USPAP Ch 9 Quiz Flashcards
The subject of an appraisal review assignment may be
another appraiser’s work that is completed as part of an appraisal or appraisal review assignment
In STANDARD 3, the word “reviewer” means:
an appraiser who is performing an appraisal review
When developing an appraisal review, USPAP requires a reviewer to identify the appraiser who completed the work under review:
unless the identity has been withheld by the client
A reviewer is performing an appraisal review on an appraisal report prepared on a residential property. The reviewer is required by USPAP to:
Identify whether it is necessary to develop his or her own value opinion as part of the appraisal review assignment
In performing an appraisal review, a reviewer may use information that was not available to the original appraiser in the normal course of business, as long as the information:
is not used in the development of the reviewer’s opinion of the quality of the work under review
When performing an appraisal review, a reviewer finds information that was available to the original appraiser, but the original appraiser did not consider it when developing the appraisal under review. Does USPAP permit the reviewer to use this information in developing an opinion of the quality of the work under review?
Yes
I am performing a review of a real property appraisal, and my client has asked me to give my opinion of value even if I agree with the value in the appraisal. Does my concurrence constitute an appraisal opinion? If so, what do I need to do to comply with USPAP?
Yes. If you concur with the value in the report, it does constitute an appraisal by the reviewer.
An appraiser regularly reviews residential appraisal reports for a major lender. He has found numerous errors in several reports prepared by the same appraiser. He believes the errors are intentional and caused the value conclusions to be inflated in several instances. He has discussed the matter with his client, but he is wondering if he is permitted by USPAP to file a complaint with the appraiser’s state regulatory agency without his client’s consent. Is he permitted to do so?
It is the opinion of the ASB that reviewers may, absent any higher precedent law or regulation, file a complaint with a state regulatory agency without the consent of their client.
An appraisal review can be a two-stage assignment, which includes both an appraisal review and a value opinion by the reviewer.
TRUE
Is a reviewer permitted to file a complaint with a state appraisal regulatory agency without the client’s consent?
Yes
