Fin 3352 Uspap

Front 1

Name the two groups for whom the USPAP is written (promulgated).

Back 1

Appraisers and Users of Appraisal Services

Front 2

What are the four purposes for which statements on Appraisal standards are issued?

Back 2

To clarify, interpret, explain, or elaborate.

Front 3

Advertising for, or soliciting appraisal assignments in a manner that is _____, ________, or _________ is unethical.

Back 3

false

misleading

exagerraed

Front 4

To what five parties can an appraiser disclose the results of an appraisal?

Back 4

1. The Client

2. Parties specifically authorized by the client

3. State appraiser regulatory authorities

4. Third parties as may be authorized by due process of law.

5. A duly authorized professional peer review committee except when such disclosure to a committee would violate applicable law or regulation

Front 5

How long must an appraiser retain written appraisal reports and supporting documents?

Back 5

At least five years after preparation or at least two years after final disposition of any judicial proceeding in which the appraiser provided testimony related to the assignment, whichever period expires last.

Front 6

Can an appraiser accept an assignment for which he/she is not qualified or appraise a property in a geographic area with which he/she is unfamiliar?

Back 6

Yes, if an appraiser determines he or she is not competent prior to accepting an assignment, the appraiser must:

1. Disclose the lack of knowledge and/or experience to the client before accepting the assignment.

2. Take all steps necessary or appropriate to complete the assignment competently

3. Describe, in the report, the lack of knowledge and/or experience and the steps taken to complete the assignment competently.

Front 7

What are the two types of written appraisal reports which an appraiser can prepare under Standard 2?

Back 7

Appraisal REport or Restricted Appraisal Report

Front 8

The essential difference between the two options is in...

Back 8

the content and level of information provided.

Front 9

Can an appraiser who signed a report on which he/she actually did not work be held responsible for the results of that report?

Back 9

Yes when a signing appraiser has relied on work done by appraisers and others who do not sign the certification, the signing appraiser is responsible for the decision to rely on their work.

Front 10

Relative to scope of work, for each appraisal and appraisal review assignment, an appraiser must do the following three things:

Back 10

1. Identify the problem to be solved

2. Determine and perform the scope of work necessary to develop credible assignment results

3. Disclose the scope of work in the report.

Front 11

The scope of work included, but is not limited to(4)

Back 11

The extent to which the property is identified

The extent to which tangible property is inspected

The type and extent of data researched

The type and extent of analyses applied to arrive at opinions or conclusions

Front 12

Which reporting option requires statement of a prominent use restriction that limits the use of the report to the client and warns that appraiser's opinions and conclusions set forth in the report cannot be understood property properly without additional information in the appraiser's work file?

Back 12

Restricted Appraisal REport

Front 13

Can an appraiser ever collect contingent compensation?

Back 13

No, according to the Ethics Rule on Conduct and Management, an appraiser must perform assignments with impartiality, objectivity, and independence, without accommodation of personal interests

Front 14

What are the two possible purposes of an appraisal review made under Standard 3?

Back 14

To develop a credible opinion of the quality of another appraiser's work that was performed as part of an appraisal, appraisal review or real property appraisal consulting assignment

OR

The purpose of an appraisal review assignment relates to the reviewer's objective; examples include, without limitation, to determine if the results of the work under review are credible for the intended user's intended use, or to evaluate compliance with relevant USPAP requirements, client requirements, or applicable regulations.