Deck #4 Flashcards
According to A0-3, Update of a Prior Appraisal, how should you treat an assignment that’s an update of a previous appraisal?
as a new assignment
A property owner wants an appraiser for the purpose of getting a mortgage through a financial institution. What obligation does he have according to A0-25?
obligated to inform he property owner that the appraiser must be directly engaged by the financial institution
An appraiser has performed a rent survey to conclude the market rental terms for a specific property. How does the guidance in A0-21 characterize this service?
An appraisal subject to STANDARDS 1 and 2
What is an evaluation performed by an individual acting as an appraiser according to the guidance provided in A0-13?
an appraisal
Guidance published as “other communication” to illustrate standards in specific situations is ______
advisory opinions
What portion of USPAP does an appraiser violate if he or she unintentionally fails to adhere to assignment conditions?
competency rule
When an appraiser is engaged to perform an assignment for use by a federally regulated institution, what is the appraiser obligated to do according to A0-30?
Identify laws and regulations that apply to the assignment
An appraisal leaved to work in another state. What should he do with the workfiles at the appraisal firm?
arrange appropriate access for the required retention period
And appraiser and his associate signed the certification to an appraisal they both worked on. What must the certification disclose?
Clearly disclose which individuals did and did not make a personal inspection of the appraised property
When a trainee provides significant assistance but does not sign the report, what obligation does USPAP require?
The name of the trainee must be stated
T/F: The USPAP Q & As and the FAQS are issued to inform appraisers, enforcement officials, and users of appraisal services of the responses to questions received by the ASB
True
When the effective date is contemporaneous (same time ) with the date of the report, it is best defined as what date?
current date
The comparison chart presented in A0-38 addresses the two report options in STANDARD 2 and what other standard?
8 and 10
A discounted cash flow analysis might be used in assignments of various property types, but what property type is specifically addressed in A0-33 on the subject of discounted cash flow analysis?
real property
The answer to “what is reasonable exposure time” should always incorporate the answers to what question?
what kind of property at what value range?
How is A0-18, use of an automated valuation model (AVM) different from A0-37, computer assisted valuation tools?
AVMs may be used to derive a valuation conclusion, and computer assisted valuation tools are focused on a specific approach or analytical process
Discounted cash flow analysis is a tool used in what method of valuation?
yield capitalization
What is the primary type of analysis performed by computer assisted valuation tools?
regression analysis
What is one element in a Restricted Appraisal Report that requires the appraiser to summarize rather than state the content requirements?
the results of analyzing the subject sales, agreements of sale, options, and listings
What is the primary concern when you use a retrospective or prospective date in a valuation assignment?
The appraiser’s report has the potential to be misleading
Can the client in an appraisal assignment be more than one individual?
Yes, the client may be a group or an entity
For assignments involving personal property based on a market value opinion, the appraiser must analyze prior sales of the subject property over what time period?
Within a reasonable and applicable time period
Due to security issues at the subject property, the appraiser’s inspection of the military facility is limited from what was originally agreed. What aspect of development is affected by this change?
the scope of work
The assignment is the value of a proposed building on a vacant site. If the client wants a value of the property with the proposed building as if completed as of a current date, what assignment condition should the appraiser use?
hypothetical condition
If an appraiser states that the purpose of the assignment is to analyze and develop a value of the controlling interest in a regional retail development, what type of assignment is this and what USPAP obligation does the appraiser have?
This is an appraisal of a business enterprise and Standards 9-10 and 1 and 2 must be followed
According to the record keeping rule, what item in the appraiser’s workfile must have a signature?
appraiser’s certification
T/F: USPAP requires the definitions of extraordinary and hypothetical conditions to be included in the report
False
If an appraiser incorrectly identified the relevant characteristics of the subject property, how does USPAP classify this type of error?
an error of commission
What organization sets the Congressionally authorized standards and qualifications for real estate appraisers?
The Appraisal Foundation
In USPAP’s PREAMBLE an individual should comply with USPAP when representing oneself as an appraiser, but an appraiser must comply with USPAP when_______
required by law, regulation, or agreement with the client or other intended users
According to USPAP, who may perform valuation services?
appraisers and others
To get credible results on a real property appraisal, what is the first step an appraiser must do?
Identify the problem
When an appraiser discloses the scope of work in an appraisal report, what must be true about that scope of work?
It is the scope of work actually performed by the appraiser
Based on the requirements found in the ETHICS RULE, when must an appraiser comply with USPAP?
when required by law, regulation, or agreement with the client or other intended users
When an individual performs a valuation service while acting in the role of an appraiser, how does USPAP identify the service?
appraisal practice
When an appraiser considers the amount and type of information he will research, the decision that results is called _____
scope of work
When comparing exposure time to marketing time, what significant difference stands out?
Exposure time is before the effective date and marketing time is after
An appraiser is collecting market data in an assigment. What USPAP rule does not apply?
a: competency
b: jurisdictional exception
c: ethics
d: scope of work
d: scope of work
