The jurisdictional exception rule provides a severability (or saving) clause. What does that mean?

A

It preserves the balance of USPAP if one or more of its parts are determined to preclude compliance to a pertinent law or regulation of a jurisdiction

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13
Q

What is standard 1

A

identify the problem, determine the scope of work and complete the research and analysis

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14
Q

Substantial errors

A

errors that affect the appraisal through omission or commission

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15
Q

Series of errors

A

they might not individually effect the results, but together can affect the credibility of the assignment

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16
Q

Appraisers can use STANDARD 1 as a checklist because it follows the requirements in the _____

A

appraisal development process

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17
Q

T/F: Standard 1 is paired with standard 2

A

TRUE

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18
Q

An appraiser’s assignment results must be credible, which means the results ______

A

are worth of belief

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19
Q

What two terms in the Comment to the definition of “credible” help clarify the components of “support”

A

evidence and logic

20
Q

Exposure time

A

the length of time a property would have been offered on the market

21
Q

The response to “what is reasonable exposure time” should instigate what other question?

A

For what kind of property at what value range?

22
Q

An appraiser analizes a sale with favorable financing. What does he need to address if the appraisal is for market value?

A

He should identify the favorable financing terms and develop an opinion of their effect on value.

23
Q

What is the effective date of an appraisal?

A

The date of the value opinion.

24
Q

When can an appraiser complete an appraisal based on an extraordinary assumption?

A

When required to get credible opinions and conclusions

25
Q

The last procedure in the development of an appraisal requires an appraiser to_____

A

reconcile the data and the relevancy of the approaches used to arrive at the value conclusion

26
Q

The “normal course of business” is controlled by the ____

A

scope of work

27
Q

An appraiser must analyze all previous sales within what time period?

A

3 years

28
Q

If asked to appraise a property on which there is a current agreement of sale, the agreement must be analyzed as______

A

part of the appraisal development

29
Q

When a valuation assignment includes an opinion of market value, what must the appraisal development include when it is necessary for credible assignment results?

A

identify and analyze the effect on land use and develop an opinion of the highest and best use

30
Q

when developing a real property appraisal, an appraiser _______

A
31
Q

What are the two options for a written report?

A

Appraisal Report, Restricted Appraisal Report

32
Q

What two aspects of the appraisal process are distinctly different, yet are considered inseparable partners from the perspective of STANDARD 2?

A

appraisal development and appraisal reporting

33
Q

“State” meaning in a report:

A

indicate clear, yet minimal presentation of information

34
Q

“Summarize” meaning in a report:

A

indicate a condensed presentation of info that addresses the substantive matters related to the topic under discussion

35
Q

An appraiser labels his reports as “Comprehensive Analysis Report.” Does USPAP allow this?

A

Yes, as long as he discloses the report option used that complies with Standards Rule 2-2.

36
Q

When reporting results, what dates must be included?

A

effective date and report date

37
Q

What key term is associated with the content and level of information provided in an Appraisal Report?

A

summarize

38
Q

When appropriate for the intended use of the appraisal, an appraiser may use a Restricted Appraisal Report provided____

A

the identity of the other intended users are stated by name rather than by type

39
Q

Two appraisers signed the certification to an appraisal they both worked on. What must the certification disclose regarding the two appraisers?

A

clearly specify which individuals did or did not make a personal inspection of the appraised property

40
Q

According to USPAP, what is an appraiser required to do when they sign any part of an appraisal report?

A

sign the certification

41
Q

What must be included in the written report of an appraisal or appraisal review?

A

a signed certification

42
Q

In your workfile, a true copy of the appraisal report delivered to the client must include what specific report component of STANDARD 2?

A

a signed certification

43
Q

What is the USPAP requirement for signing an appraisal report?

A

each written report must include a signed certification

44
Q

What is unique about the signed certification of an oral report?

A

it must be dated

45
Q

When can an oral report be used?

A

when it is all the client needs and would be meaningful and not misleading

46
Q

T/F: An oral report doesn’t need a workfile to be in existence prior to and contemporaneous with the communication of the oral report.

A

False, it needs to be in existence prior

USPAP (5 decks)

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