USPAP Progress Exam — Workfile Requirements,
Competency, Scope of Work and Appraisal Process —
Questions and Answers
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Terms in this set (47)
An Appraiser must retain a workfile for" Any assignment that is covered by standard rules.
5 years after preparation or at least 2 years after final disposition of judicial
proceedings in which testimony was given, whichever period expires last.
According to STANDARD 3, an appraiser performing an The review appraiser may be asked to develop his or her own opinion of value
appraisal review must do all of the following except: as part of the review assignment, but the primary purpose of appraisal review is
to form an opinion about the quality of another appraiser's work.
An appraiser who commits a series of small errors that rendering services in a careless or negligent manner.
affect the credibility of the assignment results has
violated the rule against
, Evan is preparing the appraisal of a single-unit dwelling. Competency Rule
The family room requires extensive repairs due to water
damage. The client, a lending institution, has given
instructions to Evan to utilize a hypothetical condition
and report the value of the subject property as if
repairs had already been made. Evan has only worked
on "as is" assignments. While working on the sales
comparison approach, Evan finds comparable sales
that are in the same condition as the subject property
pre-repairs. He uses these sales, but does not make
adjustments to reflect the hypothetical condition. This
results in an "as repaired" value that is nearly the same
as the "as is" value. When Evan reports his findings to
the client, the client is surprised at the relatively low "as
repaired" value and sends the appraisal out for an
independent peer review. The reviewer notes the
missing condition adjustments and the subsequent
impact on value
Six Steps of USPAP Appraisal Process The six steps are:
1)define the problem
2)identify scope of work
3)perform data collection
4)apply the approaches to value
5)reconcile
6) report.
According to USPAP, every appraisal report must According to Standards Rule 2-2(vi), the appraiser must state the effective date
contain two dates. They are the: of the appraisal and the date of the report.
Elements in Scope of Work( Elements in the scope of work decision include intended use, intended users,
the purpose of the assignment and the type of value, the effective date(s),
relevant property characteristics, and assignment conditions.
Harvey, a certified residential appraiser and licensed as a broker and is outside of appraisal practice.
broker, is contacted by a home seller to perform a
comparative market analysis (CMA) to assist the seller
in marketing the house. Harvey is most probably acting
How may an opinion of reasonable exposure time be D.
derived?
A)By averaging historical time on market for similarly
priced properties across similar markets
B)By averaging days on market for all property types in
the immediate area
C)By assessing all value ranges for that type of
property
D)From analysis of days on market statistics, information
on sales, and data obtained from market participants
Which federal government entity oversees the activities Appraisal Subcommittee
of The Appraisal Foundation?
Competency, Scope of Work and Appraisal Process —
Questions and Answers
Play your way to mastery with fun games
Match Blocks Charms NEW
Students also studied
Flashcard sets Study guides
linear regression analysis exam 1 CAM Part II Sample Test Questions MAINE STATE EXAM RE
Teacher 39 terms Teacher 31 terms Teacher 128 terms Te
yellostone7878 Preview Sjengpt Preview Passlist Preview
Terms in this set (47)
An Appraiser must retain a workfile for" Any assignment that is covered by standard rules.
5 years after preparation or at least 2 years after final disposition of judicial
proceedings in which testimony was given, whichever period expires last.
According to STANDARD 3, an appraiser performing an The review appraiser may be asked to develop his or her own opinion of value
appraisal review must do all of the following except: as part of the review assignment, but the primary purpose of appraisal review is
to form an opinion about the quality of another appraiser's work.
An appraiser who commits a series of small errors that rendering services in a careless or negligent manner.
affect the credibility of the assignment results has
violated the rule against
, Evan is preparing the appraisal of a single-unit dwelling. Competency Rule
The family room requires extensive repairs due to water
damage. The client, a lending institution, has given
instructions to Evan to utilize a hypothetical condition
and report the value of the subject property as if
repairs had already been made. Evan has only worked
on "as is" assignments. While working on the sales
comparison approach, Evan finds comparable sales
that are in the same condition as the subject property
pre-repairs. He uses these sales, but does not make
adjustments to reflect the hypothetical condition. This
results in an "as repaired" value that is nearly the same
as the "as is" value. When Evan reports his findings to
the client, the client is surprised at the relatively low "as
repaired" value and sends the appraisal out for an
independent peer review. The reviewer notes the
missing condition adjustments and the subsequent
impact on value
Six Steps of USPAP Appraisal Process The six steps are:
1)define the problem
2)identify scope of work
3)perform data collection
4)apply the approaches to value
5)reconcile
6) report.
According to USPAP, every appraisal report must According to Standards Rule 2-2(vi), the appraiser must state the effective date
contain two dates. They are the: of the appraisal and the date of the report.
Elements in Scope of Work( Elements in the scope of work decision include intended use, intended users,
the purpose of the assignment and the type of value, the effective date(s),
relevant property characteristics, and assignment conditions.
Harvey, a certified residential appraiser and licensed as a broker and is outside of appraisal practice.
broker, is contacted by a home seller to perform a
comparative market analysis (CMA) to assist the seller
in marketing the house. Harvey is most probably acting
How may an opinion of reasonable exposure time be D.
derived?
A)By averaging historical time on market for similarly
priced properties across similar markets
B)By averaging days on market for all property types in
the immediate area
C)By assessing all value ranges for that type of
property
D)From analysis of days on market statistics, information
on sales, and data obtained from market participants
Which federal government entity oversees the activities Appraisal Subcommittee
of The Appraisal Foundation?
