Standard 2: Real property appraisal, reporting Flashcards
What is true about extraordinary assumptions and hypothetical conditions?
These assignment conditions require clear and accurate disclosure in the appraisal report.
What must all appraisal reports contain?
Sufficient info for the intended users to understand the report properly
How does STANDARD 2 address the form, format, or style an appraiser should use in written comm?
STANDARD 2 doesn’t dictate these aspects of written comm.
Module 8: Intro to STANDARD 2
What two aspects of the appraisal process are distinctly different, yet are considered inseparable partners from the perspective of STANDARD 2?
appraisal development and appraisal reporting
In accordance w/ Standards Rule 2-1, an appraiser must clearly and accurately disclose all of the following in the appraisal report EXCEPT
the appraiser’s fee arrangment w/ the client.
What key term is associated with the content and level of info provided in an Appraisal report?
summarize
What key term is associated with the content and level of info provided in a Restricted Appraisal Report?
State
An appraiser labels his appraisal reports as “Comprehensive Analyst Report.” Does USPAP allow the appraiser to do this?
Yes, as long as the appraiser also discloses the report option used that complies with Standards Rule 2-2.
When reporting the results of an appraisal, what dates must be included?
effective date and report date
Module 8: Appraisal Report Options
What obligation does an appraiser have when a form appraisal report used by lending institutions uses a different report label than the one req by USPAP?
The appraiser must add a prominent statement of which option was used to comply with Standards Rule 2-2.
When appropriate for the intended use of the appraisal, an appraiser may use a Restricted Appraisal Report provided
the identity of other intended users are stated by name rather than by type.
Which report option in STANDARD 2 requires the appraiser to identify other intended users by name rather than by type?
Restricted Appraisal Report
What is the USPAP req for signing an appraisal report?
USPAP requires that each written appraisal report include a signed certification.
According to USPAP, what is an appraiser required to do when he or she signs any part of an appraisal report?
sign the certification
Module 8: Standards Rule 2-3
What must be included in the written report of an appraisal or appraisal review?
A signed certification
In the appraiser’s workfile, a true copy of the appraisal report delivered to the client must include what specific report component of STANDARD 2?
A signed certification
Hobbs and his associate signed the certification to an appraisal they both worked on. What must the certification disclose regarding the two appraisers?
clearly specify which individuals did or did not make a personal inspection of the appraised property
Module 8: Standards Rule 2-3
To the extent possible and appropriate, an oral real property appraisal report must address the substantive matters that apply to a(n)
Appraisal Report.
Module 8: Standards Rule 2-4
What is unique about an appraiser’s signed certification w/ the written memorandum in the workfile that included an oral report?
It must be dated.
Module 8: Standards Rule 2-4
When can an oral appraisal report be used?
when an oral report is all the client needs, and would be meaningful and not misleading
What is true about an appraiser’s workfile for an assignment in which the report was communicated orally to the client?
The workfile must be in existence prior to and contemporaneous w/ the comm of the oral report.
Module 8: Standards Rule 2-4.
