USPAP Ch 10 Quiz Flashcards
An appraisal review report
must be separate from the work under review
A reviewer is preparing an appraisal review report using a pre-printed form that was created by the client. The form does not have space for all of the minimum report content requirements of USPAP. What should the reviewer do?
Supplement the form with the required content items
A reviewer is responsible for ensuring that there is __________ in a review report so that it can be properly understood by __________.
Sufficient information; intended users
A reviewer is preparing an appraisal review report. The identity of the appraiser who completed the work under review was not provided by the reviewer’s client. What should the reviewer do?
State, in the appraisal review report, that the appraiser’s identity was withheld by the client
A reviewer is reviewing a real property appraisal and has developed her own value opinion that differed from the value opinion in the work under review. When reporting her value opinion in the appraisal review report, what must the reviewer do?
Provide data and analysis that matches the reporting requirements for an Appraisal Report. Data and analyses provided by the reviewer to support a different opinion or conclusion must match, at a minimum (except the certification), the reporting requirements for an Appraisal Report for a real property appraisal .
I recently reviewed an appraisal report. As part of the assignment I developed an opinion of value that was different from the value in the appraisal report. I understand that I must provide a signed certification for the review pursuant to Standards Rule 4-3. However, the language in Standards Rule 4-2 seems to suggest that I am also required to prepare an additional certification to comply with Standards Rule 2-3. Are two certifications necessary?
No, you are not required to provide two certifications in an appraisal review assignment that includes reporting your own value opinion.
Recently one of my appraisal reports was reviewed. The review report contained information that could not have been available to me at the time I completed my appraisal report. The reviewer used this additional information to discredit my opinion of value. Is this appropriate?
No, Information that was not available to the original appraiser in the normal course of business may also be used by the reviewer; however, the reviewer must not use such information in the reviewer’s development of an opinion as to the quality of the work under review.
As part of an appraisal review assignment, a reviewer develops his own opinion of value that differs from the original appraiser’s value opinion. How many certifications does USPAP require in the appraisal review report for this assignment?
One
Is a reviewer permitted by USPAP to use information that was not available to the original appraiser to discredit the work under review?
No
A reviewer performing an appraisal review must not sign the work under review unless he or she intends to accept the responsibility as a co-signer of the work.
TRUE
If a reviewer provides an oral report of an appraisal review
a signed certification must be inserted into the workfile
Which of these examples indicates that a reviewer DID NOT develop his own opinion of value in an appraisal review assignment?
I reject the value conclusion as lacking credibility due to the errors and inconsistencies found.
If an appraiser is asked to develop an opinion of the quality of another appraiser’s work and to agree or disagree with the value conclusion
this is a two-stage assignment
