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The appraiser could accept the assignment (as a new assignment) - ✔✔as long as proper disclosure is made regarding the prior assignment & any confidential in formation is handled appropriately. in a deed being used in a purchase transaction, who is the grantee? - ✔✔The party receiving title - "purchaser" is known as the grantee. Any services provided by an appraiser, other than an appraisal or appraisal review, would be appraisal practice w/ no applicable standards. this includes recommendations that occur as a result of an appraisal or appraisal review. - ✔✔For those services, the scope of work rule & the record keeping rule do not apply. When an appraiser arrives for his inspection of residential property, the property owner gives the appraiser an appraisal report previously performed by another appraiser. in light of uspap, what should the appraiser do? - ✔✔Make certain that information relied upon in the other appraiser's report is not in error or fraudulent. USPAP requires the appraiser to analyze market conditions as part of: - ✔✔The development process. An appraiser completed an appraisal report yesterday & today he is going to provided his client with the report. the appraiser needs to make a couple of minor revisions before hand. for this appraisal report. he must - ✔✔change the date on the report & the certification to the date revisions. all are part of the ethics rule except - ✔✔Confidential information can never be disclosed. when valuing a life estate for a potential sales transaction of that particular interest, what must the appraiser do? - ✔✔Project future value at the termination of the life estate & discount to present value.
if a jurisdictional exception has been justifiably applied in an assignment, what else must be included in the appraisal report? - ✔✔Disclosure of the part(S) of uspap that was disregarded & the legal authority justifying the appraiser's actions. appraisers are sometimes called upon to perform a service referred to by some as an evaluation. According to uspap advisory opinion 13, when is an evaluation an appraisal. - ✔✔when performed by individual acting as an appraiser. all are part of the ETHIcS rule except: - ✔✔Confidential information can never be disclosed. which is a true regarding competency in a appraisal assignment? - ✔✔the appraiser should disclose a lack of knowledge before accepting the assignment. uspap requires every appraisal report to clearly state both the effective date & the date of the report. which best describe the date of the report - ✔✔date that is the prospective from which the appraiser is examing the market. which part of uspap suggest that the parties benefiting from uspap include providers of appraisal services & user of appraisal services. - ✔✔PREAMBLE when an appraiser is providing a value opinion using an effective date in the past retrospective, when does the appraiser's competency apply? - ✔✔at the time of the assignment. Apprraiser listed on the appraisal subcommittee's national registry include all - ✔✔licensed & certified real property appraisers. uspap requires the appraiser to analyze market conditions as part of: - ✔✔the development process. anthony & beth appraisers, Must anthony provide the copy of the report to beth to comply with the court order. - ✔✔yes to be complaint with due process of law, a must provide the appraisal report copy.
A fee appraiser seeks to get on the approved list for a local mortgage company. In order to be considered for approval, the lender requires appraisers to provide sample appraisal reports performed within the past year. Can the appraiser provide the reports without violating USPAP? - ✔✔Yes; if all essential elements of confidential information are removed through redaction or the process of aggregation. Credibility of the scope of work is measure in the context of the - ✔✔intended use. what of who influences the appraiser's judgement regarding the appropriateness of the type of value being sought in an assignment - ✔✔intended use. If an appraiser signs a confidentiality agreement regarding the disclosure of prior appraisal services for a property in a previous assignment, what circumstance would allow the required disclosure in a new assignment? - ✔✔Voiding or modifying the confidentiality agreement. Reasonable exposure time link to a value opinion? - ✔✔the lenght of time the property would have been offered on the market at past market conditions. uspap note - ✔✔does not prohibit the appraiser's fee being based on the owner's estimated value, the assessed value, the pending sale price or any other amount outside the appraiser control. uspap note - ✔✔Properly identifying the problem is important to the scope of work, as the scope of work decision is a direct result of the information learned during the problem identification. A signed certification must be - ✔✔signed by any party who signs any part of an appraisal report. mass appraisal - ✔✔must include a written report
mass appraisal model is - ✔✔a mathematical expression of how supply and demand factors interact in a market. compliance with uspap is required when obligated by - ✔✔agreement, law or regulation which is an element of defining the problem? - ✔✔Assignment conditions The competency rule requires appraisers to: - ✔✔identify the problem to be solved. A valuation service performed by an individual acting as an appraiser requires the appraiser to: - ✔✔inquire about the intended user's expectations. management section of the ethics rule obligates an appraiser to disclose any fees, coom, or things of value paid in procurement of an assignment in the: - ✔✔certification and any letter of transmittal. according to the manage section of the ethics rule, an appraiser affixes his signiture in an assignment for what purpose? - ✔✔certify recognition & acceptance of uspap responsibilities. an appraiser must not allow assignment conditions to limit the scope of work to such a degree that - ✔✔assignment result are not credible in context of the intended use. Jurisdictional exception rule applies when uspap is - ✔✔precluded by law or regulation. Standard 2 does not - ✔✔dictate the form, style, or format of an appraisal report. uspap std 2 specifies two permitted reporting options: - ✔✔appraisal report & restricted appraisal report. appraisal report information significant to the solution of the problem. - ✔✔Restricted appraisal reports 'state this information.
