Standards and AOs

Question 1

The DEFINITIONS establish___

Answer 1

the application of certain terminology in USPAP

Question 2

The ETHICS RULE sets forth the requirements____

Answer 2

for integrity, impartiality, objectivity, independent judgment, and ethical conduct

Question 3

The RECORD KEEPING RULE establishes____

Answer 3

the workfile requirements for appraisal and appraisal review assignments.

Question 4

The COMPETENCY RULE presents_____

Answer 4

pre-assignment and assignment conditions for knowledge and experience

Question 5

The SCOPE OF WORK RULE presents____

Answer 5

obligations related to problem identification, research, and analyses

Question 6

The JURISDICTIONAL EXCEPTION RULE preserves _____

Answer 6

the balance of USPAP if a portion is contrary to law or public policy of a jurisdiction.

Question 7

STANDARDS 1 and 2 establish

Answer 7

requirements for the development and communication of a real property

Question 8

STANDARDS 3 and 4 establish

Answer 8

requirements for the development and communication of an appraisal review.

Question 9

STANDARDS 5 and 6 establish

Answer 9

requirements for the development and communication of a mass appraisal

Question 10

STANDARDS 7 and 8 establish

Answer 10

requirements for the development and communication of a personal property
appraisal

Question 11

STANDARDS 9 and 10 establish

Answer 11

requirements for the development and communication of a business or
intangible asset appraisal

Question 12

Standard 1

Answer 12

In developing a real property appraisal, an appraiser must be aware of, understand, and correctly employ recognized methods and techniques necessary to produce a credible appraisal

Question 13

Standard 2

Answer 13

In reporting the results of a real property appraisal, an appraiser must communicate each analysis, opinion, and conclusion in a manner that is not misleading

Question 14

Standard 3

Answer 14

An appraiser acting as a reviewer must:

1. Develop a credible opinion as to the quality of another appraisers work performed as part of an appraisal or appraisal review assignment
2. Report the results of an appraisal review assignment in a manner that is not misleading

Question 15

Standard 4

Answer 15

1) A review report must:
* clearly and accurately set forth the appraisal review in a manner that will not be misleading
* contain sufficient information to enable the intended users of the appraisal review to understand the report properly
* clearly and accurately disclose all assumptions, extra ordinary assumptions and hypothetical conditions used in the assignment

2) The report content of an appraisal review report must be consistent with the intended use of the appraisal review

3) A signed certification is required for each written appraisal review report

4) to the extent that it is both possible and appropriate, an oral appraisal review report must address the substantive matters set forth in standard rule 4-2 G

Question 16

Standards 5-6

Answer 16

Address the requirements for development of a mass appraisal and reporting of mass appraisal results for real property and personal property. Mass appraisal is the valuation of a universe of properties (many properties) as of a given date using standard methodology, employing common data and allowing for statistical testing. Mass appraisal provides for a systematic approach and uniform application of appraisal methods and techniques to obtain estimates of value that allow for statistical review and analysis of results.