Residential Report Writing and case studies
Questions And Answers
Report according to USPAP - ANSWER>>Any communication, written or oral, of an appraisal or
appraisal review that is transmitted to the client or a party authorized by the client upon
completion of the assignment. (comment following definition: most are written)
Advisory opinion 16 illustrates applicability of fair housing prohibition in: - ANSWER>>reporting
Signing the report certifies: - ANSWER>>recognition and acceptance of obligations under USPAP
Letter of Transmittal - ANSWER>>where conclusions are stated
The Conduct Section of the ETHICS RULE requires disclosure of: - ANSWER>>any current or
prospective interest in the subject property or parties involved in the assignment and any
services in any capacity related to the subject in the last three years must be disclosed unless
appraiser has agreed with the client to keep it confidential.
Management section of ethics rule - ANSWER>>requires fees, commissions and things of value
related to procurement of assignment be disclosed in certification and transmittal letter.
Amount not required.
the Competency Rule of USPAP - ANSWER>>describes lack of knowledge and steps taken to
gain competency.
Scope of work rule of USPAP - 3 duties - ANSWER>>Identify problem to be solved, determine
appropriate scope of work, disclose scope of work in report.
USPAP advisory opinion 28 - ANSWER>>Appraiser must disclose work performed and not
performed when required for intended users to understand report.
Jurisdictional exception rule of USPAP - ANSWER>>discloses any exceptions to USPap due to
laws or regulations.(1 - desribe part htat is voided AND law that voids it)
Advisory opinion 16, fair housing laws and appraisal report content illustrates: -
ANSWER>>applicability of the prohibition in reporting of certain words or statements that
could be discriminatory.
, Conduct section of ethics rule says appraisals must perofrm with these three objectives in mind:
- ANSWER>>impartially, independently, objectively
Standard 2 of USPAP addresses: - ANSWER>>the obligations of an appraiser for reporting a real
property appraisal and correlates with the final step in the process.
4 standards rules of standard 2 - ANSWER>>2-1 addresses general reporting obligations
2-2 provides a checklist for each reporting option
2-3 illustrates and elaborates on appraiser's certification
2-4 addresses oral reports
Standards rule 2-1 - three things all reports must do - ANSWER>>1 - clearly set for appraisal
2-contain enough info that users will understand report
3-disclose all assumptions, extraordinary assumptions, hypothetical conditions, and limiting
conditions
Standard rule 2-2(a) and (b): - ANSWER>>a - appraisal report (summarize)
b - restiricted appraisal report (state)
Advisory opinion 11 provides examples of: - ANSWER>>describing, summarizing, and stating
information.
restricted report can only be used when: - ANSWER>>client is the only intended user
Intended users must be _________ based on communication with the client. -
ANSWER>>identified
Standards rule 2-2 (a) & (b) i through - ANSWER>>i-identifies client
ii-states intended use
iii-summarize/state information to identify subject
iv-state the real property interest appraised
v - state type/definition of value and source of definition
vi - state effective date and date of report
vii - summarize and state scope of work
viii - summarize/state methods, techniques, reasoning, and exclusion of any methods
ix - state use of property
x - summarize/state opinion of highest and best use
Questions And Answers
Report according to USPAP - ANSWER>>Any communication, written or oral, of an appraisal or
appraisal review that is transmitted to the client or a party authorized by the client upon
completion of the assignment. (comment following definition: most are written)
Advisory opinion 16 illustrates applicability of fair housing prohibition in: - ANSWER>>reporting
Signing the report certifies: - ANSWER>>recognition and acceptance of obligations under USPAP
Letter of Transmittal - ANSWER>>where conclusions are stated
The Conduct Section of the ETHICS RULE requires disclosure of: - ANSWER>>any current or
prospective interest in the subject property or parties involved in the assignment and any
services in any capacity related to the subject in the last three years must be disclosed unless
appraiser has agreed with the client to keep it confidential.
Management section of ethics rule - ANSWER>>requires fees, commissions and things of value
related to procurement of assignment be disclosed in certification and transmittal letter.
Amount not required.
the Competency Rule of USPAP - ANSWER>>describes lack of knowledge and steps taken to
gain competency.
Scope of work rule of USPAP - 3 duties - ANSWER>>Identify problem to be solved, determine
appropriate scope of work, disclose scope of work in report.
USPAP advisory opinion 28 - ANSWER>>Appraiser must disclose work performed and not
performed when required for intended users to understand report.
Jurisdictional exception rule of USPAP - ANSWER>>discloses any exceptions to USPap due to
laws or regulations.(1 - desribe part htat is voided AND law that voids it)
Advisory opinion 16, fair housing laws and appraisal report content illustrates: -
ANSWER>>applicability of the prohibition in reporting of certain words or statements that
could be discriminatory.
, Conduct section of ethics rule says appraisals must perofrm with these three objectives in mind:
- ANSWER>>impartially, independently, objectively
Standard 2 of USPAP addresses: - ANSWER>>the obligations of an appraiser for reporting a real
property appraisal and correlates with the final step in the process.
4 standards rules of standard 2 - ANSWER>>2-1 addresses general reporting obligations
2-2 provides a checklist for each reporting option
2-3 illustrates and elaborates on appraiser's certification
2-4 addresses oral reports
Standards rule 2-1 - three things all reports must do - ANSWER>>1 - clearly set for appraisal
2-contain enough info that users will understand report
3-disclose all assumptions, extraordinary assumptions, hypothetical conditions, and limiting
conditions
Standard rule 2-2(a) and (b): - ANSWER>>a - appraisal report (summarize)
b - restiricted appraisal report (state)
Advisory opinion 11 provides examples of: - ANSWER>>describing, summarizing, and stating
information.
restricted report can only be used when: - ANSWER>>client is the only intended user
Intended users must be _________ based on communication with the client. -
ANSWER>>identified
Standards rule 2-2 (a) & (b) i through - ANSWER>>i-identifies client
ii-states intended use
iii-summarize/state information to identify subject
iv-state the real property interest appraised
v - state type/definition of value and source of definition
vi - state effective date and date of report
vii - summarize and state scope of work
viii - summarize/state methods, techniques, reasoning, and exclusion of any methods
ix - state use of property
x - summarize/state opinion of highest and best use