The true statement regarding a workfile. - ✔✔For a restricted report, it must contain the contents to produce at least an appraisal report. a recertification of value - ✔✔confirms if a condition of prior appraisal has been met, it does not change the effective date & does not provide comment to or a new, value opinion. when appraising a property that has special handicapped features in a market value assignment, which could be the most logical course of action in order to prevent misleading conclusions? - ✔✔Consider offering two value opinions to two different market audiences. An appraiser has been engaged to perform a drive- by inspection of residential property. Which is NOT one of the appraiser's options if suficient information is not available from this level of inspection? - ✔✔Provide the value opinion based on what little he can see. attorney contacted a real property appraiser regarding a potential assignment. The attorney acting as an agent for his client, who would be the client in the appraisal assignment & wishes to remain anonymous. How should the appraiser treat this request? - ✔✔The appraiser cannot accept the assignment without knowledge of the identity of the client or the intended use. The Competency Rule requires appraiser to: - ✔✔Identify the problem to be solved. Prior to accepting an assignment. Standard 1 - ✔✔An exposure time must be identified if it a component of the definition of value in the assignment. The element of defining the problem> - ✔✔Assignment Conditions A valuation service performed by an individual acting as an appraiser requires the appraiser to - ✔✔Inquire about the intended user's expectations. Standard rule 1-2 states in part: - ✔✔When exposure time is a component of the definition of value opinion being developed, the appraiser must also develop an opinion of reasonable exposure time linked to that value opinion.
Standard rule 1-3 of uspap, requires which action in a market value assignment? - ✔✔Development of an opinion of highest & best use. Standard rule 1-2 of uspap prohibits an appraiser from allowing - ✔✔the intended use of an assignment of client's objectives to cause the assignment result to be biased. Standard rule 2-2 of uspap requires an appraiser to - ✔✔prominently state in the report which reporting option is being used in the assignment. within uspap, the appraisers-------------is/ are always specific to the intended use. - ✔✔opinion and conclusions The intended use & the intended user of the appraiser's opinion & conclusions are identified------------ the assignment. - ✔✔at the time of Uspap does not prohibit the appraiser's fee being based on the owner's estimated value, - ✔✔the assessed value, the pending sale price or any other amount outside the appraiser's control. Standard rule 1-5 states that appraisers must analyze agreements of sale, options & listings of the subject property current as of the effective date of an appraisal, in a market value assignment, if it is - ✔✔available in the normal course of business. If any investigation, information, method or technique would appear relevant to the client, another intended user, or the appraiser's peers, - ✔✔an appraiser must be prepared to support the decision for its exclusion. STD rule 2- 1 - ✔✔requires that each written or oral real property appraisal report must contain sufficient information to enable the intended users of the appraisal to understand the report properly. STD rule 2- 2 - ✔✔obligate the appraiser to prominently state in the report which reporting option is being used.
the scope of work rule applies to only appraisal & appraisal review assignments. - ✔✔Other services provided by an appraiser other than an appraisal or appraisal review do not have scope of work obligations. Advisory opinions on standards rule are; - ✔✔issued to help explain the standard & often offer examples. Comments on standards rules are - ✔✔as binding as the standard itself. The preamble of uspap states that the uniform standards are: - ✔✔also for the benefit of the users of appraisal services. uspap applies to: - ✔✔appraisers or appraisal services when they are required by law, regulation or agreement to comply with uspap. A workfile file is not required for: - ✔✔brokerage services, When something is uncertain yet necessary to the development of the value opinion, the appraiser must identify the uncertainty as: - ✔✔An extraordinary assumption Payment of a fee to procure appraisal assignment is: - ✔✔allowed if disclosed in the certification & in any transmittal letter. The review appraiser must conduct an appraisal review in the context of market conditions as of the: - ✔✔effective date of the appraisal under review. If an appraiser assume to be true a condition that is known to be false, this is an example of: - ✔✔Hypothetical condition The mass appraisal standard(standard 6) ,applies to the - ✔✔DEVELOPMENT & REPORTING of mass appraisals for ad valorem tax purposes & any other intended use
An appraiser is appraising a parcel of vacant land. The inspection reveals indications that the site may be contaminated, although there is no clear evidence either way. If the site is to be appraised as if uncontaminated, the appraiser must use - ✔✔an extraordinary assumption The reveiw appraiser must conduct an appraisal review in the context of market conditions as of the - ✔✔effective date of the appraisal under review. In a retrospective appraisal assignment, the cutoff date for the comparable market data must be - ✔✔a date determined by the appraiser based on market conditions. Comments in uspap are best describe: - ✔✔as the integral part of the uniform standards & are extensions of the rules definitions & standard rules. Hypothetical conditions - ✔✔assume conditions known to be false. highest & best use analysis is - ✔✔a specific requirement that may be necessary in some appraisal. Each report must include - ✔✔both the effective date of the opinion & date of the report. According to standard 6 (mass appraisal) when an appraiser develops a mass appraisal, the appraiser is required to; - ✔✔consider the highest & best use of the property. An appraiser who acts accepts an assignment assisting an attorney in preparing for trial-to include duties such as formulating questions as well as reviewing the opposition data & conclusion & charges a contingent fee is - ✔✔acting as a consultant & must comply with standard rules 4 & 5. USPAP STandard rule 1- 1 - ✔✔states you must be competent for this type assignment. USPAP STandard rule 1- 2 - ✔✔list the items that must be identified by the appraiser, including client purpose, scope of work, special circumstances.
Recommending an specific buyer action based upon a value opinion would be appraisal practice with no specific preformance standards and - ✔✔no scope of work or workfile requirement. The board of the appraisal foundation that identifies & addresses issues relating to recognized methods & techniques is the - ✔✔APPRAISAL PRACTICE BOARD(APB) APPRAISAL PRACTICE BOARD(APB) - ✔✔is responsible for identifying & issuing opinions on recognized valuation method & techniques & offers voluntary guidance in topic areas that appraisers & users of appraisal services consider most significant. When something is uncertain yet necessary to the development of the value opinion, the appraiser must identify the uncertainty as: - ✔✔An extraordinary assumption Marketing time - ✔✔is an opinion of the amount of time it might take to sell a real or personal property interest at the concluded market value level during the period immediately after the effective date of an appraisal. which is part of the appraiser's scope of work decision? - ✔✔Exclusion of a valuation approach An appraiser must not disclose - ✔✔ 1 - confidential information 2- assignment results to anyone other than the client, persons specifically authorized by the client, state appraiser regulatory agencies, third parties as may be authorized by due process of law, or a duly authorized professional peer review committee except when such disclosure to a committee would violate applicable law or regulation. A member of a duly authorized professional peer review committee must not disclose confidential information presented to the committee. A final inspection - ✔✔is an extension of the original assignment if it is part of the original agreement for services. If the service was not specified in the original assignment, the final inspection request must be treated as a new assignment, with disclosure of the prior assignment. Fees based on the amount of the value opinion are - ✔✔prohibited in the management section of the ethics rule.
According to uspap, an appraisal update is a new assignment. - ✔✔A recertification of value confirms whether the conditions of a prior opinion have met, & thus does not change the effective date. If the assignment includes the reviewer developing his own opinion of value for the subject property of the work under review, - ✔✔that opinion is an appraisal. The comments to standards rule 3-6 states that a reviewer who signs any part of a report or a letter of transmittal - ✔✔must also sign the certification. intangible property or business asset appraisal is addressed in standard 9 - ✔✔Business appraisal development Standard 3 permits the reviewer to consider data not available as of the effective date of the appraisal being reviewed, however - ✔✔the review appraiser cannot use this information to discredit the original appraiser. The competency rule states Prior to accepting or entering into an agreement to perform any assignment, an appraiser must properly identify the problem to be addressed & have knowledge & experience to complete the assignment competently; must: - ✔✔1. disclose the lack of knowledge or experience to the client before accepting the assignment 2. take all steps necessary or appropriate to complete the assignment competently 3. Describe the lack knowledge or experience 7 the steps taken to complete the assignment competently in the report. use of jurisdictional exception diminishes part or parts of uspap, but uspap a whole. - ✔✔when a jurisdictional exception applies in an assignment, there must be disclosure of its use & the force causing the use. When performing a valuation service while acting in the role of an appraiser. - ✔✔the appraiser must inquire about the intended user's expectations. Management section of the ethics rule - ✔✔obligates an appraiser to disclose any fees, commissions, or things of value paid in the procurement of an assignment in the certification & any letter of transmittal in which conclusion are stated.
